Money Management/Bank Account Software

Solid_Bruce

What software are you guys using to manage your bank accounts?

I've tried Yodlee. Great but slow.. a desktop version would be great.

Desktop versions - Acemoney, Moneymanagerex. gnucash. none of these can pull transactions from bank accounts automatically.

pmduk

Sorry, I don't use anything to pull down transactions automatically, as they usually breach your bank's terms and conditions.

Gromitt

I use Moneydance, which appears to have the functionality, but I would never enter my internet banking details into an application not provided by my bank for security reasons. Plus, if you later on have fraud on your account, you can't claim that you only used them on the official banks website and applications, which may be a breach of the T&Cs.

A lot safer to just enter the transactions manually IMO, plus you notice more as you'll compare (reconcile) what you think you've spent with the statement you receive at the end of the month. Unexpected transactions will jump out at you.

pmduk

I use MoneyManagerEx to record transactions as I make them then reconcile them manually. Far more secure.

YorkshireBoy

Still using Microsoft Money 99.

Don't use statement downloads. I prefer to enter all transactions manually, and run it with a rolling 12 month forecast.

Jaws123

I love Yodlee because it pulls all the transactions automatically, it's free and you can budget. Things have changed since we started using it, we have much more of an overview what's going on!

pmduk

Jaws123 wrote: »

I love Yodlee because it pulls all the transactions automatically, it's free and you can budget. Things have changed since we started using it, we have much more of an overview what's going on!

And you're not bothered that you're in breach of your bank's terms and conditions and may well lose protection if any fraud occurs on the account?

Your choice, but sounds naive to me.

innovate

YorkshireBoy wrote: »

Still using Microsoft Money 99.

Don't use statement downloads. I prefer to enter all transactions manually, and run it with a rolling 12 month forecast.

So do I - couldn't exist without it.

Shame they don't support and sell that software any longer but occasionally, people still sell it on Amazon. You need to be careful that you don't buy a copy laced with trojans etc - - only buy from a reputable seller.

innovate

pmduk wrote: »

And you're not bothered that you're in breach of your bank's terms and conditions and may well lose protection if any fraud occurs on the account?

Your choice, but sounds naive to me.

You are right, most banks have got a catch-all clause that relieves them from all responsibility if you use any 3rd-party software (other than a browser) to access your accounts.

However, if you source your 3rd party software from a reputable outfit and safeguard your use of the 3rd party software (e.g. use on your own PC only, keep login data to yourself, have a properly set up PC with antivirus and firewall etc etc), the risk of something ever going wrong is minute.

I have used account aggregation services for almost a decade now and never had a problem. Some UK banks/BSs even offer such services to their customers (First Direct, YBS Egg).

pmduk

innovate wrote: »

I have used account aggregation services for almost a decade now and never had a problem. Some UK banks/BSs even offer such services to their customers (First Direct, YBS Egg).

I'm concerned that there are some banks who may look for reasons to avoid payment in a case of fraud. I suspect the FOS may overturn such attempts but why tempt fate and cause yourself avoidable problems?

Santander's new T&Cs suggest a move in this direction, although we've yet to see how they'll work in practice.

Some of these services aren't software so much as a 3rd party website. (eg ANZ Moneymanager and possibly yodlee, though I may be wrong about yodlee)

Jaws123

Call me naive, that's fine. This is the only way for us to keep track of our statements and analyse them. Cahoot doesn't let you export any of your transactions. We did write our own screen scraping software but this is much better with Yodlee.