What you’ll learn
- What is Personal Capital software and how to use it?
- How does Personal Capital Software compare to other accounting and financial management software
- Here’s how to access and set up the freeware
- How to use financial data to create an income statement
- Benefits of having net worth or balance sheet data in one place
- How to access and use investment tools and analysis
- How to use financial planning tools as a retirement planner
- How to use the home appraisal tool
- How to add to the assets and liabilities of non-financial institutions so that the net worth or balance sheet becomes more complete
This course includes:
- 4 hours of video on demand
- Completion Certificate
Description
Personal Capital is currently a free software that can connect with financial institutions by getting financial asset and liability balances and transaction details in one place.
The main benefits of using personal capital software are the ability to provide net worth or balance sheet information, investment management information, and planning tools such as retirement savings and other important planning purposes.
Personal Capital’s software also pulls in transaction details and allows for the categorization or assignment of accounts and labels, which can then be used to generate income statements. It also has budgeting tools to help with short-term cash flow management.
This course explains how to set up the Personal Capital software and link it to an account. We’ll also cover some of the reasons why the software can be offered for free and look at Personal Capital’s data security.
We will compare Personal Capital software to other types of software that can connect directly to financial institutions and retrieve financial information. This kind of software is usually included in the category of accounting software that uses a double entry system or financial management software.
Accounting software that uses a double-entry bookkeeping system includes packages such as QuickBooks, Xero, and Wave Accounting. Although accounting software makes use of financial institution connectivity, it usually does so in a different way than personal capital software, which falls under the financial management category. We will discuss the differences in the software.
Other financial management and budgeting software includes Quicken, Mint, and Microsoft Excel. Excel actually has a template called Money in Excel that has links to financial institutions.
Participants practice turning financial data into income statements by taking transactions from financial institutions, categorizing them, and then exporting them to Excel for sorting. We compared the process to what would be done with accounting software like QuickBooks.
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