HOW TO GUIDE MONEY MANAGEMENT

Transcription

1 MONEY MANAGEMENT CONTENTS Introduction... 2 Launch Money Management... 3 Add Accounts... 4 Delete Accounts... 6 Transaction History... 7 Sorting Transaction History... 7 Deleting Transactions (Manual Only)... 7 Transaction Details and Posting Status... 8 Moving Columns... 8 Transaction Search... 9 Search by Description Search by Date Transaction Categories Re- categorizing Transactions Re- categorizing Using Transaction Description Splitting Transaction Categories Adding a Category Categorization Rules Renaming Transaction Descriptions Budgets Creating a Budget Adjusting Budget Categories Financial Goals Adding a Financial Goal Delete a Financial Goal Alerts Help PAGE 1

2 INTRODUCTION Money Management is the budget program offered in WTB Online to help you maintain and manage your financial information by consolidating all of your accounts in one place. Money Management lets you retrieve, view, and maintain account information from all your financial institutions, in one convenient location. With Money Management, You Can: ü Track and categorize your financial transactions ü Review account and transaction history from all your accounts ü Create and maintain budgets and financial goals ü Track your net worth by consolidating all of your financial data into one place ü Monitor financial activity from all your accounts through alerts PAGE 2

3 LAUNCH MONEY MANAGEMENT To begin using Money Management, click on the MoneyMgmt tab inside WTB Online. NOTE: First time users will be prompted to agree to the Terms and Conditions (Terms of Service) Once you click on Money Management, the system will create a summary based on transactions and information from your Washington Trust accounts, including an overview of clickable categories. PAGE 3

4 ADD ACCOUNTS Adding External Online Accounts If you have established credentials with another financial institution s online website, the account data can be imported the into your Money Management accounts. 1. Click on Accounts inside the Money Management dashboard. 2. Click Add Online Account from the Accounts dashboard. 3. Begin typing the name of the financial institution you would like to add. A list of available financial institutions will appear as you type. Select our institution from the list and click NEXT. NOTE: If the financial institution you are trying to add provides online account access but is not found on the list, you can request to have it added by selecting Add Institution. 4. Enter your Logon ID and Security Code (password) for the financial system s online system and click OK a 3b 4 3c 5. Additional security may be requested if the institution requires it. 5 PAGE 4

5 Adding External Offline Accounts Offline accounts can be added to assist you in tracking assets and liabilities that are not available online. All fields are required to create an offline account. 1. Click on Accounts inside the Money Management dashboard. 2. Click Add Offline Account from the Accounts dashboard. 3. Enter information in all required fields (indicated with an asterisk *) including Name, Account Number, Account Type, and Balance Select to have a reminder sent to update the account (balance). Reminder options: Weekly (may select which day of the week), Bi- Weekly, and Monthly. Click OK to continue. PAGE 5

6 DELETE ACCOUNTS 1. In the Accounts view, click on the Delete icon X to remove the account and all corresponding transactions. 2. The system will send a confirmation. Click yes to continue with the deletion. PAGE 6

7 TRANSACTION HISTORY Transaction history shows all transactions, including manual transactions. Sorting Transaction History Transactions can be sorted by any of the columns (except the Delete column) by clicking on the column title. To reverse the search, click the title again. (Example shows Date order reversed) Deleting Transactions (Manual Only) Only manual transactions can be deleted. No other transactions can be deleted. To delete, click the Delete icon X. PAGE 7

8 Transaction Details And Posting Status To view details of a specific transaction hover the mouse over the description. The system will show a summary window. The next to a transaction indicates it is pending and has not yet been processed. Moving Columns The transaction columns can be moved to the order desired by left- clicking the mouse on the column and dragging it to the location you desire. PAGE 8

9 TRANSACTION SEARCH Click on Transactions option inside the Money Management dashboard to initiate a search for transactions. Search options include searching by Description and/or Date Range. PAGE 9

10 Search by Description To initiate a search by description, type the search criteria in the window and click Return. The system will show all transactions that contain the search criteria. Search by Date There are several options to search by date including number of days (30, 60, 90), by specific month, or by a date range. PAGE 10

