AceMoney FAQ
This is a collection of frequently asked questions about AceMoney and personal finance
management techniques. This FAQ is based on the questions from our users. If you can't find
answer to your question, check out AceMoney online tutorial.
It's a short and simple introduction into the world of personal finance management. Another
great source of information is our Yahoo! forum: http://tech.groups.yahoo.com/group/acemoney/.
Index
1. 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?
2. What's the difference between Uncleared, Cleared and Reconciled flags?
3. When I import QIF file downloaded from my bank's web site, all transaction dates are
set to current. What is wrong?
4. My bank only supports csv format (comma separated values). Can AceMoney handle this file type?
5. I lent some money to my friend. How can I use AceMoney to track his loan payments?
6. 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?
7. My stocks or mutual fonds are not known to AceMoney.
How can AceMoney download them?
8. 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?
9. When I start AceMoney I don't see my accounts anymore. What happened?
10. I just purchased a license for AceMoney online, but can't enter the code. Help!
11. Is there a shipping charge for a CD version of AceMoney?
12. So what's the real difference between AceMoney and AceMoney Lite?
13. Does AceMoney support direct downloading of transactions from the banks?
14. How can I upgrade my version of AceMoney?
15. How can I setup automatic synchronization between AceMoney and AceMoney for Pocket PC?
16. How to move AceMoney and data from one computer to another?
17. Can AceMoney open QIF or OFX files directly from the web site
without downloading and importing manually?
18. Can AceMoney be used on a Mac?
19. I see an 'S'-column in the transactions screen. What's normally in that column?
20. How to track mortgage payments?
21. Some other web site provides a registered version of AceMoney. Is it safe to download?
22. How to track Employee Stock Options?
23. How to track credit cards?
24. How to avoid duplicate transfers during import from several QIF files?
1. 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.
How to export a QIF file from MS Money:
- Launch MS Money
- Click File->Export
- Select Loose QIF and click OK
- Specify name of the QIF file and click OK
- Leave selection as Regular and click OK
- Select an account to be exported, click Continue
- You should see "The export is complete"
How to import a QIF file to AceMoney:
- Launch AceMoney, load your data file.
- If exported account doesn't exists, create it by clicking "New account" button. Use the same account name as in MS Money.
- Click on the account name, you should see an empty transaction list.
- Click File->Import
- Select the previously exported QIF file and click Open.
- Select correct account in the list, click OK.
- You should see a list of transactions. If this account had transfers from/to the other accounts, those accounts will be created automatically, you'll see them on the main page.
2. 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.
3. 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.
4. 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.
You can download the tool free of charge at this address:
http://xl2qif.chez-alice.fr/xl2qif_en.php.
5. 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.
6. 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! :-)
7. My stocks or mutual fonds 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.
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.
8. 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.
9. 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).
10. 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.
11. 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.
12. 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 tranfer from checking to credit card each time
you pay the credit card with a check.
13. 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.
14. 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.
15. 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 provided by Microsoft Windows.
Instructions for Microsoft ActiveSync (all versions of Windows up to Windows XP):
- 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).
Instructions for Microsoft Mobile Device Center (Windows Vista):
- Make sure that AceMoney for Pocket PC is not running on the mobile device.
- Open Sync Center from the system tray or Start menu.
- Double click on icon representing your mobile device.
- Click on Change content sync settings under Mobile Device Settings.
- Check Files and click on Sync Settings.
- Use Add.. button to navigate to your .mmw file, click Open when you find it. Sync Center will copy the file to My Documents folder on the mobile device right away. Click Done, then click Save.
- Launch AceMoney for Pocket PC on your mobile device, use menu to open the file from \My Documents folder.
That's it, now the file will be synchronized each time your mobile device is connected to the desktop.
16. 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.
17. 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.
18. Can AceMoney be used on a Mac?
AceMoney is not a native Mac application, however you still can run it on a
Mac in with emulation or virtualization software. See this page
for the details on how to install AceMoney on a Mac.
19. 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.
20. 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.
21. Some other web site provides a registered version of AceMoney. Is it safe to download?
No, unless you want some other person to take over your computer. See
this page for additional information.
If you have a question not answered by this page, please contact our
Support Department.
22. How to track Employee Stock Options?
AceMoney doesn't provide a direct way to record options and check
vesting numbers, but it is possible to track current market value of the
options. Create a new account, call it Employee Stock Options. Go to the
Portfolio page, add options stock as a new investment if it's not already
there. Download market price. Click on Investment transactions tab and
record Buy shares transaction for the total number of your options by the
granted price. Make sure that "Add value of investment to account balance"
is checked in Tools->Options. Go back to the accounts page. Balance of the
new account should reflect the current value of your options.
23. How to track credit cards?
Usually it makes sense to have a separate credit card account and record
all credit card transactions as withdrawals into it. At the end of the
cycle that account will have some negative balance. As soon as you get a
statement from the bank, it's a good idea to reconcile the transactions
(mark all statement transactions in AceMoney as reconciled), write a check
and record it as a transfer from checking account to the credit card
account. If statement balance is paid in full, credit card account balance
should be zero, unless you already recorded new transactions which are not
included into the statement.
24. How to avoid duplicate transfers during import from several QIF files?
When you import accounts from multiple QIF files, each file represents a
separate account and the transfers are imported to AceMoney twice (an
outgoing transfer from one file and an incoming transfer from another
file). Unfortunately there is no automatic solution to detect them, so
you'll have to go through these transfers and remove the duplicates
manually.
We understand that it's not an easy task, but unfortunately this is the
only way to fix wrong balances. However it may not be that difficult if you
follow these instructions.
- Import the QIF for the first account, ensuring that it's imported to an
account name that is identical to the original account name. Delete ALL
transfers to or from this account (easy to do by sorting the account
according to payee, shift click to select entire transfer range and
delete).
- Import second QIF. Delete ALL transfers to/from the second account
EXCEPT those relating to the first account.
- Import third QIF. Delete ALL transfers to/from the third account EXCEPT
those relating to the first and second accounts.
- Continue until all account are imported.
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