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. You can add new accounts by tapping Edit > Add Account while in Overview. Money will present you with an option to add a simple type account (managed manually) or choose from a list of supported institutions to create a connected account (requires subscription) that connects to your bank and downloads transactions automatically.
Accounts can also be shared with other Money users to be tracked/managed collaboratively. Account sharing uses iCloud and requires all users to be subscribed to Money Premium or be owners of Money Standard inherited from Money versions 5 and 6.
Your accounts are listed in the Overview. This list shows account type (icon), name, currency, and balance. You can arrange the list in the Edit menu, or by long tapping an account and dragging it. You can also arrange accounts in groups for convenience or archiving closed accounts. To add a new group – tap Edit > Add Group in the Overview.
Simple type 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.
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.
Connected Accounts
Money can connect to more than 32000 banks across 57 countries and download transactions automatically into connected accounts. You can create a new connected account (see Create new account) or connect an existing account to a bank (use Edit Account, then tap the eBank field and select one of the available banks). You will be presented with the provider’s login screen – follow the instructions on screen to authenticate with the provider. If you are setting up a new account, after finishing all authentication steps you will be provided with a list of accounts available with this connection. Money will create all accounts that are selected. If you are editing an existing account, you will need to select one account from the list of accounts available with this connection. Once you have connected accounts, Money will regularly check and download new transactions from your bank.
Managing accounts
Create new account
Accounts are added by tapping Edit > Add Account in the Overview. Simple type accounts are managed manually. Choosing a bank from the list of available banks will create a connected account.
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 – to set up Connected Account (requires subscription);
- Notes.
New accounts appear in the account list in Overview.
Edit an existing account
To edit an existing account, tap Edit in the Overview, then ‘i’ – this will let you edit account information. When you are finished, tap Done.
Share account
Money offers Shared Accounts that allow you to collaboratively maintain accounts with other users.
To share an account, tap Edit in the Overview, then ‘i’ with the account you wish to share, and select Share.
You can add more participants to a shared account at any time as well as revoke access to any of the current participants. To remove access for a particular participant, tap the participant and select Remove Access. You can tap Stop Sharing to completely stop sharing the account.
Delete account
You can delete accounts that are no longer necessary.
To delete an existing account, tap Edit in the Overview, then ‘i’ with the account you wish to delete, then tap Delete Account.
Restore from backup: if you want to restore data deleted a while ago, you can use the restore from backup functionality available in Preferences > Backup. Be careful, this will restore Money into the exact state it was at the time of that backup, so any data created later will be lost.
Multiple currencies
Money lets you 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 Overview, 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 and tap the currency you wish to edit. Disable Update Rate Automatically and enter your desired rate. Tap 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.
Reconciling an account
- Go to an account you wish to reconcile from the Overview;
- Tap “…” and select Reconcile Account;
- In the Start box, enter the starting date of your statement. The amount in the Start Balance field is the ending balance from the last time the account was reconciled. This amount is automatically calculated for you but can be changed if necessary.
In the End box, enter the end date and balance shown on your statement; - Check the circles for transactions that match those on the bank statement;
- While you add or remove reconciled transactions, the Difference amount keeps changing. It shows the difference between the reconciled balance in Money and the balance shown on your bank statement. It should be 0;
- When you are finished, tap 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;
- If the Money balance matches the bank statement balance, the transaction are marked as reconciled, and you can wait for the next bank statement.
Transaction status
Uncleared – The transaction is added to the account with no official confirmation on it. An empty circle during reconciliation indicates an uncleared transaction;
Reconciled – The transaction has been compared and matches the bank statement. It is the final status that marks a secure transaction. A checked circle indicates a reconciled transaction during reconciliation.