11 TRANSACTION CATEGORIES The system will perform auto- categorization of transactions using standard categories. When the system is unable to categorize a transaction based upon what it has learned from your previous input, it will be located to the Uncategorized Expense or Income category. Re- categorizing Transactions Transactions can be re- categorized by dragging and dropping the transaction from one category to another, or by clicking on the transaction description to access the category field. The example below shows a transaction that is currently in the Business category, being dragged to the Entertainment category. Multiple Transactions If there is more than one transaction in a category, the system will display all similar transactions to enable you to select multiple transactions to move to the new category. PAGE 11

12 Re- categorizing Using Transaction Description The following is an example of re- categorizing by clicking on the Transaction Description. Splitting Transaction Categories Transactions can be split into multiple categories by clicking on the Transaction Description and selecting the Click to split transaction link. The default option will show two categories. To add additional, click the Click to split transaction again link as many times as necessary. Select the appropriate categories and enter the amount that applies to each. Click Update to save. PAGE 12

13 ADDING A CATEGORY Categories and sub- categories can be added by clicking the Add Category button. Click Next and enter the Category and Type. Click Create Category to continue. PAGE 13

14 Categorization Rules To create a categorization rule, click the Categorization Rules button, then Add Rule to define the rule. Rule Details: Enter the rule name, specific words that would be included in the transaction description, Transaction Type, Account Type, and what category to assign. Click Create Rule to save. PAGE 14

15 Renaming Transaction Descriptions A renaming rule changes the default transaction description to verbiage of your choice. 1. To update, select the Renaming Rule tab. 2. Click Add Rule 3. Create a rule name. 4. Enter a key word or phrase that the system will use to determine qualifying transactions. The example below is using Consentino s as the key word. Incoming transactions containing that word will apply to the rule. 5. Enter the type of transaction (Debit, Credit or Any). 6. Enter the Account Type, or Any to indicate any account type. 7. Enter the desired description that the system will change for qualifying transactions. The example below will change the description to Price Chopper 8. Click Create Rule to save. PAGE 15

16 BUDGETS You can use the Budget tool to: Compare monthly expenses to budget amount. View transactions by category. View income and expenses by category. View spending/cash flow summary. Create and update a budget. PAGE 16

17 Creating a Budget Click Create Budget to begin the process of creating a budget. You can choose on one of the following options to create a budget: ü Fixed monthly income you can select a percentage of your income that you want to save and allows you to review your spending over the last 3 months to make adjustments. ü Last 3 months of spending this option creates a quick budget based on your last 3 months of spending. ü Demographics this option creates a budget based on demographics from the U.S. Bureau of Labor Statistics. Once you have selected an option, click Next, then click Save & Finish to continue. PAGE 17

18 Adjusting Budget Categories When reviewing the budget, you can adjust category budget amounts by selecting the dollar amount under the Budget column. Enter an updated budget amount for the category and click Update to save. PAGE 18

19 FINANCIAL GOALS You can set, view, or adjust a Financial Goal by selecting Financial Goals. A financial goal is a monetary amount you want to achieve by a certain date, such as saving money for a vacation, college, or retirement. There are two Financial Goal types: Retirement or Other (non- retirement). Each goal can consist of multiple asset accounts that are tracked to show your progress towards meeting the goal. PAGE 19

20 Adding a Financial Goal After clicking Financial Goal, click Add Financial Goal and select the type (Retirement or Other). PAGE 20

21 Adding a Retirement Goal Step 1: To set a retirement goal, select Retirement and enter the Goal Name and amount, then click Next to continue. Step 2: Enter your date of birth, retirement age, and monthly retirement amount desired then click Next to continue. Step 3: Select the desired accounts to track the goal. If the account has been selected for more than one goal, you can select a percentage of balance that will go toward each goal. Step 4: Click Finish to save the goal. PAGE 21

22 Delete a Financial Goal To delete a goal, click the red X next to the goal in the Delete column. Then click Yes to confirm. PAGE 22

23 ALERTS Alerts are messages you can add to notify you of an event. Notifications are delivered on the Dashboard under the How Am I Doing? panel, but may also be delivered via e- mail. Adding an Alert To add an alert, select Add Alert, then follow the prompts to select the type of alert, alert details, and delivery method. PAGE 23

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25 HELP You can access online Help by selecting Help from the menu. Help opens in a separate window and defaults to the Help Home page where you can click on any of the topics that are displayed. PAGE 25