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okay my money is a free and open source finance management software for Linux aimed at making professional finance tools accessible to the average computer user they claim to be the best personal finance manager for free users and they are probably right Kay my money is at the same time full of advanced features and very easy to use for people without an accounting degree with Kay my money you can import your data directly from your bank website you can keep track of accounts in different currencies input from the internet in the click of a button information about currencies or investments analyze your data from the past and most importantly make budgets for the future to Kay my money take a look at your distribution repositories first it's probably already there ready to be installed otherwise take a look at their website at Kay my money dot org although Kay my money was made originally for the KDE desktop you can run it on many other environments as well I'm running it here on xfce and it's working fine as far as I can tell the first time you run Kay my money you will want to set it up the way that best fits your situation and your needs I'm going to fill in only some fields but it's better if you take your time to enter all data correctly so here I'm going to enter a name only then I'm going to choose British Pound as main currency here I have the option to start creating an account I'm going to uncheck this option I'm not going to create an account just now so we're going to start with the bare minimum and and start building up from there then we can create some standards accounts these are basically the way to divide your your finance into different categories so I'm going to choose here the UK just for consistency and the option that most people will want is this common accounts common accounts are well the accounts that most people will use you can see here the tree of categories that comes with this account then you also have the option to configure the Preferences after finishing this wizard I'm also going to uncheck this we're going to start with the default and we'll see the configurations later on then I have to save my file somewhere I can put it for example into My Documents I have to get into let's sit and into finances save so I'm going to call this finances okay so now I have already my file that is saved here is the name of my file you have to keep special attention with this file because it contains all the information about your money we're going to see later on this tutorial how to encrypt and protect your file with a password for now we're going to leave it like this on the main window now you see we are on the home menu on the side and on the main window you have your financial summary the financial summary is very good because every time you open K my money you will see all the information that you need to know about your money so you have here assets and liabilities summary with your total net worth at the bottom you have your payment accounts 90 day forecast for 30 60 and 90 days in the next 90 days you have also a graph with a network with the net worth forecast also an interesting thing to keep an eye on and then we have the clap the cash flow summary income and expenses liquid assets and liabilities and the cash flow status with the expected profit and loss as the bottom line very well here on the side we have a menu with other options to go into details so we have institutions account schedule transactions the categories of your accounts pays or the people to who you pay money the ledgers to see into details every accounts investment accounts reports budgets forecast this is done automatically and outbox the outbox is used by online banking module to provide feedback on running processes so now we have the the program is configured we're going to start entering information and learn more about each option on the sidebar by experimenting so what we're going to do now is to enter our information enter our financial information we're going to follow the order of the menu here on the Left sidebar so we're going to start by adding an institution an institution are basically the the banks in which you have accounts so I'm going to call this bank one whoops I can either double click on it to make corrections or you can also right click and edit the institution I'm going to take advantage that I'm on this menu and I'm going to add a new institution here I'm going to call this bank - and that's all you have to do to add a new institution now let's create an account into these institutions so I come here to the new account' button I can select an institution or I can eventually create a new institution here I'm going to call this my checking account a dis account is of type checking it is in British pounds a opening date is on 1st January 2015 and the opening balance is 1000 pounds it's under current assets and that's it I have now my checking account a created I'm going to create also a savings account for bank two so this is a savings account B I'm going to select the savings account type I'm going to give an opening balance of five thousand pounds you can also use this button here on the side if you want to for example I want to add two hundred to the amount that I already have there I can do this easily easily with the calculator you also have the date picker here this one is going to be under assets and now I also have a savings account created let's let's go now to schedule transactions we're going to create two schedules transactions - one for expenses one for income so this is salary it happens once a month it is a deposit it goes to my checking account a and it comes from oops it comes from my company when I validate this camera money asks me if I want to add my company as a payer and I'm going to say yes so let's keep editing it the category is salary I have a category for this and let's say the amount is one thousand nine hundred pounds here it is now I'm going to create also rent also happens once a month the payment method is bank transfer also to checking account a I'm going to pay this to mr. Joe again I'm going to add mr. Joe as a receiver where's it rent I'm going to double click again to keep editing and search for rent I don't see any rent category so I'm going to browse it and under utilities I can see things related to the house I'm going to put this under utilities and it's four hundred four hundred pounds per month okay on the salary I didn't put the payment method so let me put it to bank transfer as well now let's go to categories and let's create a category for the rent expense so we put our rent under utilities but we want a category that is just for rent so I'm going to right click and select new category I'm going to call this rent it is of type expense and under the