Definition: A data file in a financial software package is file on your computer that contains your collection of accounts and reports. The accounts may be checking, investments, loan or assets accounts, or other financial accounts. Each account is separate, but they are stored in one data file.
Most people who use financial software for personal finances work with just one data file, but you can have as many data files as you like. For example, two data files could be created for keeping personal and business accounts separate, although there are now finance software packages that work efficiently at tracking both account types in one data file, such as Quicken Premier Home and Business or Microsoft Money Small Business.
Common Misspellings: datafile
Examples: My son mows lawns to earn some money over the summer, and I let him use Microsoft Money on my computer to keep track of his earnings and so he can budget for planned purchases. Since both my son and I use Microsoft Money on one computer we each have our own data file to keep our finances separate.
