New "Money In Excel"

[bzargarcia]

Looks like Microsoft is teaming with Plaid to offer downloading of your financial transactions into Excel. Looks very similar to Tiller Money. Article says premium spreadsheet will be a downloadable in Office/Microsoft 365 soon.

Money in Excel

Bart

[edited title and OP to correct the name of the product - moderator prudent]

[FrugalProfessor]

Thanks for sharing. Pretty cool. I might use it as an alternative to personal capital going forward.

This will surely put Tiller out of business.

[ARoseByAnyOtherName]

Looks like Microsoft is teaming with Plaid to offer downloading of your financial transactions into Excel. Looks very similar to Tiller Money. Article says premium spreadsheet will be a downloadable in Office/Microsoft 365 soon.

Money in Excel

Bart

This is really smart on Microsoft’s part. People will be able to built any charts or summaries that they warn. Cool!

This alone could make an O365 subscription worth it for the right set of people.

[tamudude]

I was looking around and landed on this page which shows the supported institutions (pretend that you are trying to connect and see if your particular institution is part of the list...)
https://plaid.com/demo/?countryCode=US& ... ansactions

[prudent]

What is a "premium template"? Does that mean a one-time cost or a per-year cost?

[GuyInFL]

Downloads from all the major brokerages
Vanguard
Fidelity
Schwab
ETrade

[acegolfer]

Cool. But premium template sounds like it won't be free.

[jhfenton]

Cool. But premium template sounds like it won't be free.

That was my first thought too reading it, but other "Premium Templates" appear to be available for "free" to Office 365 subscribers. They are presumably not free to stand-alone Office license holders.

[confusedinvestor]

Does this mean I can use my corporate 365 account to use this ?

Looks like Microsoft is teaming with Plaid to offer downloading of your financial transactions into Excel. Looks very similar to Tiller Money. Article says premium spreadsheet will be a downloadable in Office/Microsoft 365 soon.

Money in Excel

Bart

[edited title and OP to correct the name of the product - moderator prudent]

[acegolfer]

Cool. But premium template sounds like it won't be free.

That was my first thought too reading it, but other "Premium Templates" appear to be available for "free" to Office 365 subscribers. They are presumably not free to stand-alone Office license holders.

TY. I used my work Office 365 account and was able to download a premium template without paying.

[SnowBog]

Same with a personal account, no charge for premium template. But I believe a paid account is required (just no extra charge for the template).

My understanding is this new "Money" offering will be available to Office 365 Home and Personal subscribers, which I believe are becoming Microsoft 365 Family and Personal on April 21st. Not sure if Money is released at the same time, or later. (And I believe it's limited to US users for now...) https://www.microsoft.com/en-us/microso ... criptions/

[SnowBog]

Does this mean I can use my corporate 365 account to use this ?

Not yet clear... But my guess is yes.

I can imagine a few businesses would want something like this as well, so it would make sense to allow access to corporate accounts.

And since it seems like it's built into Excel and/or maybe a special template, it would be simpler just to leave it for all "paid" users (personal or business).

Hopefully we'll learn in a few weeks...

As an FYI, if you end up needing (or just want) a personal Office 365 subscription, check here to see if you can get a 30% discount through your employer: https://www.microsoft.com/en-us/home-use-program If you have Office 365 through your work, and they have registered for this "home use" benefit.

[SnowBog]

What is a "premium template"? Does that mean a one-time cost or a per-year cost?

I don't think there's a "cost" for the template itself, but you have access to the templates as part of a "paid" service.

My understanding is "premium" templates are for people with a "paid" Office 365 subscription, either through work or personal (such as Office 365 Personal or Home, which will soon become Microsoft 365 Personal or Family).

People with "free" accounts, such as free OneDrive, Office (web), Outlook, etc. don't have access to the "premium" templates.

[rob]

I assume it's not going to work for those of us that bought the office suite to install locally - instead of doing the subscription.

[SnowBog]

I assume it's not going to work for those of us that bought the office suite to install locally - instead of doing the subscription.

That's my assumption as well. It's part of the subscription.

For clarity though, the subscription still includes a locally installed version of Office. It just has a monthly/annual cost vs. a cost per "upgrade".

It also includes enhanced features, and monthly updates with new features.

One of my favorite features before learning about this "Money" thing coming, is the stock data types.

I have an Excel file today, with stock/ETF/Mutual Fund tickers, which are marked as a stock data type. This let's me get things like their current price, % change, etc. This makes updates to my portfolio ultra simple, I just hit refresh. (I know Google Sheets lets you do similar, but I argue this is WAY EASIER for most people.)
https://support.office.com/en-us/articl ... a89e210877

The only changes I need to currently make are to the # of shares (and if I buy /sell any new stocks I need to add to my list). I'm hoping with this new connection in "Money" I won't even have to do that...

