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Money in Excel

Anyone test the Microsoft premium template Money in Excel? If yes please discuss your experience. Is this an alternative to Quicken?

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Re: Money in Excel

I never used Money because I am a Quicken guy for more than 25 years. Money is available in Microsoft store for free. I am just downloading it. I do not know if I can convert my data to the money format. If I can, I will let you know how it is tomorrow.

However, I maintain all my data in Google sheets (similar to Excel) and also in ods (like Excel) format using Libre office (open source) software.

Add: This is the MS Money Website. It says "personal finance" but I am not sure that it is like Quicken. I deleted it.

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Re: Money in Excel

I used CA Simply Money for about 2 years. I have been using Quicken since 1994. I received the old Microsoft Money as part of the MS Works suite. I played with the software but never switched from Quicken.  I played with the Excel template Stocks.  Money in Excel became available today. With  an Add-on, it connects to financial institutions through Plaid. There are no real instructions. I would like to add transactions from Quicken and be able to create reports like Quicken.

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Re: Money in Excel


@BlueBike88 wrote:

I used CA Simply Money for about 2 years. I have been using Quicken since 1994. I received the old Microsoft Money as part of the MS Works suite. I played with the software but never switched from Quicken.  I played with the Excel template Stocks.  Money in Excel became available today. With  an Add-on, it connects to financial institutions through Plaid. There are no real instructions. I would like to add transactions from Quicken and be able to create reports like Quicken.


I know the feeling. Once you are a Quicken user, you are always a quicken user. I just bought Quicken Deluxe 2020 from Best Buy two weeks ago.

I also found that this money feature has been added as additional feature of Microsoft 365. But, I switched from Microsoft word and other features for about 5 years now to open source Libre office that has all of the stuff for free. I also use Google sheets to store the same data. I just copy and paste these numbers from Google sheets into Tax Hawk online tax filing program and I am done. I covert 1099-B and 1099-Div also into spreadsheet format (CSV files) and load them into Google sheets. I just copy and paste the numbers into Tax Hawk. Why pay anyone if you can get things done for free?

By the way, you can get the Quicken registers and reports printed in CSV format and load them into Google sheets. However, I have found that 1099-B from Vanguard has numbers slightly different numbers from the Quicken register for some sales due to wash sales. So, I use the numbers from Vanguard because IRS has the numbers Vanguard.

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Re: Money in Excel

@BlueBike88 

I take it this is an Excel template?

I know nothing of this, but several years ago I purchased a template for Excel designed to do household CF budgeting, tracking and reporting. It worked ok, but I kept wanting things it would not provide, so I had to modify the template until finally I just off-loaded it and built my own template. Its taken quite a bit of time to get it just right, but now we do everything off of it and it is all integrated. But something like this is a labor of love, so should only be done by those who like to spend a lot of time in Excel and learn many of its formula functions.

BruceM

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Re: Money in Excel


@BruceM wrote:

@BlueBike88 

I take it this is an Excel template?

I know nothing of this, but several years ago I purchased a template for Excel designed to do household CF budgeting, tracking and reporting. It worked ok, but I kept wanting things it would not provide, so I had to modify the template until finally I just off-loaded it and built my own template. Its taken quite a bit of time to get it just right, but now we do everything off of it and it is all integrated. But something like this is a labor of love, so should only be done by those who like to spend a lot of time in Excel and learn many of its formula functions.

BruceM


https://support.microsoft.com/en-us/office/what-is-money-in-excel-0fb4710d-169e-45a7-ad60-ca98103d4e...

https://www.microsoft.com/en-us/microsoft-365/blog/2020/06/15/introducing-money-excel-easier-manage-...

New to me too. I have Microsoft 365 Family at home. I think I will take a look this weekend.

Capital
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Re: Money in Excel

I've been using Quicken ever since I switch to MSDos.  Before that I was using a program called Dollars & Sense on an Apple IIe.  I'm currently using Quicken 2007.

