MultiCash - Expenses and Income ($2.99) by Herman Wagenleitner is a slick app to help you keep track of all of your finances, regardless of whether or not you have a bank account. If apps like MoneyWiz are a little high for your budget, then MultiCash is a viable alternative.
In order to use MultiCash and have the benefit of synchronization for your data, you will need to create a profile. While you may groan at the thought of another account to create, it’s really simple, only requiring an email address and a password. Once this is set, you have a MultiCash account and synchronization enabled!
The biggest thing that drew me to this app, even though I have plenty of finance apps already, is the elegant and sleek interface. Everything is displayed in a clean format, making all of your data easy to read from the get-go. It’s also incredibly fast and responsive on my iPhone 5, so no problems there. I also rather like the fact that it comes with a demo account to show off all of the capabilities of the app, instead of you figuring it out as you begin using the app over time for your own transactions.
The app is divided into four views, which you can access from the tabs on the bottom menubar: Overview, Transactions, Reminders, and Settings. You get a clear indication of which one you’re currently in, as the tab on the bottom becomes highlighted with a nice mint green color, which I love, and the tab becomes depressed.
In Overview, you can see which account is currently active, and this is great if you have multiple accounts (checking, savings, credit card, cash, etc.), and you can select the time period to display (lots of options here). Additionally, you can select the currency to view if you have a few favorites in Settings, which is useful if you deal with multiple currencies on a daily basis. The Overview screen will also show you your total income, expenses, and balance for the selected time period (positives shown in mint green, negatives in black).
The Transactions tab will bring up — you guessed it — all of your transactions on the active account. Each transaction is categorized by date, and you can see the category for each and any additional notes for it. To add a new transaction, just tap on the plus button. This brings up a screen where you can enter in the dollar amount (tap on the +/- button to change between Income and Expense), choose the purpose category, pick the date, and add any additional notes for the transaction. When you select the purpose, you can add new categories by editing, and you can also reorder the list by dragging the handlebar for each.
I rather like the keypad that the app uses, because you can also do simple calculations while adding your transaction. This is a unique feature of MultiCash that I have not really seen too much in other money apps, like MoneyWell Express. It’s a very nice feature that eliminates the need for an additional step.
The Reminders screen allows you create reminders of things you need to pay. When adding a new reminder, you can input the amount, pick the purpose, how often it repeats (once, weekly, monthly, or annually), what day it repeats on, and any additional notes. When the time comes, it will send you a push notification, so no more excuses for late payments!
If you have multiple accounts, you can quickly switch between them by tapping on the header bar (any view) and select the account you want to change out to.
From the Settings screen in MultiCash, there are a plethora of options. You can change your password, log out/in, choose favorite currency, update current exchange rates (great for travelers), select the start screen, set up a passcode lock, display brackets for negative amounts, and toggle sounds. The Overview screen can also have weekly or quarterly reports, as well as round numbers. Data can also be exported and imported as a CSV file, just in case.
A cool feature of the app that is worth noting is that if you create a new account, and it’s a joint account, you can also invite other people to it, allowing them to add transactions to the shared account.
I really like MultiCash so far, as it is simple yet packed with features. However, I would like to be able to add the current balance of an account when adding it, instead of having to add a transaction for it. I also like the how MoneyWell organizes transactions by payees, which is a feature I would like to see added to MultiCash in the future.
Still, MultiCash is a great little finance managing app, and even more useful with its ability to keep track of multiple currencies. This is also a great way to manage your money if you don’t have a bank account (believe it or not, some people just use cash).
I recommend it if you are looking for a reasonably priced app to help you keep track of all of your money. You can get it in the App Store for your iPhone only for $2.99.