Sunday, February 22, 2009

Tips for using Microsoft Money - Ideas for this Quick Start Guide

  1. Track Gross Income instead of Net Income
  2. Track Indiviudal Expenses instead of Credit Card Balance
  3. Utilize Classes to break out expenses by people and projects (in addition to expense category)
  4. Use Bills & Deposits Planner for all periodic transactions (including savings transfers)
  5. Use the tax planner to optimize withholding
  6. Create asset accounts for all vehicles
  7. Create loan accounts for liabilities
  8. Setup your checking accounts as "Budget Accounts"
  9. Setup your savings accounts as "Non-Budget Accounts"
  10. Setup cashflow prediction based on budget
  11. Setup a Budget
  12. Utilize the Important Documents feature to create a lsit of all accounts/wills.
  13. Maintain a Home inventory for valuable items
  14. Reconcile your accounts ASAP
  15. Enter transactions periodically -- never let your receipts pile up for more than a month.
  16. Enter returns as negative expense quantities
  17. Consider making the last transaction of every month a transfer to/from your savings in order to balance your actual in/out flows with your budget plan.
  18. Define a minimum account balance for each account.
  19. Stop using cash-money as soon as possible!!