Banktivity 7 for Mac: The Software's Top Features and Improvements

iBank 5 for Mac scheduled transactions.
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Banktivity 7 by IGG Software is a personal finance program made especially for Mac. The software allows users to connect bank accounts, track spending, manage a budget and pay bills. It also connects to your real estate and investing accounts, giving you a comprehensive picture of your finances.

Banktivity is also available as an app for iPhone and iPad, and will sync your data across devices via Cloud Sync.

Banktivity's Supported Account Types

With Banktivity 7, you can manage many different kinds of accounts:

  • Checking
  • Savings (including certificates of deposit)
  • Loans and lines of credit
  • Credit Cards
  • Retirement accounts (401k, 403b, IRA, SEP)
  • Investment accounts
  • Real estate

You can work in any currency and even download currency exchange rates as needed.

Calendar View

Seeing posted and upcoming transactions in a calendar view is a handy feature that Banktivity has made available with its upgrade. The calendar view also shows you a running balance in addition to how your investments have performed that week. Click on a transaction to see it within its account, print a check, or pay online.

If you only want to see particular accounts in calendar view, you can configure the settings to show just those.

Online Bill Pay

The software connects via the internet to most major U.S. banks, letting you pay bills right from the app. Set up your payees, and then make payments with a click. You'll never miss a bill when you set up scheduled payments.

Importing

The software will connect to over 10,000 U.S. banks using Direct Access, a subscription service, to automatically update transactions. Imported transactions show up in your register and are marked "new" or "matched." You can also directly download your transactions via the web or from Quicken. An "update everything" button lets you sync data across devices and fetch new transactions with one click.

Budgeting

Banktivity's budgeting feature automatically uses scheduled transactions, provides at-a-glance daily progress updates, adjusts future budgets, and views history. It will allow for event-based budgeting, meaning you can budget off of your monthly bills and regular paychecks. You can also set goals by category and plan your spending a year out, or budget "envelope-style." Reports show you actual spending vs. budgeted spending.

Reporting

In addition to budget reports, Banktivity 7 will show you:

  • Account balances
  • Net worth
  • Upcoming transactions
  • Personal savings rate

Finance reports are also account-type-dependent: You'll see different data depending on whether you're looking at credit accounts, investment accounts, or other kinds of accounts. Plus, the new Dark Mode option gives you another way to view the interface.

Categorizing and File Management

Categories let you divide your transactions into groups, which can be further divided using subcategories and tags. You can even assign tax codes to individual categories to make things easier on yourself at tax time, and export your information in TXF format (readable by Turbo Tax). Banktivity also allows you to password-protect your information and encrypt your data via Apple's FileVault.

Investments

You can track many types of investments from within the app:

  • Stocks
  • Bonds
  • Options
  • ETFs
  • Mutual funds
  • Commodities

You can see domestic and international stock exchange quotes and execute trades. When you sell a security, you have the option to select what lot to sell it from. And you can easily create watchlists and generate reports.

In terms of real estate investments, Banktivity 7 will link with Zillow to track the value of your property, and allows you to track your loans and mortgages, giving you a more complete view of your net worth.

Other Improvements

In response to user requests, Banktivity 7 improves reconciling, as transactions can be automatically included in each statement. You can also create reports based on reconciled status. In other words, it can show you all your uncleared or unreconciled transactions in one place.

The "Search" feature also appears more frequently, so you can filter your information, and will perform the search across the whole system: from categories to tags to payees.

How to Get Banktivity 7

This app comes with a 30-day, fully functional free trial, which you can get at the IGG Software website or the Mac App Store. No credit card is required to get the free trial.

After 30 days, the fee for Banktivity 7 is $69.99. If you are a Banktivity 5 or Banktivity 6 user, the upgrade fee is $34.99.

Article Sources

  1. IGG Software. "Banktivity for Mac." Accessed Jan. 27, 2020.