So I’ve been using Wave accounting for the past few years because it’s free and you can see your balance sheet & income statement. My husband and I are both CPAs and I’ve always done my personal books - so when we got married 3 years ago, we started using Wave to consolidate our assets & liabilities.
The biggest issue with Wave Accounting is that the connected accounts don’t stay connected (which is not a big deal, can always reconnect) but certain accounts can’t connect for months and months at a time! Right now, my Mastercard account can’t be connected since end of Jan and last year we had issue connecting RBC account for about 6 months.
Is there a software (willing to pay) that connects reliably to bank/credit accounts? Cream on top would be budgeting, monthly cash flow. Wave has cash flow (in most basic form, good enough) but no budgeting. We also want to be able to easily download our balance sheet and income statement to do further analysis for other purposes and record keeping.
I was thinking of going with Simplifi then realized they are not good for reports, and right now I’m leaning towards Quicken. But I thought I would come on here and would check if there was a software that did both - budgeting & reports seamlessly?
Needs:
- seemless connection to bank & credit accounts (just no disconnection for months at a time, I’m fine with having to reconnect from time to time)
- ability to enter manual transactions (aka recording interest from a mortgage payment, or splitting a transaction into few different categories)
- downloadable (in detail by account) reports of balance sheet and income statement
Wants:
- budgeting (some of the personal finance budgeting are so UI friendly and awesome, just haven’t seen integration of both)
- cash flow (basic like showing total in / out is fine, don’t need accounting level CF)
- budget vs actual reports (either monthly breakdown and/or yearly) I currently do this manually and track our monthly progress
Is anyone else like me? I know not many people do BS/IS for personal purposes but I can’t help myself.
original posted by SpecialGoals to r/personalfinance on Wed, 06 Mar 2024 16:03:09 GMT.