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Accounts

Accounts in Money mirror your real-life financial accounts and are the first thing you need to set up in Money to get started. Money has six main types of accounts: bank, cash, credit card, loan, asset, and investment.

Your accounts are listed in the sidebar. This list shows account type (icon), name, currency, and balance. You can arrange the list in your preferred order by clicking and dragging accounts. Dragging and dropping one account onto another creates a folder, which will then show the sum of balances of the accounts within. Use folders to group accounts for convenience, or archive closed accounts.

Ctrl + clicking an account or folder in the account list opens a menu of actions available for that item.

Basic types of accounts:

  • Bank: Displays all transactions to, from, and among your bank accounts.
  • Cash: Tracks your spending in cash.
  • Credit card: Displays charges made against your credit account.
  • Investment: Displays your security-related transactions and reflects your brokerage account. Portfolio provides summary information about your holdings across all investment accounts, as well as gain/loss totals.
  • Asset: Displays your valuable assets and helps you track changes in their value.
  • Loan: Displays loans for which you maintain a payment schedule.

There is also an additional type of account called a Smart Account. It allows you to gather and automatically update information from all other accounts based on your specified criteria.

Money allows setting up as many accounts of each type as you need and differentiate them by name. For example, if you have two bank accounts, one in Bank1, another in Bank2, the most rational solution would be to create two separate bank accounts in Money and naming them after the bank names. Additionally, if you often use cash in different currencies, it would make sense to create separate accounts for each currency, and name them “Cash USD”, “Cash CAD”, “Cash EUR”, “Cash GBP”, etc. to avoid confusion.

Managing accounts
Create new account
There are multiple ways to create a new account:

  • Click the + icon in the sidebar;
  • Ctrl + click on the account list and the sidebar and select New Account;
  • Select File > New Account from the menu;
  • Press Cmd + Shift + N inside Money.

New account options
You get a variety of options to choose when creating a new account:

  • Account name;
  • Account currency (an arrow beside the account name);
  • Account type: bank, cash, credit card, loan, asset, investment;
  • Starting balance;
  • Credit limit (credit card account only);
  • Loan details (loan account only): APR, term, payment frequency, payment account selection;
  • eBank Website: to access your online banking system and download statements;
  • Notes.

New accounts appear in the account list on the sidebar.
Edit an existing account

To edit an existing account:

  • Double-click the account you wish to edit in the account list;
  • Ctrl-click the account you wish edit, and select Edit from the menu.

You can edit the account’s parameters in the popover menu. When you are finished, click Done.

Close account
Money allows closing accounts that are no longer used.

To close an account, ctrl + click the account you wish to close, and select Close in the menu.

All closed accounts will be moved to the Closed Accounts folder in the account list.

You can reopen an account any time. To reopen an account, ctrl + click a closed account in the account list and select Open in the menu.

Delete account
You can delete accounts that are no longer necessary.

To delete an existing account:

  • Double-click the account you wish to edit in the account list;
  • Ctrl-click the account you wish edit, and select Edit from the menu.

Note: if you have deleted an account by accident, you can restore it by immediately clicking Edit > Undo or Cmd + Z.

SMART ACCOUNTS
When working with a number of different accounts, Money makes it easy to organize and access transactions that are present in more than one account. A smart account allow you to gather and automatically update information from all other accounts using the criteria you specify.

Create new smart account

  1. Select File > New Smart Account or ctrl + click an account in the account list and select New Smart Account.
  2. Name the account
  3. Choose the main criterion upon which transactions should be selected (date, account, payee, stock, etc.). Click the “+” button to select more criteria for your smart account. The selection of criteria is presented in the following way:

“All/Any” of the following are true:
“Variable 1” “Variable 2” “Variable 3 (if required)” [keyword entry field]

Every time the smart account is selected, it will automatically show updated information based on the preset criteria.

To change the criteria of a smart account, find the smart account in the account list and double-click it or ctrl + click on it and select Edit.

MULTIPLE CURRENCIES
Money allows you to manage accounts and transactions in different currencies and track exchange rates automatically. Money automatically sets the default account currency to match the one you have specified in Preferences > Currency. However, you can select one of the operational currencies to be used with a particular account, as well as change the account’s default currency any time when editing it.

In the sidebar, each account shows its balance in its default currency.

Note: if you would like to set a custom exchange rate for currencies, go to Preferences > Currency, select a currency and double-click it or ctrl + click it and select Edit. In the popover, uncheck Update Rate Automatically and enter your desired rate. Click Done to save changes.

RECONCILIATION
If you prefer to compare your records with those of your bank on a regular basis, Money makes it very easy to track the monthly statements your bank sends you.

Transaction status
Uncleared: The transaction is added to the account with no official confirmation of it. An empty checkbox indicates an uncleared transaction in the workspace.
Cleared: The transaction has indeed occurred, and you are sure that it was not contrived. To mark a transaction as cleared, click the checkbox to the left of the transaction in the workspace once. A “-“ in the checkbox indicates a cleared transaction in the workspace.
Reconciled: The transaction has been compared to and matches the bank statement. It is the final status that marks a secure transaction. A checked checkbox indicates a reconciled transaction in the workspace.

Reconciling an account

  1. Select the appropriate account in the account list.
  2. Select File > Reconcile Account or press Cmd + Shift + R. A list of all non-reconciled transactions pertaining to the account appears in the Workspace.
  3. In the Start and End boxes for date, enter the respective dates shown on your bank statement.
  4. In the End Balance box, type the amount shown on your bank statement. The amount in the Start Balance box is the ending balance from the last time the account was balanced. This amount is automatically calculated for you.
  5. Check the boxes for transactions that match those on the bank statement.
  6. While you add or remove reconciled transactions, the Difference line keeps changing. It shows the difference between the reconciled balance in Money and the balance shown on your bank statement. It should be 0.
  7. When you are finished, click Done. If reconciliation is not finished, Money will ask to either save your progress and return to it later, or add an adjustment transaction and finish reconciling.
  8. If the Money balance matches the bank statement balance, the transactions are marked as reconciled, and you can wait for the next bank statement.

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