Newbie - basic question about Payees

[MotoMatic]

HALP! I am missing something basic...

I'm using Acemoney on a trial basis. I successfully connected to my checking account. So far, so good.

But my *expectation* is I can make payments using the "Pay Bills" button which should allow me to:

-- select a "Payee"
-- select a payment source (my checking account)

and then pay the bill. But Acemoney appears not to work that way. I created Payees by manually entering information but there is not even a field to input an account number. Why can't I (say) pay my phone bill using my checking account as the source?

BACKGROUND

In 1992 I got a DOS machine that came with a free copy of "Checkfree." It was a very simple bill paying program that looked like a check register. The program eventually had a Windows version, which I used very happily until Checkfree was bought by (and killed by) Quicken (a program I despise). Checkfree was great because it electronically paid major companies (AT&T, utilities etc) and mailed a physical check to the rest. Very limited functionality, and dead reliable.

Am I wrong that Acemoney does the same thing? But without mailing checks.

MM

[RLebeau]

But my *expectation* is I can make payments using the "Pay Bills" button which should allow me to:

-- select a "Payee"
-- select a payment source (my checking account)

and then pay the bill. But Acemoney appears not to work that way.

That is correct. AceMoney can only record existing transactions, it cannot post new transactions to any financial institution. So you cannot actually PAY bills with AceMoney itself. You have to pay your bills normally (phone, mail, online, etc), and then you can add/import that transaction into AceMoney for record keeping.

I created Payees by manually entering information but there is not even a field to input an account number.

Not for Payees, no. The properties of an Account does, but that is for bank account numbers, not account numbers for services (TV, phone, etc). AceMoney has no use for such account numbers. But you could certainly put the account number in the Payee's comment field for your own records, at least.

Why can't I (say) pay my phone bill using my checking account as the source?

Because AceMoney does not implement that functionality. Even if it did, it would be highly bank-specific whether such a payment could even be submitted at all. Many banks already do not support downloading transactions directly, requiring you to manually export them from the bank's website and then import them into AceMoney. I bet even fewer banks support submitting payments directly. AceMoney has a hard enough time downloading translactions from banks that DO support direct downloads. Who knows what kind of complications direct payments would add.

Am I wrong that Acemoney does the same thing?

AceMoney does not have the ability to submit actual payment transactions to financial institutions.

[MotoMatic]

That's all very clear, thanks.

Strange world, tho' -- that a DOS based service in 1992 (Checkfree) reliably did something modern programs seemingly cannot. Of course Checkfree wasn't "free" (there was a monthly fee) but it was useful.

I can see that Acemoney might be useful if I use my bank's web based service (so the actual transactions happen there) and then download my account information to Ace.

Is that the basic idea?

[RLebeau]

Strange world, tho' -- that a DOS based service in 1992 (Checkfree) reliably did something modern programs seemingly cannot. Of course Checkfree wasn't "free" (there was a monthly fee) but it was useful.

I looked up CheckFree, and apparently it used its own online service to receive the payments from the app, and then that service handled sending payments to the merchants/banks as needed. AceMoney has no such service. And as for downloading transactions, AceMoney downloads directly from the individual banks (which is why it requires support from each individual bank).

I can see that Acemoney might be useful if I use my bank's web based service (so the actual transactions happen there) and then download my account information to Ace.

Is that the basic idea?

Basically, yes. Perform the transaction outside of AceMoney as needed, and then import/download the transaction into AceMoney afterwards for tracking.