Import QIF from Banktivity

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bristam

20 Oct, 2023 08:15 PM

I tried to import a QIF file from Banktivity 9. Moneydance was not even close. It showed balances on loans and mortgages that have been paid off. The investment accounts were a mess. So were the bank accounts. On example: My main checking account where I receive my paycheck and pay my bills, only has one transaction for August. There wasn't one account that was correct.

  1. 1 Posted by dtd on 20 Oct, 2023 08:38 PM

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    Did you open closed accounts so that QIF would have that information?

    Did you select "export everything in Banktivity" to insure all the information was exported?

    Same for investment accounts - MD usually gets those securities correct.... BUT, current valuation is not included in a QIF file - so definitely the values will be off. (You need to grab current data from Quote Loader or QER.)

    I don't have the link, but it appears you didn't grab the "here's what you need to do to make this all work". QIF is a primitive and not very good transition concept (there is not good one for financial programs) but it is all that can be used.

  2. 2 Posted by Chris Catalano on 21 Oct, 2023 11:25 PM

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    I'm also trying out MoneyDance and did an import from Banktivity 7. I exported everything from Banktivity (35 years worth of data originating with Quicken and imported into Banktivity about 5 years ago.) Although some accounts were accurate, most were not. Here are the main issues I noticed so far:

    - In an old checking account where my paycheck used to be deposited I would have those deposits 'split'. So there would be the gross pay, then subtractions for federal tax, state tax, etc., and a transfer into my 401k account to record my contribution. For every one of those paychecks Moneydance has added and another transfer transaction for the 401k contribution on the same date. So over time all of those duplicated contributions to the 401k left that checking account tens of thousands of dollars in the red.

    - In an investment account where I pay a quarterly management fee all of those transactions have been recorded as deposits instead of withdrawals. So that account shows several thousand dollars of 'cash' that isn't there.

    - I've had one main brokerage account for 30+ years and have opened and closed numerous others over the years. In Banktivity I would 'moved shares out' of the closing account and 'move shares in' to the main account. Moneydance doesn't recognize those transactions so all of those old brokerage accounts are now showing that they still have securities in them AND because there was some attempt to record the transfer (but it shows up as a negative amount of a buy??) there is also cash still showing in the accounts.

    - Moneydance doesn't seem to have imported any stock splits, so portfolio holdings are off significantly.

    This is what I've seen so far after a few hours of looking at the resulting import. Not sure what to do at this point. The main brokerage account is so far off I don't see any way to correct that.

  3. Support Staff 3 Posted by Maddy on 23 Oct, 2023 02:56 PM

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    Hi,
    We are sorry to hear about the problem you have encountered.

    You may want to try importing your data again following the instruction below:

    Banktivity allows you to export your data to a QIF file. So, you can use the following procedure:

    • Choose File → Export To → Quicken Format (QIF).

    • Enter the starting and ending date for the data you want to export. All transactions that fall within the range you specify will be included in the QIF file. By default, the starting and ending dates are set to include all transactions in the document.

    • Click “Continue” to proceed.

    • On the next screen, check off the accounts you want to include in the QIF file.

    • Once you have chosen which accounts to include, click “Continue” to proceed.

    • Banktivity will prompt you to enter a name for the QIF file and to choose the location where it should be saved. As you cannot import payees and notes, you should check the box next to “Protect sensitive information.“ so that these items are excluded.

    • Click “Export” to complete the export process.

    • Note that if you choose accounts that use different currencies, Banktivity cannot export them into the same file. