Money in Excel imports your live banking data into a spreadsheet

Microsoft has begun introducing Money in Excel, a one-stop dashboard in Microsoft Excel for viewing your daily finances, including bank and credit card transactions.

Microsoft announced Money in Excel in April as part of a broader rollout of a consumer view for Microsoft Teams, as well as a general rebranding from Office 365 to Microsoft 365 downloadable template for the Excel desktop app or the Excel online version, although you need to subscribe to either Microsoft 365 Personal or the Family Plan to use them. (Mary Jo Foley from ZDNet) noticed The template is now available for download.) You can also open the template in the Excel mobile app, but most of the live features are missing.

Microsoft recommends that users save the Money in Excel spreadsheet in their personal OneDrive vault, which adds two-factor authentication if it’s not already enabled and has a significantly reduced timeout.

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Money in Microsoft Excel pulls data from your bank and other financial sources.

Money is in excel not Microsoft Money, although the two products certainly appear very similar. Microsoft discontinued Microsoft Money because of the competition offered by the banks themselves. “With banks, brokerage firms, and websites now offering a variety of options for managing personal finances, consumer needs for Microsoft Money Plus have changed,” the company said at the time.

Money in Excel consolidates your accounts from various services: your credit card provider, your bank and all investment and retirement accounts that you have. This data is stored and tracked in Excel, with bing being used to measure changes in your overall spend, for example, or to track recurring expenses like Netflix carried over from month to month. (Money in Excel will also notify you if these change, Microsoft says.)

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Money in Excel also uses a dashboard to keep track of your expenses.

The liaison between financial institutions like your bank is managed by Plaid, which says it has liaison with 10,000 institutions in the United States. After Plaid has given permission to link a financial account to Money in Excel, Plaid will have access to the account’s balances, transaction history, and related account information, such as the owner’s name and address, but not your Microsoft 365 credentials. according to a Microsoft support document.

Money in Excel divides the worksheet into several tabs: a Welcome tab, an Instructions tab, and then separate tabs for a snapshot summary, categories, individual transactions, and recurring expenses.

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Money in Excel tracks recurring expenses.

To add an account, you need to go to the Accounts tab and click Add an account. According to Microsoft, transactions do not update the table automatically, although the template is constantly on the lookout for new additions. When there are new transactions, an update button will appear and when you click it, the table will be updated.

After you’ve connected your financial accounts to Money in Excel for the first time, transactions for the last 30 days will appear in your transaction feed within minutes. According to Microsoft, new transactions can be synced to your financial account within a day of posting after they have been reconciled with your bank.

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Money in the transaction view of Excel.

There are two important caveats in Microsoft’s support docs. Money in Excel is initially designed for individual use. If you want to share your data with someone else, they must be signed in to your account and have the Money section in Excel.

Second, there may be “occasions when Money in Excel engineers need to review anonymized data to fix a problem or train our technology to be more specific,” warns Microsoft. “Access is temporary and monitored.” It’s not entirely clear what “anonymized” means in this context, so be warned.

Money in Excel is Microsoft’s entry point into the world of personal finance applications, led by Mint, Quicken, and others. It may not look so nice at first, but Microsoft’s banking (ahem) on the convenience of its customers using Excel to give it an edge.

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