hierarchy I'm going to put this in the route expenses you have also your income categories you can add also other incomes if you have other incomes that's the basic principle the same way as I added the the rent category on the Peggy's we have already added mr. Joe and my company on the payees menu you can add more information like address matching we'll see later on we can also add other payees so for example I'm going to put here mom now mom is a payee under Ledger's we can see every account we have in detail so here we have we're seeing the credit card there's nothing there we can go to checking account a and we'll see that we opened it with an opening balance of 4000 pounds we have the salary coming in and the rent going out you can see they're grayed out and I can see them here but I cannot edit them because these are scheduled transactions so you have to go to the scheduled transactions to edit them here you can create new transactions that will not be scheduled so for example I had to pay parking extra parking fees so I going to pay to the parking going to add parking as a receiver it is of category parking is there a category parking yes and let's say I paid 20 pounds for extra parking time see then I enter it and now the parking is there let me change the date let me say this happened last week I enter it and now I can see clearly on my Ledger's what happened last week those are last week transactions and these are today transactions and you can do the same thing for every account we also have the savings account that has an opening dance in under investment accounts we don't have anything yet because we have we haven't created investment accounts so let's go and create a new account I'm also going to demonstrate you here how to create new institutions so this is an investment bank and this is an investment investment account the account type is of course an investment this time I'm going to choose US dollars and I'm going to I can get online quotes we're going to see about conversion of different currencies a little bit later I'm going to also create a brokerage account associated with with this also in u.s. dollars and this comes under current assets now we can see not only the investment account but also the checking account and the cash in wallet this is because here on top we have selected all current assets and I'm going to see only the investment account that is now empty so let's let's trade some securities so just right click on the blank space and choose new investment I'm going to select here stock and now I'm going to search for the security that I want to trade to buy or sell to find the trading symbol you have to go to website I went to Yahoo Finance and searched for Red Hat for the demonstration and I found that Red Hat has the trading symbol our HT here I can put whatever I want this is the name of the company I think it's like this Red Hat ink on the trading market I'm going to select New York it's in US dollars and the event the the identification is the same as the trading symbol our H T so the online source I have seen it on Yahoo so I'm going to choose Yahoo and now I have Red Hat Inc as an investment under my investment account you can see that I don't have any price or value for now but I can get it online so I can come here on Tools and update stock and currency prices so I can see here a lot of things I have British pounds to u.s. dollars I have Red Hat Stock Exchange from Yahoo and I have US dollars to British pounds so since the main currency further for my file form for my accounts all my accounts have a main currency that is the British Pound now that I have added an account in u.s. dollars I have to do the conversion between one currency and the other quema money is smart enough to you to know this and to do this automatically so I have already everything that I need to update in order to have the information that I want so now I click OK I have now the current value and the price of Red Hat from the sources that we have selected Yahoo New York and under securities we have also Red Hat that is in our list this is the basic the basic things you need to know in order to keep track of investments with K my money then we have really the best part of K my money and these are the reports and the budgets reports are really essential for you to get an idea of what's going on with your money so just to get an idea we're going here to see for example income and expenses graph so here we haven't entered much information so this is not really very fun to look at but you can get an idea that you have you have graphs per month here this is a income and expenses graph that is by year you can also see the report in numbers and you can do this for almost everything have here the same thing you can see a chart it's also very interesting to take a look at the budgeting through the reports so the monthly budget for example you can take a look at really details or having an overview so let's take a look at the budgets too so I'm going to add here I'm going to click on the button to create a new budget so it's just using the categories that I have by default and it has created an empty budget please have zero expense zero income I can come here and add things manually you can add here for example same salary so I get my salary and I can also have for example other incomes it will happen only once a year it will happen it's going to no it's it's going to be every year it's about 900 pounds and ini save it then on my budget I can say that I will have for example I will double my rent have an 800 monthly rent I save it and that's it one of one of the best features of the budget is to take advantage of the information that you have already entered so here we haven't entered much information so it's not really going to work very well but when you enter a lot of information this really is an invaluable tool to make budgets when you right-click on a budget you can use the forecast to base a future budget so what it's going to do is that it's going to keep track of what you are currently spending and earning in order to do to use it as a base for future for the roof for the budgeting for the future so the the current budget already contains data but we're going to add it anyway so let's continue and since we have added here the the rent to the utilities it has used this so we can see four thousand pounds and under utilities but you can get an idea when you have a year of accounts already with all the transactions filled in and you want to make a budget for the next year basing on the forecast it's something that really helps you tremendously now let's take a quick look at forecast forecast is done automatically you don't have to do anything here just take a look if you occur if you're curious to know what's inside you can change some things click here on the