For clarity, I have two investments, one in a 401k and one in a 529 that I can't figure out a ticker for, so I need to update the last price for those manually.

[acegolfer]

The only changes I need to currently make are to the # of shares (and if I buy /sell any new stocks I need to add to my list). I'm hoping with this new connection in "Money" I won't even have to do that...

To my understanding, this "Money" will download only transaction data. It won't have total # of shares you hold. You can calculate it from the transaction data by =SUMIFS(shares, account, security).

[Kruser64]

Wow, this is big. Cue the "do you feel safe using Plaid" discussions:

viewtopic.php?t=299047

I would guess that Excel is going to go thru Azure and Azure will link with Plaid. So also you have to be comfortable with MS having access to your transactional data. No different than Mint. Where's Facebook, Google, Apple? Can they be far behind? Apple already has the card...

-Kruser64

[rob]

I assume it's not going to work for those of us that bought the office suite to install locally - instead of doing the subscription.

That's my assumption as well. It's part of the subscription.

For clarity though, the subscription still includes a locally installed version of Office. It just has a monthly/annual cost vs. a cost per "upgrade".

Good correction - I was meaning the purchase per version & install - no subscription. Should have worded that more clearly....

[SnowBog]

I would guess that Excel is going to go thru Azure and Azure will link with Plaid. So also you have to be comfortable with MS having access to your transactional data. No different than Mint.

Actually I doubt Microsoft will have access to the transaction data - at least in the way you imply. For "paid" services, as far as I know, they don't use data for anything other than the service you paid for (in this case Excel, and maybe OneDrive to store the file). They don't use data like that for advertising. (To be clear, free services like Bing, Outlook.com, free OneDrive, etc. are a different model...)

But I've already made the choice to trust Microsoft. All my data is already in OneDrive anyway (as part of my O365 subscription) with sensitive data in their Personal Vault. Did that years ago after a hard drive failure, when I realized I wasn't disciplined at keeping regular backups. Initially switched to an online backup service. But as the "included" storage included with Office 365 Home (soon to be Microsoft 365 Family) grew to be enough for my needs, and added the ability to get to my data securely from any device at any time, "share" info with my spouse /child, etc., I switched and haven't looked back.

But I agree 100% the "can we trust Microsoft and/or Plaid" thread is coming...

[Kruser64]

Actually I doubt Microsoft will have access to the transaction data - at least in the way you imply.

Right, so you are thinking Microsoft won't store (or otherwise mine in real time somehow) the transactional data? They will certainly have the ability to do it as the transactional data will flow thru MS servers. This is something I'm actually looking forward to reading the Terms and Conditions on.

-Kruser64

[SnowBog]

Just an FYI... I'd never heard of Plaid before... And between them and Microsoft, the "unknown" was more of a risk factor to me.

Looks like they were/are being bought by Visa: https://investor.visa.com/news/news-det ... fault.aspx.

[SnowBog]

Actually I doubt Microsoft will have access to the transaction data - at least in the way you imply.

Right, so you are thinking Microsoft won't store (or otherwise mine in real time somehow) the transactional data? They will certainly have the ability to do it as the transactional data will flow thru MS servers. This is something I'm actually looking forward to reading the Terms and Conditions on.

-Kruser64

"Store" is a different question... For myself, I expect to be using OneDrive to store this - as I do with my other Excel files. So yes - I expect them to store the data for people who want them to (such as in OneDrive).

But I don't think that's what you are asking...

Maybe it's naive, and maybe it's skewed on my understanding of how their enterprise services work, but my understanding is they don't use data from "paid" services for anything other than delivering the services you are paying them to deliver.

Their business model is based on providing a service at a price people are willing to pay. If people don't trust their service, they won't pay for it, and their business model fails. So in my view, it's in their corporate interests to protect the data and not misuse it for other purposes.

[SnowBog]

I should also add, I've decided the benefit of services like Mint and Personal Capital are worth it to me.

[bzargarcia]

I just received an email from MSFT saying it is available. I haven’t tried it myself yet.

[SnowBog]

Thanks for the update. For anyone interested, I think the FAQ has been updated, including this note below: https://support.microsoft.com/en-us/off ... a12a585c4a

Who can see my data?
There may be occasions when Money in Excel engineers will need to look at anonymized data to fix a problem or to train our technology to be more accurate. Financial data allows our team to build algorithms that will help give you a personalized Money in Excel experience. For example, if a specific restaurant transaction is categorized as “transportation” instead of “restaurants/dining”, an engineer might access your anonymized data to understand why the categorization isn’t working properly. Access is temporary and monitored. Our engineering teams are required to exercise strong privacy and security protections. Your trust is important to our development efforts.

Now I just have to find time to pay with this more!

