Understanding accounts in Money

You can set up a wide variety of account types in Moneyùeverything from checking and savings accounts to mortgage and frequent flyer accounts. Create one Money account for each bank or brokerage statement you receive.

Is it really necessary to create an account in Money for everything? It depends on how you want to use Money. Start with accounts you use regularly, such as your checking account. This account is important to understanding your cash flow. Later, when you decide you want more detailed financial information, you can add the other accounts.

Types of accounts you can track in Money

Set up this type of account in Moneyà To trackà

Asset Things you ownùjewelry, artwork, antiques, coin collection, and so on. This information is especially useful when you want to calculate your net worth or apply for a loan.

Bank Accounts with banks, other than the usual checking or savings accounts.

Car or other vehicle The market value or equity in your vehicle. If you have a car loan, set up a loan account for it.

Cash Cash you have on hand, such as the money in your wallet. Use this type of account to keep a record of day-to-day expenditures.

Checking Your day-to-day spending, bill paying, and deposits. This also includes debit card transactions.

Credit card Credit card purchases, payments, and finance charges. Create one account for each card (such as bank credit cards and store credit cards) you use and receive a statement for.

Employee stock option Employee stock option grants you receive from your employer.

Home The market value or equity in your home. This is the largest asset for most people, and is often linked to a corresponding mortgage account.

Home equity line of credit A line of credit secured by your home or other asset.

Investment Individual investments such as stocks, bonds, mutual funds, CDs, and so on. An Education IRA is considered an investment, rather than a retirement account.

Liability Money you owe that you do not pay interest on, such as short-term loans or money borrowed from family or friends.

Line of credit A line of credit obtained from your bank.

Loan Funds you have borrowed that you are paying on a regular schedule with interest (car loans, student loans and so on). For a vehicle loan, set up a corresponding car account.

Mortgage A long-term loan used to buy a house. For a mortgage account, also set up a home account.

Other Any other type of account not described elsewhere.

Retirement Tax-deferred retirement plans such as 401(k), 403(b), IRA, Roth IRA, SEP, Keogh, and so on.

Savings Deposits, withdrawals, interest, and service charges on a savings account. If you have a CD or U.S. Savings Bonds, use an investment account rather than savings account.

Set up this type of account in Moneyà	To trackà
Asset	Things you ownùjewelry, artwork, antiques, coin collection, and so on. This information is especially useful when you want to calculate your net worth or apply for a loan.
Bank	Accounts with banks, other than the usual checking or savings accounts.
Car or other vehicle	The market value or equity in your vehicle. If you have a car loan, set up a loan account for it.
Cash	Cash you have on hand, such as the money in your wallet. Use this type of account to keep a record of day-to-day expenditures.
Checking	Your day-to-day spending, bill paying, and deposits. This also includes debit card transactions.
Credit card	Credit card purchases, payments, and finance charges. Create one account for each card (such as bank credit cards and store credit cards) you use and receive a statement for.
Employee stock option	Employee stock option grants you receive from your employer.
Home	The market value or equity in your home. This is the largest asset for most people, and is often linked to a corresponding mortgage account.
Home equity line of credit	A line of credit secured by your home or other asset.
Investment	Individual investments such as stocks, bonds, mutual funds, CDs, and so on. An Education IRA is considered an investment, rather than a retirement account.
Liability	Money you owe that you do not pay interest on, such as short-term loans or money borrowed from family or friends.
Line of credit	A line of credit obtained from your bank.
Loan	Funds you have borrowed that you are paying on a regular schedule with interest (car loans, student loans and so on). For a vehicle loan, set up a corresponding car account.
Mortgage	A long-term loan used to buy a house. For a mortgage account, also set up a home account.
Other	Any other type of account not described elsewhere.
Retirement	Tax-deferred retirement plans such as 401(k), 403(b), IRA, Roth IRA, SEP, Keogh, and so on.
Savings	Deposits, withdrawals, interest, and service charges on a savings account. If you have a CD or U.S. Savings Bonds, use an investment account rather than savings account.