XLYOURFINANCES – Review

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I came across this Excel workbook from Brad Hoffer (XLYourFinances), which will make finance management easier & I wanted to share it.

XLYourFinances
XLYourFinances

In Brad’s words,

“Xlyourfinances is an automated Excel spreadsheet that will give you control over your finances and save you time in the process. With import tools, auto-categorization and unlimited years of storage, this one spreadsheet is all you need for archiving, budgeting and mastering your personal finances for years to come.”

I had a chance to use this workbook and below is my review of the product.

 

PURPOSE

The workbook is designed to achieve the following.

  • Manage all your financial data in one place
  • Know the current balances in your accounts without much effort
  • Easily categorize your income & expenses and monitor
  • Set budgets, evaluate actual Vs budget to take corrective actions
  • Plan your financial future with balance forecasting
  • Additional finance tools such as loan comparison, mortgage schedule and financial statement

 

HIGHLIGHTS

  • Easy to get setup with your own accounts and personalized categories.
  • Allows comparing against your actual bank balance and identify any missing transactions.
  • Set up budget based on viewing trends in past years.
  • Enter transactions and evaluate how you are performing against budget overall and by category. This helps you take corrective actions in specific areas where you are over spending.
  • It is set up to handle data exported from your bank and credit card accounts. You can just copy and paste that data into this workbook, thereby saving time in data entry. It is flexible and can handle different banks’ export file formats.
  • The data will be with you in your own file in your computer. You are not sharing your account details or passwords with a third party.
  • Even if you are using a third party aggregator like mint.com, where all your financial transactions are collected in one place, you can use this workbook. This provides special import support for data exported from Mint.
  • Several smart features such as detecting duplicate transactions and flagging any potential wrong entry of a transaction.
  • Since it is in Excel, it is easy to copy/paste data in general and especially categorizing a lot of transactions in one go.
  • Easy to search and filter on transactions. You can even enter comments on transactions and search those comments.
  • Tons of Reporting which is also flexible
  • Lot of additional features: forecast your balances, compare loans, view the complete amortization schedule for your mortgage and generate personal financial statement.
  • Though there Is a lot of calculations and information in the workbook, Brad keeps it easier for the end user by highlighting cells (in yellow) that are user entries. There are help notes available throughout the workbook that you can view or hide when you need.
  • Brad presents a video to get started. I strongly recommend watching the video to become familiar with the workbook.

Overall, this is a very well-built application in Excel to manage your finances. It may seem complex at the beginning, but once you get used to the setup, you will reap the reward of getting control of your finances.

For more details, check it out at http://xlyourfinances.com/xlyf-budget-spreadsheet.html

Personal Finance Manager – Excel Template v2

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Hello Everyone,

I am glad to announce that the Personal Finance Manager template has been upgraded with the following key enhancements. The files are available for download in the same page.

  1. Increased number of accounts – Now can handle 20 bank accounts, 20 credit card accounts and 20 cash accounts.
  2. Increased number of categories and subcategories to unlimited
  3. Added new chart on account balance trendsPersonalFinanceManager_Excel_Template_Report_4
  4. Improved Year – Month slicers in the Report sheet. I am using calculated fields (Year, Month) in the Transactions sheet.
  5. A new version compatible with Excel for Windows 2007 and Excel for Mac 2011 has been added.

Please try the new version and provide feedback.