[acegolfer]

Cool. But premium template sounds like it won't be free.

That was my first thought too reading it, but other "Premium Templates" appear to be available for "free" to Office 365 subscribers. They are presumably not free to stand-alone Office license holders.

"Available for Microsoft 365 Family and Personal subscribers in the US only."

Just tried to download. My 365 account thru work isn't qualified.

[Ice-9]

I'm currently happy with my so far six-year experience with Personal Capital (which followed almost a decade using Yodlee MoneyCenter.)

One thing that did always bug me though - there was some speculation on this forum that using services such as Yodlee and Personal Capital might violate security agreements with various banks and brokerages, as you are providing your password to a third party. With Excel residing on your personal computer, I wonder if using Money In Excel would avoid that potential complication?

[Kruser64]

I'm currently not unhappy with my so far six-year experience with Personal Capital (which followed almost a decade using Yodlee MoneyCenter.)

One thing that did always bug me though - there was some speculation on this forum that using services such as Yodlee and Personal Capital might violate security agreements with various banks and brokerages, as you are providing your password to a third party. With Excel residing on your personal computer, I wonder if using Money In Excel would avoid that potential complication?

I don't think so, for Excel it's Plaid that is actually connecting to your institution. When you add the account in Excel, you are handing over your credentials to Plaid. Plaid is going to store those credentials and pull data in the background. Pass.

[Kruser64]

Actually I doubt Microsoft will have access to the transaction data - at least in the way you imply.

Right, so you are thinking Microsoft won't store (or otherwise mine in real time somehow) the transactional data? They will certainly have the ability to do it as the transactional data will flow thru MS servers. This is something I'm actually looking forward to reading the Terms and Conditions on.

-Kruser64

Looks like all the transactional data is stored in Azure. Microsoft says they will only look at anonymized data for engineering issues. Plaid also has the data. Anyway for me, I've decided that life is simpler if I don't give my passwords out. No plaid for me.

[jhfenton]

Looks like all the transactional data is stored in Azure. Microsoft says they will only look at anonymized data for engineering issues. Plaid also has the data. Anyway for me, I've decided that life is simpler if I don't give my passwords out. No plaid for me.

Me too. I don't use account aggregators that require me to enter my password on a third-party tool or website.

People clearly want account aggregators, so I hope that eventually financial institutions will embrace one of two models to make things secure: (1) token-based authorization or (2) separate limited-access/read-only credentials. Most of my financial institutions fail to offer either.

I downloaded the Money in Excel spreadsheet. If I have time, I'll see what it can do tomorrow.

[JasonF]

I've been trying to set up my accounts and it keeps crashing (happened with Chase, Wells Fargo, Vanguard, etc...). Will have to try later when it (hopefully) stabilizes.

[SnowBog]

As previously noted, I'm happy with Mint and Personal Capital, I think the visibility they give me is worth the tradeoff. That said, was (am) looking for to Money in Excel.

Unfortunately, I'll be waiting longer...

Just tried to connect my Fidelity account - said Multifactor Authentication isn't currently supported... I'll be back when it is...

[simplesimon]

I currently use YNAB without the data aggregation feature (I input expenses manually). Has anybody used the new Money like YNAB? I may consider switching and consolidating if it does, but YNAB is excellent.

[SnowBog]

Cool. But premium template sounds like it won't be free.

That was my first thought too reading it, but other "Premium Templates" appear to be available for "free" to Office 365 subscribers. They are presumably not free to stand-alone Office license holders.

"Available for Microsoft 365 Family and Personal subscribers in the US only."

Just tried to download. My 365 account thru work isn't qualified.

If you have a subscription through work, enter your work email address to see if you are eligible for a 30% discount through the Home Use Program: https://www.microsoft.com/en-us/home-use-program

Or hit up one of the free trials if you want to evaluate it first. (For me, I'll be waiting until MFA is support for accounts like Fidelity.)

[SnowBog]

I currently use YNAB without the data aggregation feature (I input expenses manually). Has anybody used the new Money like YNAB? I may consider switching and consolidating if it does, but YNAB is excellent.

I think Money with Excel only "went live" today... I connected to one of my accounts (that doesn't support MFA) for an old bank. It shows transaction info, a snapshot (spending timeline vs. previous, etc.). There are a few "templates" such as Net Worth and Recurring Expenses. But I don't currently see anything for budgets.

That said, what excites me about Money in Excel is that they [hopefully] will continue to expand and add more Templates and more importantly, presumably because this is Excel, it should be highly customizable - so even if a "template" isn't pre-built, hopefully you (or others in the community) can add things that might be useful.

Now to figure out if that's actually true - or just my wishful thinking...

[nps]

I currently use YNAB without the data aggregation feature (I input expenses manually). Has anybody used the new Money like YNAB? I may consider switching and consolidating if it does, but YNAB is excellent.