forecast button but you don't have to change this if you don't want to and also be the outbox is just to keep track of the transactions we almost never use this well we have seen all the options here on the sidebar menu but up to here we could have done the work easily with a spreadsheet so what is it that makes Kay my money a better solution we will see next some features that spreadsheets don't have we're going to secure the file for the password we're going to import data from the bank and we're going also to manage currencies very easily so let's start with a password protection I believe this is a primary concern for most people fortunately k my money comes already prepared for this and it supports the new privacy guard encryption and password protection so we're going to take a look at this so we're going under settings configure K my money we're going to scroll down under encryption and we can see that there is a grayed out option that is use GPG encryption GPG stands for new privacy guard but we cannot use this option this is because we have to create a GPG key first so let's do that I'm going to click OK and we're going to use another program to do that you can also use the command line you can also use another software I'm going to report for this tutorial I'm going to use a software called sea horse sea horse here has named passwords and keys so this really looks like what I'm looking for and I can see here at the side of seahorse that I have PGP keys and it's the PG Keys I know all this might sound confusing but the only thing that you need is a GPG key in order for K my money to use so I'm going to click here on the plus button I'm going to select this PGP key the difference between GPG and PGP is that it's a different software but PGP is pretty good privacy and GPG is a new privacy guard I know it's confusing but we're going to use this then I click on continue I'm going to enter my full name and to enter my address I can take a look at the Advanced Options I'm going to create a password and that's it it's going to create a key for me note that nothing happens nothing appears because this is very slow it may take up to 20 minutes half an hour for your key to appear so what I'm going to do is that we're going to continue with the tutorial and we're going to leave the generation of the keys in the background and we're going to come back to it later so now that we are taking care of security let's start to do some serious business with K my money so what we're going to do is to import data directly from your bank the first thing you need to do is to export data from your bank's website into a readable format the most for the most common formats are Oh F X and Q is the preferred format is will effect for being newer and supporting a few more features many banks supports the OS X format you should search your bank website or ask them directly how to export your data and particularly if the the OS X format is supported but if not the qif format is just fine all the banks that I know support the format's or one format or the other it's fine also if your imports in one format from one bank and in another format from another bank that's perfectly fine to import the data into K my money you should go into the menu file input and select the format that you want to import from so here I'm going to import in TIFF format but I just want to tell you also that there is an external imported that is the aq banking that proposes many other formats including ofx and the native ofx behaves slightly differently from the aq banking importer so you might want to check out these two and see which one works best for you but for now I'm going to import a tiff file so I have a tiff file I have created a account and I'm going to import as a default gift profile and I'm going to say this is a bank statement so this is the file that you import from your back I need to click on import I'm going to select the date format okay I can see here the statements eight transactions eight were added zero matched zero the duplicates and eight payees created so I click on okay and I'm going to take a look at what I have imported this is basically the checking account so eight transactions were created in my in my checking account so let's take a look at it just note that here the values are not updated yet but it will get updated at some point so this is the let's take a look at our checking account here is not updated as well oh it's not this one it's this checking account sorry I was looking at the wrong one anyway I have imported a transaction from my bank and it's saying I have my salary telephone bills cloth passes groceries insurances public transportation this is all imported from my bank since it was imported automatically you have to double check it manually so I come here yes I have received my salary so I accept and you can see now that it's the color has changed and I have to go and check one by one you should never trust these automatic processes particularly when you're dealing with money so it's it you need to check every transactions it will help you to have it all but you should double check always every transaction you will also notice that not only the color change but here on the status it it is now cleared means that it has been accepted when you enter a transaction in in the in an account we have entered here parking manually and we can see that it is not reconciled so this means I have just entered this amount manually now I can edit and I can changed it I can change it to reconciled meaning that I have checked it this my bank has already charged me those 20 pounds so they are reconciled this is a way to do it manually but hey my money is is pretty good at merging data so when you import data from your bank it will merge since that you have entered manually with things that came in automatically and so the status the status may may be changed to cleared when you import it from your bank so I have changed here okay my money prompts me to save the changes I'm going to save the changes so we we have seen here how to empower export from the bank and import into ok my money but there is another way to do this is to connect pay my money directly to your bank so we're going here to the accounts menu we're going to choose the checking account and I want to map it to an online account so I have imported from my bank successfully once I'm going to map to an online account and I'm going to choose the K my money ofx method well here it prompts me for an automatic configuration of the Direct Connect these are mostly American banks and I haven't found some important banks here in the list so what you do if your bank is not in that list is to add it manually the difficult part here is that there is no standard way to find this information because every bank has its own way of doing this some don't