You all know the feeling of getting your monthly bank statement and wondering where all the money went. You remember all the withdrawals for your rent, car payment, insurance but thereâ€™s another 20 small debits that you have no clue what they are. You then realize adding all the small debits amounts to a few hundreds of dollars of extra monthly expenditure and wonder why you canâ€™t save. Itâ€™s a common problem, many of us outside of chartered accountants have issues trying to track our expenses. Receipts are too prone to being tossed in the garbage, thatâ€™s why we should all think of tracking expenses on our Blackberry â€“ we wonâ€™t be tossing those anytime soon. Ascendo Money will let you do this, read further what we have to say about it â€¦
After the installation youâ€™ll see a new icon of gold bricks on your Home Screen. Pretty fitting seeing that the program can save you money by tracking and keeping your expenses under control (hopefully). Starting the program for the first time youâ€™ll be welcome by a blank screen. You must set up an account before you can start entering transactions. You can use Ascendo Money to track only one bank account or an unlimited of bank accounts, credit cards, brokerage accounts, etc.
However, we only recommend tracking your checking, credit cards, and possibly an expense account if youâ€™re lucky enough to have one provided by an employer. Tracking too many accounts will just get frustrated and youâ€™ll be over burden by having to enter too much data. You should keep the brunt of the data entry on your computer with Quicken or Microsoft Money.
Entering a transaction is fairly simple, just wheel-click and hit â€œAddâ€. You should note that Ascendo Money treats every transaction the same, so there is no difference between a debit or a credit, thus for any debit transactions you need to start with a negative or youâ€™ll throw your tracking all off. Ascendo Money needs to add the option of entering either a debit or credit transaction. Debit transactions should be colored red so it is easily distinguishable between credit transactions. With the current setup, itâ€™s too difficult to quickly mentally add up all expenses.