I looked at the setup last night. Last step is connecting to Plaid. I didn't do that, and it appears the workbook might not be functional without it. I didn't spend too much time on it yet though.

[neurosphere]

If you have a subscription through work, enter your work email address to see if you are eligible for a 30% discount through the Home Use Program: https://www.microsoft.com/en-us/home-use-program

I really wanted to kick the tires on this! Unfortunately my "home" subscription is the "enterprise" version, because there were a few features I wanted so chose to purchase a one-seat "work" account. So Money doesn't work for me at home. I don't think I want to pay $50/year for another personal licence. Although, that's cheaper than quicken, which I currently use.

[bzargarcia]

If you have a subscription through work, enter your work email address to see if you are eligible for a 30% discount through the Home Use Program: https://www.microsoft.com/en-us/home-use-program

I really wanted to kick the tires on this! Unfortunately my "home" subscription is the "enterprise" version, because there were a few features I wanted so chose to purchase a one-seat "work" account. So Money doesn't work for me at home. I don't think I want to pay $50/year for another personal licence. Although, that's cheaper than quicken, which I currently use.

This was exactly my case. I was excited to give it a try and realized my work 365 account is a business account. I don’t think I need this enough to add my own subscription.

[tuningfork]

I tried it out last night with one checking account and two credit card accounts. It's pretty light on feature at the moment. I couldn't find a way to manually add transactions or accounts, so you're out of luck if you have any accounts not in the supported list. Nothing to help you track dates and amounts of upcoming bills or help ensure you have enough cash to pay them (the recurring transaction tracker seemed to only track transactions that are the same amount each month, but it missed things like electric and phone bills and credit card payments). Transactions don't have a memo field, so you can't annotate transactions.

Without the things listed above, I can't use it to replace how I use Moneydance. It's more like Mint than Moneydance or Quicken or the old MS Money.

[RoadRat]

Would love to hear some BH reviews.

https://support.microsoft.com/en-us/off ... n-us&ad=us


Related links:
https://www.pcmag.com/news/microsoft-la ... al-finance
https://www.forbes.com/sites/ronshevlin ... ba71505cb5
https://www.theverge.com/2020/6/16/2129 ... rosoft-365

[LadyGeek]

I moved RoadRat's post into the on-going discussion. The thread is in the Investing - Theory, News & General forum (general discussion).

[ChrisBenn]

As mentioned, non-starter until it supports 2 factor authentication. (does not at fidelity for instance)

[Kruser64]

As mentioned, non-starter until it supports 2 factor authentication. (does not at fidelity for instance)

Yeah, I see this as a big win for 2FA. Doing exactly what it's supposed to. In order for Plaid to get around it, they'll need cooperation from Fidelity (or whatever financial institution). A separate read-only login, read-only API, an OAuth scheme, or something along those lines. No more just logging in as the end user and screen scraping.

I'm really happy I have 2FA on all my financial accounts.

[guppyguy]

Does Plaid/M.I.E. download position information from the major brokerages (Schwab specifically) ? What about transaction activity, ie buy/sell stocks?

From what I've read it doesn't look like it. I'm already a happy YNAB user so the budget aspect has no allure to me.

[tetractys]

Would this work on LibreOffice?
https://www.libreoffice.org/

Not into paying to be milked.

[SnowBog]

Would this work on LibreOffice?
https://www.libreoffice.org/

No. It doesn't even work in Office. You need to have a paid (non-business) version of Office 365 (or now Microsoft 365 App I guess?).

Edited: Microsoft 365 Personal or Family (formerly Office 365 Personal? or Home): https://www.microsoft.com/en-us/microso ... 5-products

If you have Office 365 through your work, you may be eligible for a discount. See the link for that in an earlier post.

[SnowBog]

Does Plaid/M.I.E. download position information from the major brokerages (Schwab specifically) ? What about transaction activity, ie buy/sell stocks?

From what I've read it doesn't look like it. I'm already a happy YNAB user so the budget aspect has no allure to me.

Not 100% sure since most of my info is on Fidelity, which doesn't currently work with two - factor enabled.

But from the little bit of experimenting I did:

• Transaction data: yes (For things like credit cards, banks, etc. - you can DEFINITELY see transaction data.)
• Position: maybe (At least you can see "net worth" type info. But I can't confirm you can see actually stocks and shares until I get it working with Fidelity. But even if it's just ticker and value, you could theoretically use the "stock" data type to look up share price and get an estimate of shares that way.)

As someone else mentioned, feels very light on features right now. But I currently make a TON of use by just the "stock" data type (with manual updating of positions). So I'm not as interested in "features" at I am being able to automate loading in my data into Excel, and then [ideally] being able to extend/customize how I use that data (vs. "waiting" on Microsoft to update something for me).