General Questions About Moneydance

TRudolph's Avatar

TRudolph

03 Aug, 2019 01:13 PM

Am contemplating migrating from QuickenMac2017. I mainly wish to find a product that allows for the application and data files to reside on my computer and does most (if not all) things Quicken does. I have some questions for which I cannot seem to find the answers (at least easily). Can a current user please enlighten me?
1) Do the program and data files reside on your computer?
2) Does it automatically update stock quotes as opposed to manual entry?
3) How does it import charge card transactions from Chase and Capital One?
4) I have more need for investment management than budgeting. Does Moneydance handle investments well?
5) Does it have robust reporting functions i.e. what criteria/fields may be used to generate reports? (Categories? Payees? Date? Amount? Etc.)
6) Can transaction reports be restricted to income or expenses?
7) Can you drill down from graphs produced?

I think that is the bulk of the important issues. Many thanks in advance for any input!

Regards - TR

  1. 1 Posted by TRudolph on 03 Aug, 2019 01:30 PM

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    8) Oops - just read somewhere it will only import file type from Quicken is QIF. I have Quicken 2017 for Mac which does not export QIFs. Is there still an import avenue available to facilitate conversion?

  2. 2 Posted by derekkent23 on 03 Aug, 2019 02:22 PM

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    I am not support staff, just a user.

    No other software can open Quickens own propriety file type including Moneydance.
    Are you sure you can’t export a QIF file, other Quicken users with 2017 on this site seem to have been able too?
    If you still need answers to questions 1-7 just post again.

  3. 3 Posted by TRudolph on 03 Aug, 2019 03:07 PM

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    Thanks, Derek. I'll try to upload the SS of the export options (no QIF). I'd certainly be interested in knowing how the other users managed to migrate.
    (P.S. Still need answers/clarifications on 1-7.)

    Thanks!

  4. 4 Posted by derekkent23 on 03 Aug, 2019 04:03 PM

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    I am not support staff, just a user.

    From reading post on the forum, it looks like other Quicken 2017 users were able to export a QIF file from within Quicken. What export file types can you find?

    1) the program and data file reside on your computer’s hard drive. If you set a password your data is encrypted. There is an optional feature to sync data between other computers and mobile devices such as phones. Which means enter a transaction on one device and within 30 second as it appears on the other devices. This feature does use cloud-based servers e.g. Dropbox. When Moneydance uses a cloud server the data is end to end symmetric AES256 encrypted. As used by governments and banks for example. Keys (syncing encryption passphrase) are not held in the cloud, only on your devices.
    2) Moneydance has what is called an extension which is free to add called Quote and Exchange Rate updater. The quote source is Alpha Vantage for security prices and European Central Bank for exchange rates. If you find one or more of your securities are not supported there is also another extension, the free third-party Quote Loader for securities and exchange rates who sources are Yahoo and FT. Both these extensions can be set to auto update quotes.
    3) See these articles https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay
    4) It does every thing I need but some other have posted features they would like to see added. That’s something you can determine when you run the Moneydance in trial mode.
    5) I would say yes, again see for yourself.
    6) Yes
    7) Not sure what you mean, but Moneydance contains 8 graph types where you can set the parameters, again see for yourself.

    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

    If you can export a QIF file from your version of Quicken take a look at the following.

    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 their exchange rates are displayed on the Summary Page. Ensure box “Show on summary page” is ticked under TOOLS – CURRENCIES – highlight subject currency and double click – EDIT. Note: QIF file do not contain exchange rates. To overcome this QIF file shortcoming the Currency/Security History window must have current and dated exchange rates filled in which cover the date range of transactions in non-base currency account. As well as manually adding exchange rates you can import CSV exchange rate files downloaded from sites on the web. Use IMPORT button in the Currency/Security History window.

    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.

  5. 5 Posted by derekkent23 on 03 Aug, 2019 04:16 PM

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    I am not support staff, just a user.

