by CI Staff
Monthly Income and Expense Tracker does exactly what its name promises; it tracks income and expenses with an interface is a little different than other budgeting programs.
After you download the program, click on the tab titled “categories.” On this tab, you add a series of income or expense categories that you will be using when you record your transactions (actually recording your income or expenses is done under the “records” tab). At the very top of the program, you can choose which month you are recording your information for. On the records tab, you will see three large boxes all in different colors: One is for income, another for expenses and another for automated payments. Next to each box there are big symbols that you can click on to quickly edit transactions. From these buttons, you can add a transaction, delete a transaction, edit an entry or summarize your entries.
One way that this program differs from others is in the information you input while adding a transaction. If you want to add an income transaction, you click the plus sign and a window will pop up. You have to specify the date, the category (previously added under the categories tab), a description and an amount. What differs is that Monthly Income and Expense Tracker (MIET) asks you how the transaction was paid to you and allows you to enter a check number, memo and specific account that it went into. MIET also lets you choose the tax year so you can mark your income for taxes.
The Debt Service tab lets you add specific costs you may incur from depreciation, principal and interest, or amortization. If you want to include your mortgage costs or any other long-term debt, you may do so as well. MIET has a feature that lets you view all your transactions on a calendar; this is helpful for individuals who may prefer to view things visually. The program also lets you create different types of charts to view your cash flow from different perspectives. There are a variety of chart types that have already been created, and if you want to create your own chart you can do that too. By creating their own chart, users can analyze their spending in a way that they see fit. Reports can also be generated to show monthly details or summaries, and later printed.
Overall, Monthly Income and Expense Tracker is a comprehensive and easy to understand program that just does things a little bit differently. Every individual has preferences on how they budget, and it’s important to find a program that works right for you. You can do a 30-day trial to see if spending $20 is worth it to you, although the “Help” function is not available for the trial version.
Monthly Income & Expense Tracker 5.0002
System Requirements: Windows XP/Vista/7/8
Price: $20.00; free 30-day trial.