Account Management
To get started using Banktivity, set up your accounts. End-to-end encryption means your data is secure when sent and when at rest on Banktivity’s servers. Additionally, it allows you to see all your accounts in one place for a comprehensive picture of your financial health.
Enter transactions as you spend money or receive income, or import transactions directly from your financial institution using direct connection, which automatically updates your accounts. You can also input information by downloading a data file from your bank and importing it into Banktivity.
You can even attach images of the transaction, such as a picture of a receipt or warranty.
Banktivity can be used to track:
- Cash
- Checking accounts
- Savings accounts
- Money markets
- Loans
- Investments
- 401k and 403b accounts
- Credit cards
- Real estate
- HELOCs and other lines of credit
You can link your property to your mortgage and see how much mortgage you have. You can also track your loans, interest rates, payment schedules, and integrate your loan data into your budgets. Banktivity’s debt tracking and reporting features are stronger than its competitors, enhancing its usefulness for debt repayment. Banktivity also allows you to pay bills online.
Synchronize your account data across your mobile devices using the Banktivity app for iPhone or Banktivity for iPad.
Budgeting
Banktivity offers two budgeting systems: envelope budgeting and traditional budgeting. Envelope budgeting allows you to “fill” budget categories with money as you receive it, while traditional budgeting allows you to forecast the money you plan to receive (and haven’t received yet). The budgeting tool allows you to set amounts month by month and take your bills into account when building your budget.
Banktivity also helps you budget for irregular months (like holiday spending in December). You can track your spending and compare your goals against the results achieved and assess your progress daily.
You can categorize and tag your transactions, allowing you to track spending across multiple categories, which is a useful feature for reviewing holiday spending or managing home renovations. You can also create budget groups.
Synchronization allows you to see updated budgeting information on your mobile devices.
Financial Reports
The detailed financial reports in Banktivity show the big picture of your financial situation. The summary view or “dashboard” displays net worth and personal savings rate as well as upcoming transactions and budget updates. Summary pages for each account show customizable reports based on account type.
Banktivity also provides a range of fully customizable financial reports that include:
- Income and expenses
- Net worth
- Spending by category
- Beneficiaries
- Loans and debts
- Category
- Transactions
- U.S. taxes
- Investment summary
- Financial forecasts
Reports can be exported to popular spreadsheet programs like Numbers or Excel, and tax data can be exported to programs like TurboTax.
The calendar view allows you to see scheduled transactions, current balances, and investment performance over time.
Banktivity also displays stock prices and provides a personal portfolio view. Detailed investment analytics analyze capital gains (realized and unrealized), income, diversification, and return on investment (ROI). You can also see the current market value of your portfolio and view or manage multiple currencies. Investment analysis in Banktivity is stronger than Quicken or YNAB, its major competitors.
Specifications and Pricing
To run Banktivity 7 on Mac, your Mac must be running macOS 10.13 (High Sierra) or later and have at least a 64-bit processor.
Banktivity 7 offers a 30-day free trial, after which you need to pay a fee to unlock the full features of the software. The price is discounted for users upgrading from a previous version. You may incur an additional yearly fee for direct access to connected banks.
Banktivity offers a 90-day money-back guarantee and provides customer support in the U.S., including free live chat.
Source: https://www.thebalancemoney.com/ibank-5-for-mac-personal-finance-software-feature-review-1293785
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