Microsoft Money 2007 Premium

December 2, 2006 at 8:31 am | Posted in Microsoft, Personal | Comments Off on Microsoft Money 2007 Premium

I just bought Microsoft Money 2007 Premium from the Microsoft Store. This software is great and I have used it before. I decided I want to keep track of my finances to get a better handle on things, plus also its supposed to integrate with my bank and my 401K broker to keep track of things.

It works pretty good and is fun to use. There are some issues though…While the online synchronization is good, it is a bit too confusing. I am not sure if the bank is sending weird data, or MS Money interprets the data incorrectly…but it seems for example for each CC payment I make, it adds a debit and credit for the same amount which nullifies it. I had to manually delete those.

For the 401K, it detected the account fine, but kept everything blank. Somehow I managed to discover a ‘pending action item’ to review my statement, and after I did that it added some ‘buy shares’ actions and showed a (negative) balance on the 401K. After a bit of investigation, it seems that it thought I bought shares, without putting any money in my 401K. There seemed to be no way to add an entry for a deposit or employer contribution. After trying to manually add my own 401K account and trying some operations, I realized that the correct operation I was looking for was ‘Add Shares’. I wish the software had done that automatically, but I won’t blame it on the product, as it could have been just a Fidelity issue (my broker) of sending the wrong data which is more probable.

Another thing I hated is that it shows my two credit cards (one account) as two separate accounts. There was no way to merge them, and no way to delete them. I had to ‘close’ one of the CC accounts to avoid the whole duplication thing. The problem with this though, is that it still appears in reports (but I managed to customize the report to remove it).

Some things that I love though..It automatically categorized around 80% of my transactions into correct categories. Took a lot of the pain out of initial set up of the product. Also, another great feature in the premium package is you get free one year credit monitoring from Experian, which I immediately signed up for. Not only that, but I get to see my credit report anytime for the next year.

There are a lot more features in the product that I haven’t checked out yet. Some features I hope of checking out soon are the tax related features, and the budgeting/planning features.

This product is definitely worth the cost (only $49.99 after a 30$ rebate).

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