Banking Software Usage?

[Mac In School]

Not really looking for software recommendations. Just curious how people use it.

I started using Quick for DOS, so I have a good idea of how it used to work, but I've been following the same workflow since those days.

Basically, I collect receipts, enter them into the software, then mark them as reconciled when I get my statement.

Now that banking software interfaces with the bank's Web site, what do you do? Do you basically do the opposite, and let the software get the data from the bank, then check it against your receipts?

 

[MacDawg]

No, I still do it the same old way... enter the data and treat it like a paper register

I haven't allowed Quicken to interface with my bank
Crazy I guess... but I like keeping the control myself

Woof, Woof - Dawg

 

[angelwatt]

I watched my transactions online, and if there's an item I don't recognize I investigate further. So I keep some receipts around for a little while before tossing them. I don't use any software other than the bank web site. I use Spreadsheets to combine my bank and credit card records though so I can do some stats on say how much money is going toward gas.

 

[Mac In School]

^ That kinda leads to what I'm wondering. For those that use software just to *watch* accounts, what are the benefits of using the software? I can see the benefits of the added features, such as tracking categories for taxes, setting up budgets, and seeing data from all accounts in one place. But, on a single-account level, what method do the software users use to reconcile?

 

[PeggyD]

I started with a program called "On Balance" on my Apple IIgs then moved to Quicken when I got a Mac. Now I use Moneydance.

I've always been good at math, but balancing my checkbook by hand was off more often than not. I much prefer using a computer program to reconcile my accounts. Using the computer is the easiest way to see the "whole picture" or what is spent in individual categories. It makes it very easy to gather the needed information for filing income taxes. I never connect directly to my bank accounts, though.

 

[kmaute]

I've been using Mint.com for the last few months. Prior to that, I was using a Cheque register and pencil to keep track of my deposits. I run a cash envelope system so it's pretty simple.

 

[MacDawg]

^ That kinda leads to what I'm wondering. For those that use software just to *watch* accounts, what are the benefits of using the software? I can see the benefits of the added features, such as tracking categories for taxes, setting up budgets, and seeing data from all accounts in one place. But, on a single-account level, what method do the software users use to reconcile?

I still reconcile against the bank's records periodically, but without connecting directly

Old school, I know, but it is just what I am comfortable with

Woof, Woof - Dawg

 

[danny_w]

I've been searching for something that suits my style lately since I will soon be single again after 27 years, but I haven't really found anything that suits me yet. I prefer the security of a desktop application (iBank, Checkbook Pro, etc.) but would like remote access as well (such as an iPhone app). I only have very simple needs, but I must be able to add manual transactions so that I can see the *real* balance available instead of only what has cleared the bank. I may settle on iBank because it does everything that I need and has an iPhone app, but it is overkill and the most expensive of the bunch ($60 + $5 for the iPhone app). Checkbook Pro ($25) does everything that I need and they *say* that they are working on an iPhone app.

I also have been trying out mint.com mainly for its categories and trend graphing, but I'm a little uneasy with giving them all of my bank login information (too late now - I've already done it). I also hear that yodlee.com is quite good, and much richer in features. Quicken Online seems to be a dead product at the moment, with very few features.

The main advantage for me of any banking software is to be able to see all of your accounts and investments in one place; this will become more important as I branch out more into investments. The main thing that I want right now is to be able to see the *real* balance (including items that have not yet cleared the bank).