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Re: Money in Excel

@Capital 

How long have you had Microsoft 365 Family at Home? How does it compare to earlier versions of Excel? How much is it? All all older Excel files compatible? I'm using Excel 2007 and am thinking of upgrading.

Thanks

BruceM

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Re: Money in Excel

I have built 3 Excel spreadsheets to track income, spending, and investments throughout my lifetime.  The second was a labor of love.  I knew to the penny where everything was.  I think I even had a simple model of how much I could spend each year and rules about how to adjust spending.  After I retired, I came to the conclusion all the detail didn’t matter.  Now I have a trivial spreadsheet with a summary page, an assets page, and a daily value of each asset page.  Maybe my attitude has shifted because I think we have enough.  And I’ll let my heirs worry about the details. 

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Re: Money in Excel

"a daily value of each asset page..:

You can download the data in the CSV format from Vanguard and save it in your google account using Google sheets. I do not bother to do them every day. I do them once a month - essentially update by adding the new stuff for the month including my bank accounts and credit card accounts. You can also download the data and save them in Excel or ods format (open source). My last paid version of Microsoft stuff was from 2007 and moved to the open source office about five years ago. However, I tried the open source GNUcash and KMymoney as alternatives but have not been successful.

I found that spread sheet is better because you can use the sort function and get all of the details including dividends and cap. gains. So, I may give up Quicken also soon because Vanguard provides pretty much up-to date data on all these including wash sales. So, I just copy those and keep the data in Google sheets so that, come tax time, I just check my saved data and compare with 1099 forms. There are always a difference of a few pennies in some places and make those corrections. Then, I can use "Copy and Paste" to fill up my tax forms. 

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Re: Money in Excel


@BruceM wrote:

@Capital 

How long have you had Microsoft 365 Family at Home? How does it compare to earlier versions of Excel? How much is it? All all older Excel files compatible? I'm using Excel 2007 and am thinking of upgrading.

Thanks

BruceM


@bruce  I have had Microsoft 365 Family for about 4-5 years now. It comes with the full suite of Office and one terra byte of One Drive for each user. Family allows you to install Office on up to 5 computers. The annual subscription is $100. I have used the online version of Office; however, I prefer the downloaded version which is the same as you would buy to install on a computer. Another plus is that you automatically are upgraded to the latest version of Office whenever it comes out.  It is actually less expensive buying Microsoft 365 Family for me. I have it on both my PC and Laptop and my Family uses the other 3 copies. Microsoft Suite stand alone is about $250 per machine or $1250 for me a 3-year cost. Microsoft 365 Family cost me $300 for the same 3-year period and gives me one tera byte of One Drive for myself and also for each of my other 3 family members. Office 2019, which is the latest version, is fully compatible with prior versions.

 

Capital
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Re: Money in Excel

@ECEPROF 

Below are two examples of the 'Dividend Recording' and 'Dividend History' sheets I use.

'Dividend Recording' I update the first week of the month for the month just passed. The numbers in the 3rd column are the day of the month the dividend is expected. With the dividend update, I change the value if the dividend has increased (or decreased :-( and change its color from Red to Black. That way I can scan down the 72 income securities I hold to make sure all dividends I'm expecting I've actually received.

Dividend Recording.jpg

In the far right columns I record the dividend character as ordinary income, qualified dividend, capital gain (some ETFs distribute these) or exempt muni-bond interest. I use this for my quarterly estimated tax calculations. I also track what % each security is of portfolio income.

On separate worksheets, one for each security, I again record the dividend so as to provide a full dividend history, including dividend growth trending, initial and subsequent stock lot buys/sells/redemptions, yield on cost and dividends collected to date. The last two items are interesting but not of any useful value. Here is an example using ED's first couple of years I've held it.

Dividend History.jpg

The Dividend History is really more informational than useful, as the metrics of dividend history amount,  dividend growth and my basis is information attainable elsewhere.

