Some free financial tools come as big files but AceMoney Lite is an exception, and it’s very quick to install, too. The interface is a model of simplicity, and is much less cluttered than Microsoft Money or Quicken. All commands can be accessed via both buttons and menus and the software is aimed at small business, as well as personal users.
There are points of similarity with Quicken (and with many other money managers). For example, when you use AceMoney Lite you create various types of accounts (you can choose from Bank, Cash, Credit, Investment and Loan) into which you enter transactions (payments in or out). You classify transactions with categories and these enable you to extract information in a highly targeted format as reports.
AceMoney Lite has many advanced software automatically updates the latest prices from the Internet. Online banking is supported and users running businesses on eBay can have the program automate payments coming in via PayPal and other systems. Bank account and credit card information can be protected by passwords to keep your data secure. Over 150 currencies are supported too.
AceMoney Lite is not only effective but also slick and easy to use. It’s a free version of a commercial application but the sole limitation is that users can create only a single account. If you’re running more than one business, you could use categories within one account to distinguish between them but upgrading to AceMoney itself (for US$30) would be easier.
Start Managing Your Accounts In AceMoney Lite
Step 1:
When you run AceMoney Lite for the first time, a setup wizard launches. Since the settings implemented by the wizard are scattered throughout the program it’s advisable, and easier, to complete this now. First, select the language AceMoney Life should use.
Step 2:
In the next screen, the correct currency should be pre-selected. If it isn’t, select whichever one is appropriate. The remaining options – the number of decimal points, the decimal point placing and the thousand separator – should require no amendment. Click Next when you’re ready to move on.
Step 3:
Now select a date format – the default is Day/Month/Year separated by a full stop. It’s probably a good idea to leave this format intact but you can select an alternative format if you prefer. Click Next. In the subsequent screen, opt to open a sample file.
Step 4:
Before you start to enter your own data into the program, it’s a good idea to experiment with the sample file. (However, since the data in it is American, opening it will temporarily reset the currency to US Dollar.) By default, the application displays its Accounts screen.
Step 5:
Click the Washington Mutual Checking link to see what the AceMoney Life register looks like. Double-clicking individual transactions will give you a good idea of the dialogs used to enter data. When you’re ready, click the New Transaction button and add some new data to the sample account.
Step 6:
When you’ve finished exploring, create your own account. Click File/ New to create a new, blank file. Now click the New Account button. Name the new account, add descriptive detail and reset the currency, if required. Click OK to create the account and then start entering your financial data.
