How to Use Moneydance Software

There are numerous brands of software designed to help consumers manage their individual finances. Whether you're looking to pay all your bills online or need help sticking to a budget, software like Moneydance can help you to manage your money.

Difficulty: Moderate

Instructions

1. Pay all of your bills electronically by synchronizing Moneydance with each of your different bank accounts. Moneydance can interpret files, such as OFX, QFX or QIF, which are commonly used to transfer information between banks.

2. Plan all your monthly or yearly budgets using the guides. In addition to creating reliable budgets, generate summary reports to show how effectively you've adhered to the budget. These reports can help you to adjust your spending to stay on budget in the future.

3. Monitor all your financial investments. Track the progress of your portfolio as a whole or break your investments into individual categories. Current market prices and stock information are updated automatically so you can evaluate your investments, execute splits and perform cost-basis computations.

4. Use Moneydance with other popular personal-finance software. You can import financial information from Quicken, Microsoft Money or any other programs that use QIF files to export data. This can be an especially useful tool if you're converting to Moneydance from an older software program.

5. Use Moneydance's encryption protection to guard your financial data from cyber thieves. Designate a system password to keep others from accessing your personal information.

6. Keep an eye on the international currency markets by using Moneydance's currency evaluation tools. Get updated reports on currency prices and fluctuations. Help to plan your next vacation or arrange to invest in lucrative foreign currencies.

7. Create graphs, charts and expense reports to evaluate your finances in different ways. Reading raw numbers can be demanding and tedious, so take advantage of the graphical features built into Moneydance's software. Use charts and graphs to evaluate your budget and account balances or create income-and-expense reports.

Tips & Warnings

• Check to see whether your bank's electronic activity is supported by Moneydance's system. The software is regularly updated, so even if your bank isn't supported, it may be in the future.
• To take advantage of all of Moneydance's features, make sure your computer is connected to the Internet. A high-speed Internet connection will allow the program to run smoothly and effectively.
• Moneydance offers translations to numerous languages as well as currency conversions.

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