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I'm using a well-known financial package, but AceMoney is much better and I want to transfer all my data into AceMoney. How can I do that?
Very easy. The vast majority of financial packages support export to QIF format. All you have to do is export data account by account into the separate QIF files. Then you need to create the same accounts in AceMoney and import QIF files into each of them.
If you are using a spreadsheet application to manage your finances and want to move data to AceMoney, here is another option. There is a freeware utility to convert data from spreadsheet to QIF format. You can download it free of charge at this address: http://xl2qif.chez-alice.fr/xl2qif_en.php. Then create the same accounts in AceMoney and import QIF files.
What's the difference between Uncleared, Cleared and Reconciled flags?
A transaction has three states: Uncleared, Cleared and Reconciled.
Uncleared means nothing, for instance, you just entered this transation and have no official confirmation of it.
Cleared state can be assigned if you know that the transaction really has happened. For example, if your bank shows it at the web site you can assign cleared state to the transaction.
Reconciled is the last state in transaction lifestyle. Usually you move several transactions from cleared to reconciled state at the end of the month based on the bank statement. We also developed "Balance account" dialog to make this last step convenient.
When I import QIF file downloaded from my bank's web site, all transaction dates are set to current. What is wrong?
Different banks report dates in different formats. For example, the most of North American banks use MM/DD/YY format and a lot of European banks - DD-MM-YY. AceMoney can't detect the date format automatically and parses it based on user defined format of dates. This setting can be changed in the Options dialog (Tools menu). In order to allow AceMoney parse QIF files right, you must select an appropriate date format and import the file again.
My bank only supports csv format (comma separated values). Can AceMoney handle this file type?
Yes, but not directly. There is a freeware utility to convert data from CSV or any other spreadsheet format to QIF format which is well supported by AceMoney. Please note this requires the use of a product that we are in no way affiliated with and do not support or endorse in any way. You will be using this software at your own risk and MechCAD Software is not responsible for any adverse effects to your computer or operating system as a result of using it.
XL2QIF (http://xl2qif.chez-alice.fr/xl2qif_en.php) is an add-in to Windows Microsoft Excel the enables you to convert a CSV to QIF from within Excel. Instructions are on the product website but we have summarised on this page.
CALC2QIF (http://xl2qif.chez-alice.fr/calc2qif_en.php) is the OpenOffice version of XL2QIF. It is a Calc (OpenOffice spreadsheet) macro that converts data to QIF format, the format used by AceMoney to import transactions. CALC2QIF is optimized for frequent conversions, it supports also different date formats (US, Europe, pre/post 2000).
I lent some money to my friend. How can I use AceMoney to track his loan payments?
We suggest two methods.
Method 1: Create a new account and call it "Friend". Record a transfer from your own account to this account - this will show initial loan amount. When your friend pays money back, record every payment as a transfer from the account "Friend" to your own account. You don't even need to generate a report to see how much he owes you: "Friend" account balance shows the amount.
Method 2: Create a category "Loan:Friend". Record a withdrawal using this category - it will show initial loan amount. When your friend pays money back, record every payment as deposit to any account using the same category ("Loan:Friend"). In this case you need to generate category spending report to see how much your friend owes you.
I see Income and Expense radio buttons for every category. Does it mean that if category is marked as expense I can't record income using it?
No, it does not, you can record both. The one and the only purpose of these switches is to show sign of budget limit. We know that some wellknown software packages separate income and expense categories. AceMoney doesn't and here is why. Let's consider category Electronics. For instance, you've got a laptop for $900, but this is a price after $100 mail-in rebate. So, in reality you've spent $1000 (withdrawal on Electronics) and the spending report on Electronics should show this number. Moreover, in our world rebates don't come back sometimes. If you are lucky enough, the rebate check arrives and you deposit it on Electronics to your bank account. The report shows $900, everybody is happy. See, you just got income on the expense category. And this is the very reason why we don't separate income and expense categories. Categories should be free! :-)
My stocks or mutual funds are not known to AceMoney. How can AceMoney download them?
