Quicken 2007 for Mac

Tom Frenock's Avatar

Tom Frenock

24 Jun, 2019 07:25 PM

I have been a long-term Quicken user, and it helped to form my money-management habits and expectations. I see that you offer an alternative for the Mac, and I have some questions:

1) Will your application import all of my data and populate it into your registers from a QDFM or a QIF file?

2) I use an extensive set of categories and classes for my tracking and reporting. Can I import and use my various lists?

3) Does your application have split entries for each transaction?

4) Do you use recurring bills, and can I use my list of recurring bills with your app?

5) Can I report by category of entry for a record of transactions?

6) I have multiple investment accounts, almost all mutual funds. Can I enter the current price at the end of the month to track portfolio performance?

I’m sure that there are other questions, but this is a good start.

Thank you for your time in responding to these questions.

  1. 1 Posted by derekkent23 on 24 Jun, 2019 08:21 PM

    derekkent23's Avatar

    I am not support staff, just a user.

    1) Moneydance can import QIF files, see below.

    2) All the categories contained in the exported Quicken QIF file will be imported and available in Moneydance along with Moneydances standard set of categories.

    3) When you enter a transaction, you can choose to make it a split transaction.

    4) Moneydance refers to them as transaction reminders but as Quicken does not export them in the QIF file you will need to set them up.

    5) Yes, you can.

    6) Yes, you can, either manually or automatically via a number of what are called extension. The extension you use is determined by the one that best supports your mutual funds, performance reports are also available.

    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, provided that you do not confirm them. 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. 2 Posted by Tom Frenock on 25 Jun, 2019 02:26 PM

    Tom Frenock's Avatar

    Thanks, Derek. I will probably give it a try.

    I assume that you are a former Quicken user. How was the tradition? Did it seem to be intuitive?

    -Tom Frenock
      (206) 962-7505

  3. 3 Posted by derekkent23 on 25 Jun, 2019 03:20 PM

    derekkent23's Avatar

    I am not support staff, just a user.

    Hi Tom

    No I transitioned from Microsoft Money back in 2016. Never regretted it.
    Bank accounts, credit cards were not a problem. Investment accounts on the other hand, they took work to sort out. Worth it in the end.

    Have Fun

  4. 4 Posted by dwg on 25 Jun, 2019 11:21 PM

    dwg's Avatar

    i'm fellow user.

    Moving from Quicken the overall experience is not dissimilar to moving from Money. Bank type accounts generally go pretty smoothly, without too many problems, of which the most often encounted is there being no opening balance in the transfer data.

    Investment accounts is where the work is required, There are some action you do with investments that are not really transactions e.g. stock splits, and there are some actions types that just do not have an equivalent in Moneydance.

    While I would like there to be better investment support, and I continue to lobby for that, I'm not sorry that I left, in my case Reckon (local adaptation of Quicken). I'm away from a company I find objectionable in their practices and attitude and I am the best part of $1000 better off after 7 years (they are that expensive) even though I have to do some extra work to maintain effective and complete data (not that Reckon was 100% complete and there was some extra effort required there as well), yet I am able to do some things with Moneydance I could not in Reckon so there are pluses and minuses.

  5. System closed this discussion on 24 Sep, 2019 11:30 PM.

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