Please bear with me; I suspect that I’m going to have tons of questions.
I’m trying to get my traveling party all set up with MDE accounts and then link our plans. I made them all get the app but now I’m feeling overwhelmed and confused about setting them up.They all need their own accounts, right? Then I somehow connect our room, dining, FP stuff, right? How about methods of payment, can we link separate credit cards to each family? My group is my mom, my sister and her daughter, and me and my daughter. This multigenerational trip sounded like a great idea, but now everyone is driving me nuts:)
You are in the right place - this forum is always happy to help.
To start, not every single person needs their own account. I would think of it as money holders. If someone wants to pay for something - get them to set up an account. If not, no need. For example, not sure how old the daughters are, but they may be fine to just be “dependents” within your and your sister’s accounts.
Once accounts are setup, go to the friends and family section under My disney experience on the website. Once there you will “add a guest”. Start filling out the info for who you want to connect to and you’ll be able to put in their email. They will get an invite to connect with you. If your sister’s daughter ends up being on her account rather than having her own account, you can still connect to her by using her name and details with your sister’s account email.
Once you are all connected you can link plans, book fastpasses for each other, etc.
ETA ask if you get stuck along the way!
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Great advice @cjandres
I handle the MDE account for my family. Last trip the group was me, DH, DS34, DDiL and DGD. We have one account, mine. I handle all of the Room reservations, ADRs, FPP, etc. My DS and DDiL gave a Credit card number to the front desk so they could charge to their magic bands when we were at the World. All the adults had the MDE app (with our account login and password) on their phone so they could see FPP etc.
There are plenty of families out there that would not be able to trust certain members with access to their account but I am lucky enough to not have that issue.
So just decide what will be easiest for YOU. 
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I have one account for all people, which I manage. My friend who typically goes with us also has his own acct but rarely uses it for anything except to order his own magic band and check into his separate hotel room. All ADRs and FPP are done by me. I buy the tickets and link them to the account in time for doing the FP (the friend pays us back). I have shared with him on his acct so he can see all the plans.