AceMoney can download stock quotes from many different locations, they are called data sources and can be changed in the investment properties dialog. If one data source doesn't allow to download your particular stock quote, try to replace it with another one and try again.
The vast majority of the investment quotes can be obtained from Yahoo Finance. In this case AceMoney uses the same symbols as Yahoo! Finance in order to download the stock prices. Please use Yahoo! Symbol Lookup to find the stock. By default the stocks are downloaded from the United States Stock Exchanges. If you are interested in other stock exchanges, an appropriate suffix should be added to the symbol. Here is a full list of exchanges supported by Yahoo.
AceMoney supports not only Yahoo! Finance, but many other data sources for the stock quotes, some of them may work better for different markets. You can assign a specific data source for an investment in the investment properties dialog.
When I click at my data file, AceMoney doesn't open it anymore. Instead, Windows asks me to choose an application to open a file. Why?
Probably you installed Microsoft Office System 2003. It registers .mmw file extension as Media Catalog File regardless of the fact that this extension has already been registered with AceMoney. The only thing you can do is reassociate it again. Next time Windows asks you a question to choose a program, please select C:\Program Files\AceMoney\AceMoney.exe.
When I start AceMoney I don't see my accounts anymore. What happened?
What you need to do is open your old data file using File->Open and then select "Load last file during startup" checkbox under Tools->Options if you want to have the file opened automatically each time you start AceMoney. AceMoney data files have .mmw extention, if you don't remember a location of the file, you can find it by searching (Start->Search for files or folders and enter *.mmw as a file name).
I just purchased a license for AceMoney online, but can't enter the code. Please help!
Please, follow the instructions you've got from us right after the order. The instruction are very precise. Enter the name and the serial number exactly the same way they are specified in the email. The name and the serial number should match: you can't enter any name with a particular license, because we generate licenses based on name specified during the order and the serial number is validated against the name.
It doesn't make sense to type the serial number in, please don't do that, just copy/paste it as directed in the email. In order to copy a serial number, select all six lines of it in the email with the mouse, do the right click and select Copy from a popup menu. Then return to AceMoney, left click in the serial number field of the registration dialog, right click and select Paste from the popup menu. The same procedure should be repeated for the name.
After you complete copy/pasting, click Ok. You should get a message saying "Thank you for supporting us!", it completes registration.
Is there a shipping charge for a CD version of AceMoney?
There is no shipping charge because we are sending an electronic license by email. Basically it is just a code which allows you to unlock all functionality available in a trial version of AceMoney. We don't distribute AceMoney on any physical media. When you purchase AceMoney license, you also get free lifetime upgrades to the future versions of AceMoney. Since we release new versions several times a month, the version on CD will become obsolete very soon. However, if you want, you can burn a copy of AceMoneySetup.exe file (available at our web site for free download) on CD by yourself.
So what's the real difference between AceMoney and AceMoney Lite?
The only difference between full and lite versions of AceMoney is a number of supported accounts. Both versions use the same file format and have the same user interface, same dialogs and forms. AceMoney Lite supports one account only and a full version of AceMoney provides support for unlimited number of accounts. Each account can be in it's own currency and you will be able to record transfers between the accounts. For instance, if you have a checking account and a credit card account, you will record a transfer from checking to credit card each time you pay the credit card with a check.
Does AceMoney support direct downloading of transactions from the banks?
No, AceMoney doesn't support direct data download from the banks. Implementation of such a feature is quite easy, however we can't do it because the banks are hiding the addresses of their OFX servers from public access. The only way to import transactions is through QIF or OFX files. Import of these formats is supported by AceMoney.
How can I upgrade my version of AceMoney?
All you need to do is close AceMoney, exit AceMoney Reminder (right click at the green icon in the right bottom corner of the screen and select Exit) and install a new version over the existing version. All new versions are compatible with data files produced by the old versions. Please, backup your data before performing the upgrade for your safety.
How can I setup automatic synchronization between AceMoney and AceMoney for Pocket PC?
AceMoney and AceMoney for Pocket PC use the same file format. That means the same data file can be opened by both programs, so you can configure synchronization on a file basis using standard features of Microsoft ActiveSync. In order to configure automatic synchronization you need to do the following steps:
- Open ActiveSync and select Tools->Options. Check Files item in the list and click on the Settings button.
