Moneydance can easily manage your diverse portfolio. It can direct connect to more than 100 financial institutions. It works across platforms, imports stock quotes and encrypts your financial files. This Mac financial software provides useful insights into your finances through interactive reports and transaction-sorting tools. This TopTenREVIEWS Gold Award winning financial software can easily manage your income, expenses, budgets, stock holdings, interest bearing and charging accounts, and long-term investments.
This financial software has a free iPhone/iPad app that can synchronize wirelessly with the desktop version to keep your registers up to date. Moneydance includes numerous automatic functions such as direct connect, automatic assignment of transactions to categories, scheduled stock quote imports and scheduled payments. This is the only financial software we reviewed that can login to your online accounts and submit payments.
The Infinite Kind, the creators and distributers of this software, have created a comprehensive financial product that is highly compatible with banks, other software and online services. They even offer a Linux version. However, The Infinite Kind provides limited tech support. You will not see a support telephone number on the website; however, we contacted the company by email and received a response within a few days. You can also contact them on Twitter. During the review process, we asked Moneydance if the 2012 version would be released soon, and they said that a release date has not yet been scheduled.
Using Moneydance, you can import transactions from your online accounts, enter them manually or add them with your iPhone. Transaction fields include date, tax date, check number, description, memo, category, tags, amount, rate, foreign amount and balance. You can track confirmed and unconfirmed balances, as well as cleared and uncleared checks. The software can manage split transactions, transfers and memorized transactions.
You can assign categories and tags to transactions. Categories help you organize budget categories such as home, auto, entertainment or utilities. Tags can help you further define the transactions with labels such as mortgage, car repair, Netflix or water bill. All transaction fields, categories and tags can be used to sort transactions. You can even assign tags to tax-related transactions to help you organize your tax-related expenses and income. Moneydance will automatically assign categories to imported transactions. It does not have the ability to store files such as a scanned receipt with a transaction, however.
This budgeting software for Mac has a full suite of budgeting tools that include calculators, reports, status graphs and warnings. Moneydance has a unique tool that can calculate a budget based on past expenses. So, for example, if you have three transactions of your gas bill recorded in the software, it will use those amounts to estimate a suitable gas bill budget. This extremely useful tool can help prevent you from under budgeting.
When creating a new budget, you simply name the budget and add the amount, category, interval and start/end dates. This software supports a range of intervals. For example, you can set your restaurant budget to weekly, your mortgage to monthly and your car registration to yearly. You can also use this tool to automatically enter your salary weekly, bi-weekly, monthly and so on.
Budget reports display the budget amount, category, interval, start/end dates and amount spent. The budget status bar shows the amount spent and a colored status bar depicting that amount as a percentage of the total budget. Expenses within the budget display green, while over-budget expenses are red and on-budget expenses are yellow. The software's home screen also shows you a budget overview. You can customize the budget bars. For example, you can have the software display the warning color yellow when you have spent 80 percent of your grocery budget.
Using the OFX online banking protocol, Moneydance can direct connect to financial institutions such as Bank of America, Citibank, Fidelity Bank, Wells Fargo and others. It can also pull data from investment financial groups such as Vanguard, ING Direct, Merrill Lynch and TD Ameritrade. Moneydance can also import data from a long list of credit unions. To secure your passwords, you can enable Moneydance to encrypt your data to keep it secure.
This is one of the only Mac personal finance solutions that can direct connect to your online accounts to pay your bills. To do this, you simply create a payee account with account numbers and other relevant information. You then can instruct Moneydance to connect and submit your payment on command or set it to make a future payment. This financial software can also manage payment reminders and will create a calendar for you with payment dates noted. Moneydance can also print checks using preprinted check stock.
Moneydance can track accounts, stocks, mutual funds and bonds, and can direct connect and download current stock quotes from Yahoo, Yahoo UK and Google Finance. You can set the software to retrieve stock quotes and exchange rates as often as daily. You can customize the quotes and exchange rates to include historic prices, current security prices and to display only stocks you own. Investment reports include stock performance, investment transactions, net worth, asset allocation and portfolio.
The portfolio view displays details about a single investment account. It will display the price, number of shares, cost bases, percent of change and current value. It also provides a pie chart display with the asset as a percentage of total assets. You can sort the report by date and view the register. If the investment account includes multiple types of securities (stock, bonds, CDs), the graph shows the distribution of value across the different types of securities. The register can track the date, tax date and the type of action, such as buy, sell, short, cover, dividend reinvest and transfers. Keep in mind that even though this type of software can direct connect to banks and download data from trading accounts, it is not intended to monitor high-volume quick trades like those conducted by day traders. However, it is completely capable of monitoring long-term holdings.
Moneydance provides a free iPhone/iPad app that works with the desktop version. Using this app, you can add and edit transactions and synchronize the changes wirelessly. This mobile app can also add credit card transactions, memos and deposits. Wireless communications are protected using the 192-bit DESede encryption protocol. The Infinite Kind does not have an Android app; however, the company has collaborated with Mennē Software Solutions, which has created HandyBank – an Android App that can sync with Moneydance.
Moneydance includes everything you need to monitor your expenses, income, interest, stock holdings and investments. The Infinite Kind also offers beautiful, compatible iPhone and iPad versions free. This dexterous Mac personal finance software presents eloquent reports to help you finely tune your budgets and investments. Moneydance can proficiently help you manage your financial portfolio.
Moneydance includes numerous automatic features, direct connects to hundreds of financial institutions and creates astute reports. The manufacturer, The Infinite Mind, also offers free compatible iPhone and iPad apps.
The 2012 version of Moneydance has yet to be released, and the company provides few support options. There is a compatible Android app available, but it is not free, and it is offered by another company
This Mac personal finance software has all the tools shrewd investors need to manage a diverse portfolio. It can direct connect to banks and download stock quotes as often as daily. Moneydance remains one of the top Mac personal finance solutions.