Microsoft Excel loses one of its most useful money-saving features

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Tracking your household budgets using Microsoft Excel may soon be a little trickier following a major platform downgrade.

Microsoft has announced that the Money in Excel offering will be removed from its spreadsheet from June 30, 2023, as it apparently seeks to reduce the range of services it provides to users.

However, this move may deprive many users, in both consumer and business settings, of a clear and easy way to manage their finances in familiar software that is part of their existing Microsoft 365 subscription.

Money in Excel

First announced in 2020, Money in Excel sought to provide users with a more dynamic financial management tool as part of their Microsoft 365 Personal and Family subscription.

The offering allows users to automatically extract financial data from bank accounts, credit cards, and investments to tackle budgeting and provide better management of their finances.

Using a specially designed template, Money in Excel also offered a number of tools designed to provide more efficient money management, allowing users to keep tabs on their spending habits by reporting charges. bank charges, overdraft fees and other expenses as they change.

It also offered high levels of customization to meet the needs of different users, with transactions from added bank accounts automatically imported and dynamically updated to create an evolving picture of a user’s personal finances.

An email seen by XDA Developers (opens in a new tab) sent to some Microsoft 365 subscribers by the company did not explain in detail why the service was closing, but noted that it will “occasionally remove underused features and benefits.”

Microsoft later clarified in a support blog post (opens in a new tab) that while he recognized that the shutdown would affect users, he wanted to focus on different areas in the future.

“We learned a lot from Money in Excel and appreciate the many needs people have for their families and their money,” the company wrote. “We believe there are other areas where we can have a greater impact and we will focus on those moving forward.”

He added that users must download a copy of their data by June 30, 2023, with their personalized workbooks and information kept safe.

Through ZDNet (opens in a new tab)

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