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Moneydance Review

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PROS / It offers more reporting options than many competing applications.

CONS / You cannot create and track budget goals using this software.

 VERDICT / Moneydance has strong budgeting features as well as robust reporting and investment-monitoring tools to help you track your finances.

Moneydance is a personal finance software application for Mac that allows you to directly connect with financial institutions, including your investment accounts. Because of the strength of its connectivity as well as its easy-to-use budget tools and investment features, Moneydance receives the Top Ten Reviews Silver Award.

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Infinite Kind, the developer of Moneydance, offers a limited trial through its website so you can test out this Mac financial software first before buying it. Upgrades to the newest version are free if you have the previous iteration. If you have an older version, you can upgrade at a discounted price.

Connectivity

One of the most important factors when selecting personal financial software is how well the software connects to your banks and other financial institutions. Moneydance works with 1,000 financial institutions. If yours isn't supported, you have to import a file you download from your bank. When you sync your account, all of your transactions are downloaded into Moneydance.

A definite plus with this Mac financial software is that its syncing is private. Your information remains secure when you sync your data. No third party has access to your information – not even Moneydance.

Once you've connected to your accounts, you can download new transactions. Moneydance doesn't do this automatically though; you have to download your new transactions each time you use the program.

Moneydance has a free mobile app. The app connects to the desktop software through Dropbox, so if you don't have a Dropbox account, you need to sign up for one in order to use the app. The app allows you to add transactions and see the balances in your various accounts. In addition, you can monitor and adjust your budget as needed through the app.

Budgeting

Moneydance has some of the strongest budgeting tools of the Mac personal financial software we reviewed. Once you've connected your accounts to Moneydance and uploaded your transactions, you need to categorize them.

There are default categories, such as groceries and rent, but you can add your own. You need to manually categorize each transaction, but future purchases from the same source are automatically tagged when you download new transactions, which is a nice feature that can save you time after the initial setup.

You can create reminders and schedule payments that are automatically factored into your budget. One nice feature that Moneydance includes is the ability to pay bills through the program. You can copy your budget over to the next month, and you can also roll over any amounts you didn't spend.

One budgeting feature that Moneydance lacks is the ability to create savings goals that allow you allocate money for a long-term purchase. Despite the lack of any goal-setting tool, Moneydance's budgeting tools are useful and easy to use.

Reporting

Reporting tools can be helpful in giving you a long-term view of your finances and allowing you to analyze your spending patterns. There are a variety of reporting options. You can see an overview of your net worth and monitor your spending and cash flow in graph form.

Reports are available about your portfolio and investments, and they can be customized to cover certain time periods. Moneydance allows you to create tax reports, but you need to do some of the legwork yourself by manually specifying which transactions are tax related.

If you have programming experience and need additional reporting options, you can write a script in Python to run in Moneydance. This allows you to create customized reports and view data that might otherwise not be available.

One drawback of Moneydance is that you cannot export your reports to another program, such as a tax program. You can, however, copy the data to your clipboard and copy it somewhere else, and you can export your reports to common file types, such as CSV files, which can be used in Excel.

Personal Investing

This financial software for Mac computers allows you to monitor your investments. It includes a portfolio view so you can see at a glance how your investments are doing. You can track the performance of individual stocks and analyze the allocation of your assets.

If you want to track the fees you pay, you need to enter those manually. You can manage and monitor investments only through the desktop version of the software; the mobile app doesn't support investments.

Summary

Moneydance allows you to budget, create reports, monitor investments and connect to financial institutions in a way that makes it one of the best personal finance software for Mac we reviewed. However, it doesn't let you set or track financial goals, and the mobile app requires Dropbox for syncing.

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