When dealing with personal finances, the right place to start is setting up the accounts you are operating with (Cash account, Credit account, Savings account etc.). Different users have different sets of accounts, which is why MoneyWiz allows you to create any number of Accounts. If you are managing your family’s finances, it is only natural to set up both yours and you partner’s Checking and Cash accounts for example.
In this guide we’ll cover the following areas:
- Adding an Account
- Grouping of Accounts
- Editing Accounts and Groups
- Deleting Accounts and Groups
- Reordering Accounts and Groups
- Net Worth feature
The screenshots in this guide are made from an iPad device. Whenever there are differences between the platforms where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions.
Adding an Account
Once you start MoneyWiz you will see a menu on the left hand side which provides access to all major sections in MoneyWiz. The Accounts section is one of those sections.
Note that if you use an iPad device in portrait you can show and hide this menu by swiping from the left side of the screen.
Click on it and you will see the list of all your accounts if you have any (please notice that this list is scrollable so if you don’t see all of your accounts, just scroll the list). If you are using MoneyWiz for the first time you can either sign in with existing SYNCbits! account or click the New account button right away.
MoneyWiz currently supports 5 types of accounts – Checking, Credit, Savings, Loan and Cash. Note that the Checking account might be called differently depending on where you live. For example it is called Current in the UK, Transactional in Australia, etc. Additionally MoneyWiz provides an option to connect with your online banking and download your transactions automatically. Please, note that this is a paid subscription service.
After creating the first account, you can create unlimited number of accounts in MoneyWiz. To access this feature, you can:
- iOS and Android: go to Settings > Accounts & Budgets, then select New Account
- iPhone and Android: Tap on the 3-dotted button on the top right corner in the list of accounts, then select New Account
- Mac and Windows: right-click on Accounts section and select New Account
- Mac and Windows: click the plus button in the bottom left corner and select New Account
- Mac: from the menu – File > New > New Account
- Mac: use the ⌘ cmd + ⇧ Shift + A shortcut
Each type of account in MoneyWiz has a different purpose and some accounts have unique features that allow you to achieve exactly what you need.
- Online Account – an online account could be any type of account, the special feature here is that an online account downloads automatically the transactions from your online banking. It doesn’t require manual entry or import. For more information refer to the Online Accounts guide.
- Checking Account – the Checking account might be called differently depending on where you live in. For example it’s Current in the UK, Transactional in Australia and Chequing in Canada. You would normally use such an account to receive a salary, pay various bills or withdraw cash at the ATM.
- Credit Account – you can use the credit account to handle your credit cards, overdrafts and credit services that you use.
- Savings Account – this account is primarily used to store money in it, mostly by transferring from other accounts, spendings out of a savings account are rather unusual, but possible.
- Loan Account – a loan account is used to track your progress on paying off a loan; with a loan account in MoneyWiz you can keep track on various types of loans including mortgage and other liabilities. For more information please refer to the Loan Accounts guide.
- Cash/Wallet Account – unlike all other account types, a cash account is not an actual bank account; in MoneyWiz it is used to keep track of the spendings that you make in cash.
- Investment – this account can be used to track your shares and holdings – either automatically via Online Banking or manually. More information can be found in the Investments Accounts guide.
For the purpose of this guide we will create a Checking account.
Entering account details
You’ll be asked to enter some basic information about your account. For example for Checking, you will need to enter the following information:
- Name: this is the name of the account. You can type in whatever feels descriptive enough. For example “HSBC” or “Bank of America”.
- Opening Balance: this is the amount of money you currently have in this account. Please keep in mind that if you intend to enter past transactions after you create the account, you need to enter the Account Balance as it was on the date of the first transaction you’ll be creating. For example, if today is 1st of May, but you intend to enter the transactions starting from 1st of January, then you need to find out the balance as it was on 1st of January.
- Currency: click the currency button to select the currency of this account. If you do not see your currency there, this would mean that you have to enable it first – see the Manage Currencies guide for instructions how.
- Auto-clear transactions: some banks will hold a transaction as pending until you clear it with them. It means that this transaction is waiting for your approval before it is executed. If your bank doesn’t hold transactions as pending, you should keep this option set to ON. If this option is OFF, all transactions that you create will be pending by default, and you will have to clear them one by one manually.
Please, notice that on the top of this screen you have 2 buttons – Basic and Extended. MoneyWiz provides you with additional features that you can activate or deactivate in the Extended page. These are:
- Additional information: this optional field allows you to include any notes you would like to store with the account.
- Checkbook Register: enable this option if you plan on issuing checks from this account. Note that if you are importing a statement to MoneyWiz, checks will be imported even if the option is not enabled, but the check field will not be visible until you enable it from here.
