Microsoft has started rolling out “Money in Excel”, a one-stop dashboard in Microsoft Excel for viewing your daily finances, including your banking and credit card transactions.
Microsoft announced Money in Excel in April as part of a broader rollout of consumer attitudes toward Microsoft Teams, as well as renaming the overall Office 365 branding to Microsoft 365. Currently, Money Excel printing is being provided as Downloadable template for the Excel desktop app or for the online version of Excel, although you’ll need to sign up for a Microsoft 365 Personal or Family plan to use it. (ZDNet’s Mary Jo Foley found that that the template is currently active for download.) You will also be able to open the template in the Excel mobile app, but most of the live functionality will be missing.
Microsoft recommends that users store the Money spreadsheet in Excel in their OneDrive Personal Vault, which adds two-factor authentication if it’s not already enabled and a significantly reduced timeout applies.
Money in Excel is Not Microsoft Money, although the two products certainly seem very similar. Microsoft has discontinued Microsoft Money provided by competing banks. “With banks, brokers and websites now offering more options for personal finance management, consumer demand for Microsoft Money Plus has changed,” the company said.
Money in Excel aggregates your accounts from different services: your credit card provider, your bank, as well as any investments and retirement accounts you might own. For example, that data is stored and tracked in Excel, using analytics to measure changes in your overall spend, or to track recurring expenses as Netflix moves from month to month. . (Money in Excel will also warn you if these changes, Microsoft said.)
Connections between financial institutions like your bank will be managed by Plaid, which indicates that it has created connections with 10,000 institutions across the United States. After granting Plaid permission to connect a financial account with Money in Excel, Plaid will have access to account balances, transaction history and related account information, such as name and address of owner. owns, but is not your proof of, your Microsoft 365 sign-in, according to Microsoft support documentation.
Money in Excel splits the worksheet into multiple tabs: the Welcome tab, the Tutorial tab, and then separates the tabs for an overview of the Snapshot, Categories, Individual Transactions, and Recurring Expenses.
To add an account, you need to go to the Account tab and click Add an account. Transactions won’t automatically update the spreadsheet, though the template will constantly keep track of new additions, according to Microsoft. The “Update” button will appear if there are new transactions and clicking on it will update the spreadsheet.
After first connecting your financial accounts to Money in Excel, transactions over the past 30 days will appear in your transactions feed within minutes. Microsoft says new transactions will be ready to sync within a day of being posted to your financial account, once they’re deleted with your bank.
The Microsoft support documentation lists two important notes. First, Money in Excel is designed for personal use. If you want to share your data with others, they need to sign in with your account and have the Money pane in Excel.
Second, “there may be instances where Money in Excel engineers will need to review anonymous data to troubleshoot or train our technology to be more accurate,” warns Microsoft. “Access is temporary and monitored.” It’s not clear what “anonymous” means in this context, so be warned.
Money in Excel is Microsoft’s entry into the world of personal finance apps led by Mint, Quicken, and others. It might not look nice to start, but Microsoft’s bank (ahem) on customer comfort with Excel to give it an advantage.