How To Set Up A Business Account With Microsoft Money
Microsoft Money is like a lot of software these days. If you don't get it setup right, it won't ever really work the way you want it to. One of the key steps in getting MS Money Plus setup correctly is creating the right accounts to be used. Without the right account setup, you'll spend too much time trying to "fix" your financial data and won't end up getting the full benefit of the program. So, the smartest money advice is to make sure and take your time setting up the software correctly.
Note: Microsoft has ended sales and support of Microsoft Money Plus. A new version with no expiration date has been released for free download on Microsoft's website. This new edition is called the Microsoft Money Plus Sunset Edition and is available in any version including Microsoft Money Plus Home and Business Edition.
Create New Account in Microsoft Money Plus
Fortunately, setting up an account with Microsoft Money is pretty easy once you get the hang of it. The most important thing to remember is that not every detail has to be filled in to create the account. For example, lots of users get too caught up on filling in a starting balance or choosing which date that they want to start tracking the account from. If you plan to download financial records from an online banking website or online brokerage, don't worry about the starting balance. It will be part of the transactions you download into Money.
How To Setup A Business Account With Microsoft Money
There are two ways to set up a new account in Microsoft Money Plus. First, you can choose File and then Select New Account from the menu. The other way to create an account with Microsoft Money is to select "Add a new account" on the Account List page from the Common Tasks list on the menu bar on the left side of the screen under the Banking tab.
Follow the wizard screens to setup the account. The process for setting up a personal account or business account in Microsoft Money Plus is the same until the end. Select what kind of account it is, bank account or loan, for example, and continue through the screens. Remember you can change information later if you would like to, so don't worry too much about things like start date and starting balance.
The final screen will ask whether this should be a personal account or a business account. To setup a business account with Microsoft Money, select Business, to setup a non-business account with Microsoft Money select Personal.
Once the account has been setup, it will be added to your account list. If available, download the transactions from the bank website or other finance company website instead of entering the data manually. This will ensure that your account starts off with correctly setup data and can save you hours later when you are trying to figure out why something is "off" and you just can't see it because it was at the very beginning when a single transaction was missed or entered wrong.
When you MS Money accounts are all setup correctly, using the rest of Money's features is much easier.
Compare Microsoft Money to Quicken and Peachtree Accounting software.
