This week I spent some time figuring out how MoneyMinder handles those end-of-the-month tasks. There were some surprises.
MoneyMinder doesn’t allow shortcuts
It is very common in QuickBooks to not pay attention to anything on the balance sheet except for the checking account balance. That is not possible in MoneyMinder. Before you run the balance sheet, you are required to reconcile everything. You also can’t reconcile into the future hoping there won’t be any new activity. I even tried changing the date on my computer so I could reconcile early, and MoneyMinder wouldn’t even let me log in because of that! MoneyMinder protects you from your worst habits.
MoneyMinder is built for accountability
When reconciling, the default is to issue a bank rec report that you print and sign. They also have these “audit reports” for the treasurer or board member to use to see if the books are properly closed. The nice part of this is that usually accountability is extra work which gets ignored when life is busy. Since accountability is baked into the system, it becomes extra work to not be held accountable.
Final verdict?
I really like MoneyMinder. I think it’s a fantastic product. It is quite different from QuickBooks so there would be a learning curve. There are also some quirks I’m not sure about…like income being on the left and expenses on the right on the Statement of Activities. There are some things I really love like how they handle contacts, reimbursements, and budgeting. Overall, my biggest concern is Money Minder doesn’t seem to handle payroll well. If you have no payroll, I would choose MoneyMinder. If you have payroll, be warned that this will be a challenge.
Useful Links
- MoneyMinder: https://moneyminder.com/
- Guides: https://moneyminder.com/guides/