I'd be interested to see how others record and track their dividends.

BruceM

 

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Re: Money in Excel


@ECEPROF wrote:

"a daily value of each asset page..:

You can also download the data and save them in Excel or ods format (open source). My last paid version of Microsoft stuff was from 2007 and moved to the open source office about five years ago. However, I tried the open source GNUcash and KMymoney as alternatives but have not been successful. 

..... LibreOffice

"LibreOffice is a free and powerful office suite, and a successor to OpenOffice.org (commonly known as OpenOffice). Its clean interface and feature-rich tools help you unleash your creativity and enhance your productivity."

Base, Calc, Draw, Impress, Math, Writer. Can create and save in almost all formats. Open source software. IOS not supported. Even legacy Microsoft formats can be opened, edited and saved.  Yesterday I created pdf files from text into Writer for my doctor's My Chart. I uploaded them as pdf's. About the only thing is that I don't believe it supports MS Excel macros. Not 100% sure.

https://www.libreoffice.org/download/download/

 

 


 

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Re: Money in Excel


@agitator wrote:

@ECEPROF wrote:

"a daily value of each asset page..:

You can also download the data and save them in Excel or ods format (open source). My last paid version of Microsoft stuff was from 2007 and moved to the open source office about five years ago. However, I tried the open source GNUcash and KMymoney as alternatives but have not been successful. 

 

 

..... LibreOffice

"LibreOffice is a free and powerful office suite, and a successor to OpenOffice.org (commonly known as OpenOffice). Its clean interface and feature-rich tools help you unleash your creativity and enhance your productivity."

Base, Calc, Draw, Impress, Math, Writer. Can create and save in almost all formats. Open source software. IOS not supported. Even legacy Microsoft formatscan be opened, edited and saved.  Yesterday I created pdf files from text into Writer for my doctor's My Chart. I uploaded them as pdf's. About the only thing is that I don't believe it supports MS Excel macros. Not 100% sure.

https://www.libreoffice.org/download/download/


It also has a big bunch of extensions. There are 54 money related templates. If you know German, you can figure out a lot of those.

I just don't use them. I just use the basic functions that you have listed above. I also use Google Doc and other useful stuff there. I am not interested in all the particulars of my investments because Vanguard keeps those details anyway. I can download them at any time. Penny wise pound foolish. The big picture is enough for me. I use some the dividend and cap. gain estimates to adjust my tax payments once in every two or three months. You can get these estimates for the Vanguard websites and monthly statements.  The up to date numbers are available in the Vanguard Tax Center. If you want to know the wash sales and the exact details, they are available in the cost-basis section. Similarly, you can download the data from credit card and banks in the same CSV format and load them in the spread sheets. That is why I do not feel the need for Quicken or Money or any of those personal finance software.

I use the Federal Income Tax forms  available in Excel format that can be loaded both in Google Sheets and Libreoffice Calc. I use these for estimating my tax situation. Whenever I sell something, I take the data from Vanguard cost basis center and enter the data in the 8949 form. For this year, I  have started the second page of 8949 early in June. Similarly, I also enter the annual estimate of div income including the non-qualified part of the distributions in these forms. I already know the other income for the whole year. So, it gives me an accurate estimate of my federal taxes at each point. I started using this only last year.


Another open source app to replace Photoshop of Adobe. It is called GIMP. This is a lot more precise and sophisticated. You name it. You have a free open source software.

Another online pdf to Excel (csv) conversion is available here. Another online convertor is here. I use some of these to convert the pdf files of 1099 forms from Vanguard to CSV formats. Although they work, check for the accuracy because the conversions may not be perfect and some of the columns may move. Then, copy and paste the numbers into the tax forms.

So, why pay for it?

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Re: Money in Excel


@BlueBike88 wrote:

Anyone test the Microsoft premium template Money in Excel? If yes please discuss your experience. Is this an alternative to Quicken?