- Include in Net worth – by default all new accounts are included in the net worth calculations; you can disable it for example if you are keeping track of the finances of someone else (disabled relative or under-age child)
- Put in Group – grouping of accounts will be discussed more thoroughly in the next section of this guide, but if you already have groups in MoneyWiz you can select the group which this account should be placed in.
- Icon – all accounts are displayed with icon in the list of accounts, the default icon is in accordance with the account type, but you can select any other icon you’d like.
Completing the account creation
To complete the account creation, you can simply tap the tick mark button on the top right corner (iOS & Android). Please note that on Mac and Windows, this is the “Create” button on the bottom right.
In the list of accounts, each account is presented with the following features:
- Icon: the icon that you selected is colored in red or green, depending on the account current balance,
- Name: the account name that you entered when filling the basic information.
Grouping of accounts
MoneyWiz is all about making your financial life better organized and clearly understandable. An important feature that helps you achieve this is Grouping of Accounts. You can create a new group if you:
- iOS and Android: go to Settings > Accounts & Budgets, then select New Group,
- iPhone and Android: Tap on the 3-dotted button on the top right corner in the list of accounts, then select New Group,
- Mac and Windows: right-click on Accounts section and select New Group,
- Mac and Windows: click the plus button in the bottom left corner and select New Group,
- Mac: from the menu – File > New > New Group,
- Mac: use the ⌘ cmd + ⇧ Shift + G shortcut.
Next you will be asked to enter a name of the new group and select the currency.
Creating groups is simple and convenient – once you enter the details, tap the tick mark button on the top right to create it (iOS & Android). Please, note that on Mac and Windows you should click the “Create” button on the bottom right.
Each group is presented in the list of accounts with:
- Icon: a simple folder icon,
- Name: the group name that you entered,
- Balance: the combined balance of all accounts in the group in the select currency.
Editing Accounts and Groups
To edit an account or a group, you can:
- iOS and Android: go to Settings > Accounts & Budgets, then select the account or group that needs changing,
- iPhone and Android: Tap on the 3-dotted button on the top right corner in the list of accounts, select Edit list, then select the account or group that needs changing,
- Mac and Windows: right-click on the account or group that needs changing and select Edit,
- Mac and Windows: double-click on the account or group that needs changing.
Note that when editing an account, you will not be able to change the account’s currency if you already have transactions in this account. You can change everything else about it, though.
Deleting Accounts and Groups
To delete an account or a group, you can:
- iOS and Android: Go to Settings > Accounts & Budgets, then tap on the red circular button on the left side of the account or group that needs deleting,
- iPhone and Android: Tap on the 3-dotted button on the top right corner in the list of accounts, select Edit list, then tap on the red circular button on the left side of the account or group that needs deleting,
- Mac and Windows: right-click on the account or group that needs deleting and select Delete.
An important note is that when you delete an account, all of the transactions in this account are deleted, including scheduled transactions and transfer transactions. This may also affect the balances of your other accounts. There is no undo of this operation.
If you deleted an account by mistake and you’ve done that recently, contact us by email – we might be able to help you recover the data that you lost. Make sure not to launch MoneyWiz on any other devices as their local data could be used as a backup.
However, deleting account groups does not cause accounts or transactions within a group to be deleted. If you delete an account group with accounts inside, the accounts will be moved out of that group before it is deleted automatically.
Reordering Accounts and Groups
If you need to change the order of your accounts and groups you can do this if you:
- iOS and Android: go to Settings > Accounts & Budgets, then tap on any 3-lined button on the right side of each account or group and move it anywhere you need
- iPhone and Android: Tap on the 3-dotted button on the top right corner in the list of accounts, select Edit list,then tap on any 3-lined button on the right side of each account or group and move it anywhere you need
- Mac and Windows: Simply drag and drop the account or group to the position where it is supposed to be. To do that:
- Position the cursor on the account name.
- Click and hold for less than a second.
- While still holding the mouse button, move the cursor to a position above the first account.
- Release the mouse button to drop the account there.
This way you can also move accounts in and out of groups. Also note that you can collapse and expand groups.
Net Worth feature
MoneyWiz has the ability to show you quickly what your Net Worth is. Net Worth is the that total amount in all of your accounts. It calculates the positive balances of all accounts, except Loans. The remaining balance of your loan accounts is deducted from your Net Worth.
The feature is conveniently located and for each platform it has a different place.
- iOS & Android: when you are in the Accounts section, you will see it at the bottom of the list,
- Mac and Windows: you will notice a small arrow pointing up at the bottom of the left side menu; click this arrow to see more about your finances, including your Net Worth.