Tracking your household budgets with Microsoft Excel may soon be a bit more complicated after a major platform downgrade.
Microsoft has announced that the Money in Excel offer will be removed from its spreadsheet effective June 30, 2023, as it apparently looks to reduce the range of services it provides to users.
However, this move may deprive many users, in both business and consumer 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 address 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 control their spending habits by reporting fees, bank charges, overdraft fees and other expenses to as they change.
It also offered high levels of customization to meet the needs of different users, with aggregated bank account transactions 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 being shut down, but noted that it will "occasionally remove underutilized features and benefits." .
Microsoft later clarified in a support blog post (opens in a new tab) that while it acknowledged the shutdown would impact users, it wanted to focus on different areas going forward.
“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 bigger impact and we will focus on those that move forward."
It added that users should download a copy of their data by June 30, 2023, with their personalized workbooks and information kept safe.
Via ZDNet (Opens in a new tab)