Accounts
Monize supports a wide variety of account types to represent your complete financial picture. This page covers creating, managing, and organizing your accounts.
- Account Types
- Creating an Account
- Account List
- Editing and Closing Accounts
- Account Reconciliation
- Favourite Accounts
- Investment Account Pairs
- Multi-Currency Accounts
Monize supports 10 account types:
| Account Type | Description | Typical Use |
|---|---|---|
| Chequing | Checking or current account | Day-to-day banking |
| Savings | Savings account | Emergency fund, short-term savings |
| Credit Card | Credit card account | Credit card spending and payments |
| Loan | Installment loan | Personal loans, auto loans |
| Mortgage | Mortgage account | Home mortgage tracking |
| Investment | Brokerage account | Stocks, ETFs, mutual funds |
| Cash | Cash wallet or petty cash | Physical cash tracking |
| Line of Credit | Line of credit | Revolving credit facilities |
| Asset | Asset tracking | Property, vehicles, collectibles |
| Other | Miscellaneous | Any account that does not fit other types |
Credit Card accounts include a credit limit field. The available credit is calculated as credit limit - current balance.
Loan and Mortgage accounts support interest rate tracking. Mortgage accounts include Canadian-specific settings for amortization.
Investment accounts are always created as a linked pair -- a brokerage account (for holding securities) and a cash account (for the cash balance within the brokerage). See Investment Account Pairs for details.
Asset accounts are used to track the value of physical assets like property or vehicles. Transactions on asset accounts represent changes in value.
- Navigate to Accounts from the top navigation bar
- Click the Create Account button
- Fill in the account form:
| Field | Description |
|---|---|
| Account Name | A descriptive name for the account |
| Account Type | Select from the available types |
| Currency | The currency this account operates in |
| Field | Description |
|---|---|
| Opening Balance | The starting balance (defaults to 0) |
| Opening Date | The date of the opening balance |
| Credit Limit | For credit cards only |
| Interest Rate | For savings, loans, and mortgages |
| Notes | Any additional notes about the account |
- Click Save to create the account
Tip: When importing from Microsoft Money, you do not need to create accounts manually if you plan to create them during the import process. However, creating accounts first gives you more control over the exact names, types, and opening balances.
The Accounts page displays all your accounts organized by type.
Each account entry shows:
- Account name
- Account type indicator
- Current balance in the account's currency
- Currency code (if different from your home currency)
- Actions -- Edit, close, or delete
At the top of the accounts page, a summary card shows:
- Total assets -- Sum of all positive-balance accounts
- Total liabilities -- Sum of all debt accounts
- Net worth -- Assets minus liabilities
You can toggle between:
- Active accounts -- Currently in use
- All accounts -- Including closed/archived accounts
Click the edit button on any account to modify its details. All fields from account creation can be updated.
When an account is no longer active (e.g., you closed a bank account), you can close it in Monize:
- Click the edit button on the account
- Toggle the Closed switch
- Click Save
Closed accounts are hidden from the active accounts view and from transaction dropdowns, but their historical data is preserved for reporting.
Accounts can only be deleted if they have no transactions. If an account has transactions, you must either delete the transactions first or close the account instead.
Reconciliation helps you verify that your Monize records match your bank statement.
- Navigate to the account you want to reconcile
- Click Reconcile
- Enter the statement ending balance and statement date from your bank
- Review each transaction:
- Cleared transactions match your bank statement
- Unreconciled transactions have not yet appeared on a statement
- Mark transactions as cleared by clicking on them
- When the difference is zero, click Finish Reconciling
| Status | Meaning |
|---|---|
| Unreconciled | New transaction, not yet on a statement |
| Cleared | Matches a bank statement entry |
| Reconciled | Previously cleared and locked |
| Void | Cancelled transaction |
Mark accounts as favourites to have them displayed on the Dashboard:
- In the account list, click the star icon next to an account
- The account will appear in the Favourite Accounts widget on the Dashboard
When you create an Investment type account, Monize automatically creates two linked accounts:
- Brokerage Account -- Holds your securities (stocks, ETFs, mutual funds, etc.)
- Cash Account -- Tracks the cash balance within the brokerage
These are linked internally. When you buy securities, the cash balance decreases. When you sell or receive dividends, the cash balance increases.
The cash account is hidden from the main account list but is accessible through the investment interface. For more details, see Investments.
Important for Microsoft Money users: In Microsoft Money, investment accounts contain both securities and cash in a single account. In Monize, these are split into two linked accounts. When importing, the QIF parser handles this automatically -- the "Investment" export maps to the brokerage account and the "Regular" export maps to the cash account.
Each account has a designated currency. If you have accounts in different currencies:
- Transactions in that account are recorded in the account's currency
- The Dashboard and reports convert balances to your home currency using the latest exchange rates
- Cross-currency transfers record both amounts and the effective exchange rate
For more details, see Currency Management.