Several unique terms and phrases describe the features of software we review on this site, some easier to grasp than others. This list briefly defines terms relevant to Personal Finance Software.

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Ratings

Ease of Use/Install

We looked for personal finance software that offered intuitive navigation and user-friendly features. We also evaluated the simplicity of each program's installation process.

Banking/Bills

Personal finance software should offer features in the area of online banking, including: electronic payments, transfers from account to account, reconcile accounts, the ability to write and print checks and the ability to exchange your money for a different currency.

Reporting

Reports and summaries of your finances are a helpful part of personal finance software. Through reviewing a financial report and summary you can plan your cash flow and invest more wisely.

Financial Calculators

Good personal finance software allows you to plan out your retirement, purchases, taxes, lifetime events, home purchases, debt relief and other financial goals and money management concerns. This software should also include financial calculators to help you estimate costs, plan collage expenses, savings, taxes and so on.

Tax Options

Some personal finance software allows you to export all of your financial information into tax software. The finance program should help you find missed deductions and estimate your tax withholdings and capital gains-this will help you organize your finances for the following year.

Personal Investing

We looked for software which includes an investment feature used to get stock quotes and manage your mutual funds, stocks, bonds and 401K.

Banking/Bills

Import Account Data

This feature allows you to electronically balance your checkbook and compare your personal financial software against your bank records.

Reconcile Accounts

The software allows you to pay your bills online eliminating the need to write checks or pay in cash.

Bill Pay Service

Personal finance software allows you to do your banking from your PC-you can transfer money, make withdrawals or deposits and even pay off your credit cards or loans.

Split Bills/Expenses

Personal finance software lets you set a limit to your expenses and pay bills according to your cash flow situation, keeping your income greater than your expenses.

Categorize and Track Spending

The personal finance software allows you to write and print checks or echecks to make purchases and pay bills online.

Standardize Payee Names

The software will compare the interest rates of different banks and credit unions so you can choose the best rate for your loan.

Budget Expenses

You can request a free credit report through the personal finance software-this report usually comes from a separate entity.

Reporting

Cash Flow Reports

The software provides reports that show where your money is. (i.e. if you're waiting for deposits, have money in your account or have expenditures).

Personal Investing Reports

The personal finance software produces reports on your stocks, bonds, mutual funds and other investments-these reports show you how each investment is doing so you can make any needed adjustments.

Tax Reports

The personal finance software produces a report that includes net worth, tax summary, capital gains, scheduled A itemized deductions, schedule B interest and deductions, schedule D capital gains and losses, tax schedule, and other important tax information.

Net Worth/Balance Reports

The software produces reports that deal with the bottom line in your accounts-how much money you have left after paying bills and how much your assets are worth.

Export to PDF

Any other report the software provides that isn't included in the other reporting categories.

Archiving/Security

Backup/Restore Data

The personal finance software allows you to backup and restore all your financial data whenever you want-preventing lost data.

Archive Data

When you archive data, you remove specified files and then save them in separate files. For example, you can archive all data that is more than a year old.

Password Protection

The personal finance software allows you to set a password to protect all of your personal data.

Personal Investing

Import Investment Account Data

The personal finance program alerts you when your stocks or investments have reached a certain level, ensuring you won't miss investment opportunities.

Portfolio Manager

The personal finance software allows you to manage your investment portfolio. Your portfolio includes all of your investments (i.e. stocks, mutual funds, 401K and so on).

401K Manager

You can manage your 401K through the personal finance software.

Download Stock Quotes

The software will download the latest stock prices and give you an up-to-date stock market report.

Displays Stock History

The software will download the latest stock prices and give you an up-to-date stock market report.

Support/Documentation

Online Manual

The software automatically updates your program when the manufacturer release updates.

Tutorials

The manufacturer provides a phone number for customer support.

FAQ

"Frequently Asked Questions" should be available on the manufacturer's website. Check the FAQ page before contacting customer support to find answers to common problems.

Phone Support

Some personal finance software provides a video or a text tutorial that shows you all the features of the program. It explains every feature in detail and usually provides a visual aid.

Email Support

The manufacturer provides an email address or an online request form for customer support or sales. This is a good source for answers to any questions you might have.

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