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If you want to manage your financial accounts but don’t need an expensive, full-featured program like Quicken, Microsoft offers a free add-on service called Money in Excel. This option helps you integrate your bank accounts and other financial data into Excel so you can track your spending, spending habits, investments, and more. The Money in Excel template can retrieve account information from most major financial institutions. Your accounts are accessed through a third-party plugin provided by Plaid, which manages permissions between you and Microsoft. You connect your financial data to Plaid, but Plaid does not share any credentials with Microsoft. (For more information about the security and privacy aspects of this feature, see the Microsoft Money in Excel FAQ.)
You can use Money in Excel to securely connect all of your financial accounts: savings, investments, loans, credit cards, and more. From there, the workbook can analyze your data and generate reports. By connecting your bank, loan, and credit card accounts, you can easily budget your money with Money in Excel. Money in Excel is an Excel template and add-in that allows users to securely connect bank, credit card, investment, and loan accounts to Excel and automatically import their account and transaction information into a spreadsheet. of Excel.
How to use Microsoft “Money in Excel” to manage finances
Sign in and update backgrounds in Excel
- Money in Excel includes a template with an add-in. It does not provide a direct connection to the Internet that runs in the background. So even though you’ve connected your account and saved the file, you’ll need to sign in every time you open it. Also, you must manually update it to receive the latest transactions and balances.
- On the next dashboard screen, click Sign in and enter your Microsoft 365 username and password.
- You should then see your linked accounts in the “Funds in Excel” pane. Click Updates at the top of the panel. After a few moments, depending on your Internet connection, your details should update with the current date and time.
- Now that you’re logged in and have the latest deals and details, it’s time to check it out!
View snapshot tab
- The Snapshots tab in the Money in Excel workbook is a great tool to get a quick overview of your expenses. Start by selecting the month and year at the top of the worksheet.
- Then, check out charts, graphs, and tables to better understand where your hard-earned money is going.
- The “Current vs. Previous Month Spending” bar chart shows the difference in spending between the current month you selected at the top and the previous month.
- This month’s top spending categories display a pie chart showing where your money is going in terms of categories. For example, you can quickly see if you spent more on entertainment than groceries during the month.
- “Cumulative spending for the month” is a useful chart to help you understand when your spending increased during the month. This also includes a helpful comparison to the previous month.
- The two tables at the bottom show the merchants you sent money to during the month. You can see which merchants you pay the most and which merchants receive the most money from you.
- Each section of the Snapshots tab has a useful purpose. You can see at a glance how your funds are being used and make informed changes.
See your transactions
- Like the statement from your bank or credit card company, the “Transactions” tab lists the date, merchant, and amount of all incoming and outgoing funds. This tab consolidates transactions from all of your linked accounts in one place.
- All information on the Transactions tab is protected and therefore cannot be edited, with the exception of the Category column. Although categories are populated for all transactions, they default to “best guess” and may include the “uncategorized” category.
Customize your categories
- The Categories tab contains all the default categories at the top and cannot be changed. You can use the arrow next to “Category Type” to change it if you like. Category types include income, transfers, and expenses.
- Also, if applicable, your newly added category will appear in the top spending category pie chart on the Snapshots tab.
- By setting up Money in Excel, you’ve taken a step toward better money management. So now, be sure to use it for your or your family’s budget. See where your money is going, make changes as needed, and track your finances more efficiently.
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