CommonCents is a software program that allows users to manage expenses, set goals and get their finances under control. The latest version, 4.0, connects directly to any financial institution that offers industry-standard OFX direct connectivity. After providing the routing number, CommonCents looks up the connection details. If your institution is not included in the directory, you can manually provide the details and set up a custom connection. The new version has enhanced importing functionality: CSV, OFX, QFX, QIF and XML file formats are now supported. In addition, users can now apply a budget allocation to a transaction directly from the program using the Income Manager feature.
Another new feature is the automatic categorization capability. While importing, CommonCents automatically categorizes transactions from major retailers, cleans up the payee name and assigns them to the suggested envelopes. If anything is incorrectly categorized, it can be easily fixed and custom assignments can be created. If your bank provides only CSV files in a non-standard format, CommonCents gives you the means to build a customized CSV import template so you can import from all of your banks. If you have income over the allotted budget amount, the program can automatically assign the overage amount to a specific category, there is no manual editing needed.
CommonCents is a budgeting program that uses the “envelope” approach to help users track their spending. Each paycheck or incoming amount is dispensed to different envelopes or categories of the user’s choice. You can set budgets for each category, and as the money is used, it will come out of the corresponding envelope. For example, if you spend money on store-bought food, the amount will come out of the grocery envelope. It is similar to a checkbook register system, and working through the system is simple. CommonCents lets you manage your accounts and budgets, set reminders and plan for the future. The trial period is 45 days, and the program costs $44.95 to purchase.
System Requirements: Windows 2000/XP/2003/Vista/7/8
Price: Free 45-day trial; $44.95 to buy