Blue, it would help if you gave a link to anything you are asking about - so that people will comment on what you are asking about.

did you mean this https://support.microsoft.com/en-us/office/what-is-money-in-excel-0fb4710d-169e-45a7-ad60-ca98103d4e...

Also, what sort of things are you wanting this or any software to do - track budgets and/or revenue/expenses, track investments, track credit card transactions, track bank accts, ??

help us help you!

- - - - - - - - - -
peace, love, enlightenment and energy!
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Re: Money in Excel

BTW Guys, Beside the Microsoft EXCEL Sprdsht or Google...As FYi

There was a Free web site before for just about any investment needs with readymade Excel sprdsht .

This site was shutdown... but all the Spreadsheets may be still accessible that logs into Plus it automatically get the daily
end of day EOD data or stocks, Mutual Funds, or any security with a valid ticker symbol...

http://www.financialwisdomforum.org/gummy-stuff/Excel/

FWIW...It works for many Investments Requirements like Portfolio tracking, Taxes, Gain/Loss% for Individual Investors here at M*.  
I hope it contributes to this thread & Helps or Just for general Spreadsheet Ideas...
Thanks.
Majick

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Re: Money in Excel

The old Smart Money magazine would call us Quickenites.

I have been purchasing Quicken Premium on eBay for $29-$35 for the disk version for the annual subscription. While Quicken was owned by Intuit, I purchased the software every 3 years. The minor improvements did not justify the requirement to purchase new versions except to update.

The introduction of Microsoft 365 mentioned the coming of Money in Excel template for personal finance management. I was hopeful that it might perform better than Quicken. The reality is this template appears limited to budget functions and does not appear to handle investments or taxes. I would call it a budget spreadsheet, not a personal finance management spreadsheet. This template does not appear to be as good as the old Microsoft Money.

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Re: Money in Excel


@BlueBike88 wrote:

The old Smart Money magazine would call us Quickenites.

I have been purchasing Quicken Premium on eBay for $29-$35 for the disk version for the annual subscription. While Quicken was owned by Intuit, I purchased the software every 3 years. The minor improvements did not justify the requirement to purchase new versions except to update.

The introduction of Microsoft 365 mentioned the coming of Money in Excel template for personal finance management. I was hopeful that it might perform better than Quicken. The reality is this template appears limited to budget functions and does not appear to handle investments or taxes. I would call it a budget spreadsheet, not a personal finance management spreadsheet. This template does not appear to be as good as the old Microsoft Money.


That is also what I thought that they would do. It is just a gimmick. There are many such templates free for the open source Libre office.  Microsoft guys just copy those ideas (and probably copy the codes also) and sell it to make money.

Can you still purchase standalone Disk version of Quicken from Ebay without expiry date?

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Re: Money in Excel

Excel over time has become more complex with more commands and features. I think it was 2013 when the format changed from .xls to .xlsx. I think there was another change in 2016. The current version will read .xls files as well as Google Sheets. If you have .wks files convert them to .xls.

The name Office 365 was changed to Microsoft 365 this year. There are new features including the concept of premium templates.

Microsoft offers a free One Drive account, which includes online versions of Excel, Office etc. plus limited storage. This version of Excel looks like the Microsoft 365 version. I would test this free version before buying a Microsoft 365 subscription.

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Re: Money in Excel


@BlueBike88 wrote:

Microsoft offers a free One Drive account, which includes online versions of Excel, Office etc. plus limited storage. This version of Excel looks like the Microsoft 365 version. I would test this free version before buying a Microsoft 365 subscription.


You can buy 5 TB hard drive for less than $100 for you to keep it. You don't need to pay Cloud service every year to have the same. All these people found the concept of "yearly payment" to keep the revenue going up every year instead of ownership. I like ownership. We want to own and not pay rent. We rent to other people. That is what my whole family - me, my wife, my son, and my daughter-in-law - do.

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