Searching for Quicken alternative

Errol c Lawrence's Avatar

Errol c Lawrence

07 Jun, 2019 07:03 PM

Hello,
I found your software recommended on clubthrifty.com and hope it can be a solution to my search
– Long time MS Money user, forced to switch to Quicken some years back. Have had no end of issues with Quicken and frankly detest the software. Major issue downloading Wells Fargo transactions… WF blame Quicken, Quicken blame WF with me, as the customer stuck between a rock & a hard place (personally I think the issue lies with WF since I don’t run into the same issues with 6-7 other institutions.
– I’ve had to upgrade for PC a few times and am done with Quicken! I also switched to Mac so only ever power up my pc for quarterly / annual reports on Quicken. Complete waste of my time!
– I’m not interested in the ‘budgeting’ aspect of software and just want a software that easily syncs with my banks, where I can add new accounts (some accounts are offline only) add / change categories (with the option to remember previous transactions / categories since Quicken is notorious for autochoosing the wrong category which I keep having to correct every month. Really annoying! Then, providing I have categorized thousands of transactions correctly throughout the year, I simply print out a report, and hand to it my CPA as the basis of my tax returns.
– App SHOULD preferably be an ONLINE version. Although I understand the risks of online apps (basically sharing you whole financial life) I think cloud is the future and we are pretty much an open book anyway. So I don’t really want to have to download software and choose between mac & PC. Desktop apps can also get corrupted, as I suspect my file has become (pretty much using the same Money/Quicken file that was started in 1998, so yeah it probably became corrupted along the way)
It PAINS me to still be using Quicken, (hopefully 2018 tax year will be the last) and I would love to find that online solution asap to start 2019 taxes with a clean slate.

Thank you for your advice.

  1. 1 Posted by derekkent23 on 08 Jun, 2019 02:32 PM

    derekkent23's Avatar

    I am not support staff, just a user.

    Moneydance is not cloud based, the program is on your computer. IK consider security to be a top priority see https://infinitekind.com/blog/online-banking-privacy-security
    Moneydance supports Windows, Mac and Linux. The data is common to all three operating system, so if you change operating systems just move your data.

    If your hard drive fails you can download the program again the last build of each version is on the website. I have been running Moneydance since 2015 i.e. 2015, 2017 and now 2019 without corruption.
    I set Moneydance’s auto backup to use Dropbox so my data is safe in the event of a hard drive crash.
    The data is AES256 encrypted with the key only held on the computer.

    For online banking see https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay

    Try it out for yourself.

    The downloaded version of Moneydance is a full working version with the only limit being a maximum of 100 manually entered transactions, with no time limit. Imported files from other financial programs and your bank have no limit on imports. If you decided to purchase you are sent a key by email that unlocks the 100-manual transaction limit. If after testing with this free trial version you purchase and change your mind see the 90 day money back guaranty at https://infinitekind.com/refunds
    For the future Moneydance never sunsets the version it releases. So, you don’t have to upgrade. If you won’t to upgrade the next version is free (say 2017 to 2019) and from then on you get a 50% discount. All upgrades within a version are free.

    Make sure you are running this build of Moneydance https://infinitekind.com/preview

    You need to use Quicken to export your data in a QIF file type. Ensure any closed account that have transfers to any open accounts are included in the QIF file, re-open these accounts if necessary.

    Open the QIF file in a text editor. You are looking for the date format used in the file e.g. D25/03'2019 Day Month Year or D5/ 17'19 or D05/31/2017 Month Day Year etc. You will need this information later. If you get this wrong it will be apparent as the dates in Moneydance will be all over the place and you will need to start again creating a new data set.

    QIF files were never meant for transferring data from one program to another, but it’s all that is available, you will need to spend time cleaning thing up when import is complete.

    When you first start Moneydance it opens in the Welcome window click on “Create a new account set”. If you have opened Moneydance before create a new data set under FILE (MONEYDANCE on Mac) – NEW.

    Select “Create New File” (Data Set) and click NEXT. Type in an Account Set Name (Data Set) and click NEXT. Change Primary Currency (base currency), if required. File Type, leave at “Standard Account set”, click FINISH.

    In the side bar (list on left) under BANK deleted the two default Bank accounts, highlighting them in turn and using ACCOUNT – DELETE ACCOUNT.

    If you have accounts with currencies that are not in your base currency make sure they are displayed on the Summary Page. Ensure box “Show on summary page” is ticked under TOOLS – CURRENCIES – highlight subject currency and double click – EDIT.

    Drag and dropped the QIF file into the side bar (list on left).
    Waited for import window to appear, this can take a few minutes.

    IMPORTANT: Checked all listed accounts are of the correct type and currency and changed if required.

    The “Date Format” should be set to the date format used in the QIF file not the date format you want to use in Moneydance. Select the correct Decimal Character. Do not tick “File was downloaded”.

    Click import and waited to account values to file in, again this can take some time.
    Some accounts maybe hidden under the “+” at the bottom of the side bar, added them back.

    Some QIF files don’t include initial account balances. If you think this is the case you can add initial balance to affected accounts as follows.
    Highlighting an account, then click ACCOUNT – EDIT ACCOUNT and add an Initial Balance.

    For investment accounts QIF file don’t always carry security prices other than buy sell prices, so investment account balances maybe wrong until you update with current security prices.

    Reminder are not included in QIF files.

    Any accounts that are inactive (closed) should be made inactive by highlighting the account in the side bar and clicking ACCOUNT – EDIT ACCOUNT and ticking the inactive box. To remove them from the side bar right click and select REMOVE FROM SIDE BAR.

    Now the real work starts to check balances and tidy thing up. This is especially true of investment accounts as not all action types are supported. But worth it in the end.

    For information on how to use Moneydance see https://infinitekind.tenderapp.com/kb

    Hope this helps.

  2. System closed this discussion on 07 Sep, 2019 02:40 PM.

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