some don't offer the service at all others might charge you for the service and often it's a feature few people know about so it's also hard to get information about this but eventually you might be able to import data from the last 60 days directly from quema money from within K my money without having to go to your bank's website another very nice feature of K my money is managing accounts in different currencies K money makes it look really easy to handle you can see already here on my assets and liabilities that I have every account that it that has its summary in its native currency but I have the total assets in the default currency of K my money the default currency that I have configured so the the price is the the the values in dollars are converted to British pounds this conversion is done because K my money has downloaded the conversion rate from the internet of course the exchange rates they change over time and K my money also keeps track of the changes of the currency rates over time so every account is in their original currency but every time that an operation involves two or more currencies like here the total sum of assets they are converted to the main currency configured at the beginning you can also change the main currency if you want at any time very easily and all other currencies are converted ingly so to do this you can come here and under tools currencies and this time I'm going to select US dollars so I want to see and I select this US dollars as the base currency now I close this again the change might not happen immediately but if you close and reopen okay my money I'm going to save close and reopen now everything is in dollars it's that easy to manage different currencies you have to make sure though that you have the correct currencies configured so you can come here and to prices and select US dollars and you can see that there is British pounds to US dollar and US dollar to British pound so I have both already configured this means that when I when I want to have here an online quote it will already download for me the information that I want you can configure here other currencies as well you can also see your total assets in another currency that is neither pounds not dollars for example I want to see how much I have in Euros you can come here in two currencies select zero now what I have to do is to convert everything into euros and it's not going to work if I haven't configured it so I come here into tools prices and I'm going to search for euro so I want now are three I want three currencies to be able to convert so I need from US dollar to Euro that's it I also want British Pound so British down to euro and I also want the other way around I want from zero to two British Pound and also from euro to US dollars now I can have my online quotes for every currency going to update everything and now I should be able to see everything in Euro here it is so you can see that it is very very easy to manage different currencies which K my money just as a side note I have told already how important it is to set a correct opening date for an account because this will also help K my money to import currency rates for the given dates so if in one account you have a transaction that involves two different currencies at the given date K my money will download the information about the currency rates for that date so dates are important all the time and when you're dealing with money in general and and K my money of course all right so I don't know if you have noticed but when I closed K my money before I have seen that our keys were generated I can see here my it elects GP Det so now I can go and configure the password protection for my file if I'm going back here into settings configure K my money under encryption and you can see now that I can use GP g encryption so I'm going to click this there is an alert telling you what you need to do and we're going to do this together and this tutorial so what we need to do basically is to select a key so we're going to select the key we just created I'm going to apply this and in order to not interfere with the current file this encryption will not is not currently being applied so what you need to do to click ok then come to the file menu and save this as a different file so I'm going to call this finances secure our finances encrypt it for example and here I go now as I'm saving this it's alerting me about a potential problem and the investment account that I have created I'm going to ignore this for now so now again it's alerting me that this is encrypting and that is if you lose your password you lose all your information ok so now I'm on and finances encrypted file so let's do a test I'm going to close the file I'm going to open it again so here into documents finances and finances encrypted and sure enough it prompts me for a password and nothing is shown unless I enter my password and of course if I forget my password I lose all the information that is inside so that's why the original file is not encrypted so you can test the encrypted file see if it's working fine for you and then delete the unencrypted files finally another important topic as to how to create backups and this fortunately is very easy it just come through to the file menu and select backup it will prompt you for a location I'm going to put it in the same directory for now you can do this in an external drive it would be much better I'm going to click OK and the file is successfully backed up so let's take a look at the file I'm going to go and documents finances and I have now file with today's date appended to the name this is my backup file but my original file keeps being the one without the date attended to it another note about doing backups just do not use the backups in order to start a blank file every year it's best to keep the same file year after year in order to have access to all financial data for statistics and for cats so use the backups just keep this information safe but do not start over every year with a blank sheet as you would normally do with a spreadsheet file well this is all you need to know about the the software - to manage a fairly wide range of financial situations there are things now that you need to know and learn about accounting and self-organization now in order to keep all this this data fresh and to keep advantage of all the information that you will have through Kay my money if I may suggest for example the Pomodoro Technique in order to take short spans of time in which you do some boring tasks like for example filling in your financial information I'll put a link to the Pomodoro technique and I recommend it very much together with K my money thank you very much for following this tutorial I hope you liked it I hope you will find this useful and thanks again for following see you next time