- Click Add... and select your data file. Your data file has .mmw extension. If you don't know the location of your data file you can find it with the help of Windows Search (Start->Search->For Files or Folders, All files, and enter *.mmw in All or part of the file name box).
That's it, now the file will be syncronized each time your mobile device is connected to the desktop.
How to move AceMoney and data from one computer to another?
- Run backup procedure and then move your .mmw file to the new computer.
- Uninstall AceMoney from the old computer.
- Install the latest version on the new system.
- Enter the serial number which you should already have.
- Open your old data file using File->Open and then select "Load last file during startup" checkbox under Tools->Options if you want to have the file opened automatically each time you start AceMoney.
Can AceMoney open QIF or OFX files directly from the web site without downloading and importing manually?
Yes, it can! First try to launch AceMoneyImporter.exe located in C:\Program Files\AceMoney. By default it does nothing, but it will try to register itself with .qif and .ofx file types. If you already have any other accounting software installed on your computer then AceMoneyImporter will not change the existing file associations and you would have to change these associations manually.
In order to do that you need to open Windows Explorer, go to Tools->Folder Options, find there QIF extension and highlight it. If text at the bottom of the dialog says "Opens with AceMoneyImporter" then you are all set, just make sure that OFX, OFC and QFX files are also associated with AceMoneyImporter.exe.
To change current file association, highlight it, click at the Change button, Browse button and select C:\Program Files\AceMoney\AceMoneyImporter.exe.
Once AceMoneyImporter is associated with all the supported file types (QIF, OFX, OFC, QFX), go to your bank web site, login and navigate to a page with a link to the file. Click at the file and select Open instead of Download. If AceMoney is not running, it will be launched, then it will immediately display import dialog.
Can AceMoney be used on a Mac?
AceMoney is not a native Mac application, however you still can run it on a Mac with emulation software. A lot of users successfully use AceMoney on Macs with Crossover and Wine. You can also run it using Parallels Desktop or Microsoft Virtual PC, but for these two emulators you will need a copy of Windows.
- Wine for Mac (Open source)
- Crossover for Mac web site
- Parallels Desktop for Mac
- Microsoft Virtual PC for Mac
I run AceMoney with Wine on a Mac or in Linux and can't sort. Is it AceMoney problem?
No, it is not. As a matter of fact, Wine Application Database has a solution for the sorting issues, please read this page for details.
I see an 'S'-column in the transactions screen. What's normally in that column?
The column shows transaction state, Account balancing (or Reconciliation) is based on transaction lifecycle which is defined by transaction states. Every transaction has three states (statuses): uncleared, cleared and reconciled. The first status basically means that the transaction has been entered manually and you don't have any confirmation of it from the bank. Once the bank reports it at the web site or in the statement, the transaction can be moved to the next state: Cleared. Once you reconcile all cleared transactions with the bank statement, all of them should be moved to the Reconciled state. The reconciled balance should be the same as the last statement balance.
How to track mortgage payments?
There are several ways to deal with mortgage payments. A typical mortgage payments usually consists of three parts: principal, interest and escrow.
The easiest way to record mortgage payments is by scheduling a recurring withdrawal as a split transaction with three amounts allocated to three special categories. This lets you use category reports to figure out how much money was paid for interest, principal and escrow account during the year. However this method doesn't allow you to see balances of your mortgage and escrow accounts.
If you want to track balances on mortgage and escrow accounts, you need to create them in AceMoney as regular accounts. Set initial balance on your mortgage account to a negative number representing the amount of money that you owe to the bank for your house. Initial balance on the escrow account should be zero when you are buying a new home, otherwise set it to the current balance.
Your mortgage payment in this case is also a withdrawal, but only interest part of the split is recorded using category to track interest payments. Principal amount is recorded as a transfer from split going to the mortgage account, so every payment will slightly increase balance on that account. Escrow payment is also recorded as a transfer from split.
In this scenario you need to record all activities on the escrow account when your bank or yourself pay for home insurance, property taxes or PMI with money from the escrow account.