Importing Quicken Files

Lee's Avatar

Lee

31 Jul, 2020 04:55 PM

I am considering switching from Quicken to Mondeydance. I have used the basic functions of Quicken for many years, but because I just use the basics, I don't want to pay an annual fee to use it. Plus, I think it has really gone downhill over the years. I have downloaded the trial of Moneydance and like it, but want to know how I could import my Quicken files to Moneydance. To complicate matters, I am moving from a PC to a Mac. Is it even possible to transfer the files because of the platform change? If it is, how do I do that?
Thanks for any guidance; I want to figure this out before I pay for the full version.

  1. 1 Posted by derekkent23 on 31 Jul, 2020 05:24 PM

    derekkent23's Avatar

    I am not support staff, just a user.
    Hi Lee

    Moneydance runs on Windows, Mac and Linux. Each operating system store your data in what are called a data set. A data set is a folder containing other folders and files. Data sets are identical on all these systems and thus can be moved from one computer to another computer running a different operating system. The same is true of the backup file created by Moneydance with is a single file.

    See https://infinitekind.tenderapp.com/kb/file-locations-and-changes/mo...
    and
    https://infinitekind.tenderapp.com/kb/backups-and-exporting/backups

    You can also sync data between computers, add a transaction on one computer and it will appear on the other computer within 60 seconds.

    See https://infinitekind.tenderapp.com/kb/syncing-and-sharing-data

    As for moving from Quicken the following may help.

    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. Export everything Quicken export will allow.

    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.

    NOTE: If you have accounts with currencies that are not in your base currency (foreign currencies) perform the steps under NOTE 1 before importing your QIF file as follows.

    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.

    Click import and waited to account values to file in, again this can take some time, it may appear nothings happening.
    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

    Note 1: This section only applies if you have accounts with currencies that are not in your base currency. For these currencies ensure “Show on summary page” box 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. If you have investment account their balances will probably be incorrect. This is due to the fact that the currency set in the security history windows will be in the Moneydance base currency. You can change to the correct security currency and provided exchange rates exist the values will be converted. As you do this re-calculation occurs, but I think the results should to be correct. No guarantees the section will work correctly.

    Hope this helps.

  2. 2 Posted by Lee on 01 Aug, 2020 03:09 PM

    Lee's Avatar

    @derekkent23 - Wow, thank you so much. This is the most detailed response I've ever gotten for a posted question - just what I needed! I will give it a try and hopefully it will work. I really appreciate it!

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