Microsoft Money Took Over My Computer!!!!!
Written: Oct 28 '00 (Updated Oct 28 '00)
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Product Rating:
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Pros: Makes keeping track of your finances a breeze in every respect
Cons: Forces you to register. Or else.
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| Bruguru's Full Review: Microsoft Money 2001 Deluxe Full Version for PC (8... |
Today I am saddened far more than words can say. I have been using Microsoft Money for years, and I’ve loved it. It’s a wonderful program, and I can say this on multiple levels. First as a consumer. I have been tracking my finances and recording where my money goes with Money since about 1996, when I received a free copy in the mail from Bank Boston. They used it for their online banking product, and I quickly became acclimated to it. It has served me faithfully since then.
I have, however, also had the occasion to become acquainted with Microsoft Money from a professional point of view. I worked in tech support for Fleet Bank for a time, and in that capacity became intimately acquainted with Money and it’s archrival, Quicken. Perhaps you have read my review of Quicken, titled “The Bane of My Existence”. There’s a good reason for this title. During my tenure with Fleet, we switched from a dial-up connection based software product to a web-based download-your-information-into-your-favorite-software system. I was instrumental in solving some of the problems this transition presented, 99% of which involved Quicken.
Money, on the other hand, was a veritable Timex among financial management software packages. It took a licking and kept on ticking. You may criticize Bill Gates and Microsoft to your heart’s desire, but here they finally did something right, and I felt they deserved credit for it. Yes, the world was right with Money installed on your computer. Until now.
Here I am, a huge Money proponent, and I’m slamming this product. Why? When I purchased my gateway computer it came with Money 99 already installed, and I never bothered upgrading to Money 2000. This week, however, I saw Money 2001 advertised and figured hey, I like the product; it’s been two years, so why not?
After purchasing the software, I can give you one big why not: I don’t like the way it takes over your computer. Well not your whole computer, mind you, but an important aspect of it. Let me explain. I installed the software on my desktop system, registered it, downloaded some transactions, everything was fine. OK now for the laptop. I installed, but didn’t register. I had done that on the desktop after all. Therein lay the problem. Money took over my computer, at least in regard to my downloads of QIF files (which Sovereign Bank still uses).
The procedure for obtaining transaction information via QIF files is a simple one: you download the file to a location on your computer: I use my desktop. Then you import it into the proper account and voila. Your transactions are displayed for you. What Money does, however, is prevent you from downloading the file unless you have registered the product. I understand Microsoft wants the program registered to cut down on piracy, but this is extortion. Why? Once the file association is made that make Money the application that opens a QIF file, you won’t even be able to download the file for use in any other financial management software (such as Quicken). An un-install will disable this association, and registering the software will allow you to make downloads again.
For many people, this file association would be permanent after installation. It’s easy enough to disable it manually, however. In Windows Explorer, clicking on VIEW->FOLDER OPTIONS->FILE TYPES-> gives you a list of all the file type associations Windows is using. In this case, scrolling down to Quicken Information File (QIF) and then deleting that extension will end Money’s stranglehold on your downloads. The deletion doesn’t affect the file type itself, just stops Money from opening when you download it.
OK, now that I’m done ranting, let me tell you a little about Microsoft Money, and why I still think it’s a great program to track your finances. I’m gong to cover some of my favorite features, and list them for you item by item:
MONEY HOME
This is where it all starts. On your Money Home page you can immediately be greeted by those accounts you use the most by setting them as a Favorite account. Using Money’s web page style setup, you can access those accounts simply by clicking on them. This will pull up the register for that particular account. In addition, the Home Page has links to Microsoft web pages where you can obtain financial news, advice, and of course offers from Microsoft. The Home Page also features links to set up debt reduction plans and budgets, and will display your progress once you have them assigned.
ACCOUNT REGISTER
This is the feature you’ll probably use the most. All of your transactions are displayed along with balances and a forecast of your expected balances for the future. For checks, the processing date, amount, and check number are usually displayed; you can manually enter the payee but the bank does not generally provide this information. Debit card purchases and ATM withdrawals will have the date and amount plus location of the purchase. This information is generally imported from your bank’s web page either by downloading a QIF file as was earlier discussed, or by using the Active Statement feature.
Active Statement is the preferred way to do this, since it automatically keeps track of the last time you downloaded transactions and doesn’t double post them (which can happen when you import a QIF if you aren’t careful in specifying the dates you need transactions for with your bank). Active Statement also brings the information directly into your software and into the right account, obviating the need to import anything. If you have already entered transactions manually, it will mark them as reconciled instead of double-posting them (as again a QIF import will do).
A nice touch in Money 2001 is the ability to go directly to your Financial Institution’s web page from the register screen if Money has the URL listed in it’s database.
THINGS YOU CAN DO
Balance your account
Money has an application that makes this a snap.
Setup a calendar of bill due dates
Do you forget to pay your bills? We all do at times. Money will remind you to get that payment out.
Pay Bills Online
If your bank allows this feature, you can make payments through their bill payer service directly through Money.
Generate Reports
Want to see where your money is going? Money will show you how much you spent on gas, groceries, or beer over a specified time frame. You can even view reports by payee. (You don’t want to know how much I spent at Yankee Wine and Spirits last year, but if you did want to know, I could tell you thanks to Money)
Tax Planning
Having enough taxes withheld? Money will advise you throughout the year as to how you’re doing. It helps you figure your taxes at filing time too.
Conclusion
I still love this software. It gets 4 stars instead of 5 because I’m not too happy with the way it tries to force you to register, but it has far too many uses for me to rate it any lower. I find it much easier to use than Quicken, and even if you do have a problem with Money there are helpful instructional videos to bail you out. It has often been said that you need money to make money. Having Money and money will help you make even more.
Recommended:
Yes
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