Wesabe for a Condo Account

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benbr
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Joined: Sun Apr 15, 2007 4:32 pm
Location: Cambridge, MA
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Wesabe for a Condo Account

Postby benbr » Mon Apr 23, 2007 8:21 am

I started using Wesabe to track my condo association's finances. There are only two members in the association, so there's not much to the finances! My goal is to use data showing where we spend our money to plan a better budget (and maybe lower our condo fee!). Also, I really wanted to try it out Wesabe, and this was a way to do it easily and not worry much about privacy concerns.

I love how easy it was to download information from the condo's web banking site, and upload it to Wesabe. I then went through and tagged everything. The data from the bank wasn't in great shape, so I spent a while editing the checks to show who they were really written to. I also set up tags for everything.

One minor annoyance was that Wesabe considered 'deposits' to be all from the same source. I wish there was an easier way to indicate that some deposits are from one member, some are from another. It wasn't that big of a deal once I figured out to use the 'just this once' tag.

When it came to analyzing the data, I was expecting pie charts and such. The spending summary doesn't tell me much. It shows the last month, but this account is not active enough for that to be revealing. To help generate a yearly budget I need spending by the year, and that doesn't seem to be available. My biggest request is for a yearly spending summary with a pie chart showing where the money went.

The data is in there, completing step one of the plan. Next I am going to add notes to the member deposits so we can see when each member is paid through. I'm hoping there is a way for me to share this account with the other trustee in the condo trust. Also I am hoping to convince my neighbor to move some of this money into an Ing account so our emergency fund can start generating interest.

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