What Are Manual Accounts in Nordveld and How to Add Them?
Updated: Aug 27, 2021
One of the main ideas behind creating Nordveld Flow is to help you attain a holistic view of your financial life in a single, convenient place. The first step to achieve this is by connecting your supported bank accounts with the Google Sheets add-on.
The next step is to add all other accounts related to your personal finances that aren’t supported by the Nordveld Flow automation system yet. Let’s take a closer look at these accounts.
What Types of Accounts Can You Add With the Manual Accounts Function?
Generally speaking, you can add and track two types of accounts with the Nordveld Flow manual accounts function - Assets and Liabilities. Information from these accounts is reflected in most Nordveld Flow personal budget excel templates like the Financial Dashboard Sheet, Balance Sheet, and Net Worth Sheet, giving you valuable information. For that reason, it’s important to add these accounts if you want to get a full picture of your current financial situation.
These two types of accounts are divided into subgroups. Next, we will examine the details.
Asset Manual Accounts
Nordveld Flow supports aggregated data from over 2,500 financial institutions within the EU. There is an estimated 95% coverage of the supported markets.
However, if your current and/or savings bank account isn’t supported by the Nordveld Flow budgeting software at present, you can add it manually as an asset. Just open the control panel, choose manual accounts, then click the plus sign (Add Accounts) and start typing in the details of your bank account. You should choose “Asset” from the “Type” drop-down menu.
There you will see a list of other asset account options, for example, pension, real estate, cryptos, stocks, vehicles, and even cash (under your mattress or in your piggy bank). When you are done choosing the type, name, and reference of your asset account, the next step is to write down its Balance. If it’s real estate or a vehicle, you can just type in the current estimated selling price given you own the asset. The last step is choosing the account’s currency. Don’t worry if it differs from your connected bank accounts’ currency. Nordveld can convert the amounts automatically to a main currency of your choice, which you can select by going into the settings tab. Don’t be humble and add as many asset accounts as you can think of!
As to your privacy, we want to note your information is safe and highly secured. All data is encrypted at rest and in transit. Nordveld team can access this data when troubleshooting is needed but the access to the data is strictly limited and logged.
Liability Manual Accounts
Liability manual accounts are a very important part of your full financial picture. As the name suggests, liabilities have the opposite effect of assets. For example, they will lower your net worth. In simple terms, they are debts.
You can add liabilities pretty much in the same way you add asset accounts. However, this time when you are at the stage of selecting account type, just choose “Liability”. You will see a drop-down with some common liabilities like a personal loan, mortgage, credit card and more. We also added a field named “other”, so you can add any other liabilities you can think of.
How to Link a Cell to Manual Accounts?
Probably one of the coolest things about Nordveld Flow is the fact, it can work simultaneously with other add-ons so you can say goodbye to other personal finance apps you are using. For example, let’s say you have installed another add-on that can track the live balance of your stock portfolio and populate the result in a cell. Let’s call it Stockinator. Instead of updating your stock portfolio balance manually from time to time, you can do the following. Open a new sheet, choose a cell and run Stockinator to update your stock portfolio balance in this cell, let’s say every hour. Then go to manual accounts in your Nordveld Flow control panel and just click on your “Stock Portfolio” account.
You will see a new menu loading and a button “ LINK AMOUNT 🔎”. Click on it and select the cell where your stock balance is updated by Stockinator automatically. Then just click “LINK” and watch how the magic works. You won’t have to update your stock balance automatically ever again!
By now, you should have already connected your bank accounts with Nordveld Flow, added any manual accounts and hopefully, automated them as well. Congratulations! 🎉
You can now proceed to view tutorial posts that explain how to use data from different sheets, like the Income Planning Sheet or Profit and Loss Sheet.
Stay tuned to Nordveld. Your personal finance - automated and effortless.