    Sorry I did not open your PDF till now.
    I see a QMTF file type is listed. See https://infinitekind.tenderapp.com/kb/importing-data-from-other-pro...
    This suggest you can rename the file type to QIF

    Also, its worth doing a separate test to import the QXF file, although I really don’t know if that will work. Moneydance does support the importing of QFX transaction files downloaded from banks.

    Hope this helps.

  6. 6 Posted by TRudolph on 03 Aug, 2019 05:56 PM

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    Thank you so very much Derek. What a thorough and considerate reply. I do appreciate the time you took to provide such excellent feedback. It is ver helpful, thank you. I've been a Quicken user ever since Dollar$ and Sen$e for the Mac disappeared. I tried once before to migrate when the Mac version of Quicken was briefly abadoned and/or was inadequate (to iBank) but ended up going back to Quicken 2013 then 2017 thereafter. Like most - I am not thrilled with the new Quicken setup, especially for the Mac. My research to date keeps coming back to Moneydance and/or MoneySpire and this really helped decide it for me.

    I really only wish to have a resident program to track investments, expenses and balance checkbooks. Hopefully one that will be the last financial software package I use. Sounds like MD does meet all the minimum requirements if I can get my data ported over successfully. I'll try your suggestions regarding the export/import process realizing that even if it works, I will need to clean up some accounts.

    By drilling down, I mean can you click on a bar or pie section in the graph and see the data used to generate that segment (Dollars and Sense excelled there).

    Again, thank you for such thorough help. It is most, most helpful.

    Cheers.

  7. 7 Posted by derekkent23 on 03 Aug, 2019 06:17 PM

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    I am not support staff, just a user.

    Glad I was able to help.

    Some former Quicken user start again with Moneydance and keep Quicken for historical records, just a thought if you cant import.

    Have Fun

  8. 8 Posted by TRudolph on 03 Aug, 2019 08:36 PM

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    Thanks. Yes, I did that in 2010; resetting cost basis for 26 years of data. Unfortunately I still have not simplified accounts or holdings, so it will still be a lot of work. I may just have to bite the bullet and invest the time. Thanks for your assistance and suggestions.

  9. 9 Posted by dwg on 03 Aug, 2019 10:43 PM

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    I'm a fellow user.

    I think that no matter what software you were to go with it is going to require work.

    I believe that QXF is a proprietary Quicken transfer format, hence not usable.

    If I recall correctly QMTF is a type of QIF file but Quicken does not support the export of Investment transactions in this format.

    Moneydance cannot import CSV files into investment accounts (but can import them into other types of accounts), most CSV files do not have the detail necessary to make them work with investment accounts. In the past I have restructured CSV files produced from Quicken for Windows as they do have the needed detail but not the structure, to a state in Excel where they could be output to QIF files but this took a bit of VBA programming to achieve.

  10. 10 Posted by TRudolph on 04 Aug, 2019 12:51 PM

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    Thanks, dwg. I haven’t done any VB in quite a while. I was actually thinking of using Excel/VBA to create a suitable substitute for Quicken but that would be an even larger time commitment to get it together with verified data and functionality (with no guarantee of success).

    I agree. Just need to breakaway from Quicken, invest the time and move on. May give me the impetus to finally simplify my portfolio...

  11. 11 Posted by TRudolph on 04 Aug, 2019 04:48 PM

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    Thanks, dwg. I haven’t done any VB in quite a while. I was actually thinking of using Excel/VBA to create a suitable substitute for Quicken but that would be an even larger time commitment to get it together with verified data and functionality (with no guarantee of success).

    I agree. Just need to breakaway from Quicken, invest the time and move on. May give me the impetus to finally simplify my portfolio...

  12. 12 Posted by dwg on 05 Aug, 2019 11:15 AM

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    Personally I would question how good a Excel/VBA solution would be. I think the combination of Access/VBA solution would be better, perhaps linking with Excel for some specialized analysis work.

  13. 13 Posted by TRudolph on 05 Aug, 2019 12:15 PM

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    Thanks for the input and suggestions.

  14. System closed this discussion on 04 Nov, 2019 12:20 PM.

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