Microsoft has a new feature in Excel that is aimed at helping users with their financial management. The new ‘Money in Excel’ feature has been launched for Microsoft 365 Personal and Family subscribers. Initially, the new feature will be available for users in the US.
The new feature ‘Money in Excel’ is basically a new template and add-on for Excel users. This template allows the users to securely connect bank, credit card, investment, and loan accounts to Excel. The document will automatically import information regarding transactions and other account information into a spreadsheet.
“If you’re a current Microsoft 365 Personal or Family subscriber, simply go to this link to download the template,” said Arjun Tomar, Product Marketing Manager, Microsoft 365.
In order to use this new template the user will have to select it. The user will then have to follow the instructions on the scream to connect their respective accounts by using a third-party plugin supported by Plaid. The platform supports most major U.S. financial institutions.
After verification, the spreadsheet will contain all the important information including transaction history.
“Once your financial accounts are connected, Money in Excel will automatically import your transaction information from all your accounts into one workbook. You no longer need to spend hours manually setting up a personal finance spreadsheet from scratch; Money in Excel does it for you in just a few seconds,” Microsoft said in a statement on Monday.
The user will be able to save a copy of the workbook and then update it with the latest transaction details. In order to do that, the user will just have to click on the update button.
Microsoft claims that this feature will help users keep a track of expenses easily and the also follow financial goals with much more ease. The use of graphs will also provide visual simulation of spending habits. Once updated, the app will also notify the user about recent hikes in subscription fees, and bank changes.
With Inputs from IANS