compatibility
Hi! Im looking for a new banking program to replace my current one, Ibank. I need to be able to move the existing data over to the new program, and ibank shoes that you can export with QIF or TXF, is your program compatible with those role types? Also, since the ibank program is old, I haven't been able to update my mac computer and am running iOS 10.10.5 Can you advise on the best way to go about this? My computer is starting to run slow because I haven't been able to update as well.
Thanks,
Ren
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1 Posted by derekkent23 on 28 Dec, 2022 09:53 PM
I am not support staff, just a user.
Hi REN
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.
There are three main ways of importing transaction from banks. Manual import of transaction files from online banking see https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/m...
Direct Connect see https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/d... although an increasing number of banks are dropping their support in favour of third party aggregator.
Moneydance has an optional subscription feature 2$/month that allows downloading via one of these aggregator Plaid, see https://infinitekind.tenderapp.com/kb/moneydance
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 2021 to 2022) and from then on you get a 50% discount. All upgrades within a version are free.
You need to use your existing program 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 export will allow.
If your program will only export one account at a time to a QIF file I can post a different set of instructions.
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 creating 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).
Wait for the Analyzing data window to close, this can take a few minutes. Nothing may appear to happen until the Import window opens.
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. Later Builds of Moneydance may also include a Text Encoding dropdown, leave at default selection.
Click Import and wait, the process can take some time. Again, nothing may appear to be happening until the process is complete, indicated by the Merging data window closing.
IMPORTANT: When import is complete close and reopen Moneydance.
Some or all of the accounts maybe hidden in the Side Bar, list on left. To make accounts visible click the “+” at the bottom of the Side Bar, then Advanced, then OK. If this does not help, try closing and re-opening Moneydance.
Any accounts that are inactive (closed) should be made inactive. This will remove them from the Summary Page, two columns on the right, in the Account Section as well as from reports. There are two methods to accomplish this:
1. By highlighting the account in the Side Bar and clicking ACCOUNT – EDIT ACCOUNT and ticking the inactive box – OK.
2. Click TOOLS – ACCOUNTS and in the windows that opens double click on the Account Name and in the window that opens tick the inactive box - OK. In the list of Account names Accounts in lighter text are inactive. After making the required changes click DONE.
To remove Accounts from the Side Bar, right click and select REMOVE FROM SIDE BAR.
You can also click the “+” button at the bottom of the Side Bar, click Advance then use the Advance window to determine which items are visible in the Side Bar.
On the Summary Page, two columns on right, if you have Investment Securities, they will be shown in a section STOCK PRICES. This may include securities in which you no longer have holdings. To remove these from the list double click on Security Name – EDIT and then untick SHOW ON SUMMARY PAGE box – OK - X
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.
Reminders are not included in QIF files.
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 under TOOLS – CURRENCIES - highlight subject currency and double click must have current and dated exchange rates filled in which cover the date range of transactions in non-base currency account. If your program allows you to export a CSV file for a given currencies exchange rate this is the way to go. Use IMPORT button in Moneydance under the Currency/Security History window to import the exchange rates. If this route is not available you can manually add exchange rates or you can import CSV exchange rate files downloaded from sites on the web. 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 be correct. No guarantees the section will work correctly.
Hope this helps.
2 Posted by dwg on 28 Dec, 2022 10:46 PM
macOS 10.10 is extremely old and no current version of Moneydance supports it. It may or may not be problematic to run the latest release on this version, no testing would have been done.
So the question here is what version of macOS can your system support?
TXF files are of no use. QIF is the standard file type that is used in migrations, even though it does not support everything, but it is the best that is available.
As Derek said give it a try, in trial mode it costs you nothing but some time and effort.
Support Staff 3 Posted by Ethan on 29 Dec, 2022 01:36 AM
I think the 2017 version is the last one we have available that could support MacOS 10.10: https://infinitekind.com/download_2017. The 2020 version requires 10.11 or higher.
Many of the online banking functions that Derek mentioned in the above post may not work in a version that old, because of updated bank security protocols that we can't add to older versions. The rest of the non-internet functions of the program should work still.
If after the trial you find the 2017 version meets your needs, you can purchase a license key, and then open up a separate private thread with that information, asking the support staff for a key that will work with that older version, and we'll be happy to provide one.
Ethan
Infinite Kind Support
4 Posted by Brad on 07 Feb, 2023 04:16 PM
TXF is very useful for importing your financial data to a tax program like TurboTax or HR Block. In fact, TXF is the ONLY one they will let you use to save yourself the time of retyping all your data into the program for that tax year.
MoneyDance used to have a third party extension that would handle TXF files, but I couldn't find a working version of it any longer.
Support Staff 5 Posted by Maddy on 07 Feb, 2023 04:20 PM
The TXF export extension for Moneydance can be downloaded from here.
After that, you can install it in Moneydance by going to Extensions -> Manage extensions, then clicking the Add from File button and selecting the extension to install. Please be sure to not rename the extension, as it needs to have that file name to install properly. This extension will allow you to export your tax information to TXF format.
Please keep us posted on your progress, Thank you!
--
Maddy, Infinite Kind Support
6 Posted by dtd on 08 Feb, 2023 02:17 AM
just a user - I am in the process of upgrading my spouse's computer, so I suspect your question is also a process vs. just downloading software that runs in 10.10.5
So let me ask:
What computer year is your Mac? Has it been deprecated? If so, what's the latest os you can install on it? [example: Mid 2015, deprecated, Monterey is last supported version]
To test Moneydance to decide if you want it, download the 2017 version and see how it works with a QIF file you export from iBank.
If you like things, I assume you will upgrade your OS and move on from there.
Get something like "SuperDuper!" or another backup program. (I use SuperDuper!, so that's why I mentioned it) Make a complete backup of your computer onto an external drive.
At minimum make sure you copy all your files somewhere in case something goes wrong. You don't want to lose your data!
I assume you will be trying to upgrade your current computer versus buying a new one?
The rest is beyond the scope of Moneydance support, but I hope this gets you started.
7 Posted by Brad on 08 Feb, 2023 03:17 PM
Thank you for the link to the TXF extension. Is this (v100) the latest version? If so, this beta version does not work with current versions of MoneyDance.
The “export” button doesn’t seem to do anything except create a zeroK file on the desktop.
8 Posted by Stuart Beesley ... on 08 Feb, 2023 04:55 PM
I just tried the extension and it's crashing (for me)... Can you launch help/console, after you have tried to click export, and upload the contents of console here....
9 Posted by Stuart Beesley ... on 08 Feb, 2023 07:08 PM
Interestingly, I see that Moneydance actually loads up default tax categories in new files (US) when creating new datasets. This field is only used by this extension as far as I can tell.. Here is the default setup (shown below)... But I think the extension's setup/config screen can amend these anyway.
10 Posted by dwg on 08 Feb, 2023 09:23 PM
The TXF extension has not been maintained over the years so it is as you see it, with all the changes to Moneydance it is probably no surprise it not longer works. I do not know who the owner/developer is for it.
11 Posted by dtd on 09 Feb, 2023 12:08 AM
just a user
I'm a bit confused - has this thread split into two different discussions?
12 Posted by dwg on 09 Feb, 2023 12:15 AM
@dtd sort of.
System closed this discussion on 11 May, 2023 12:20 AM.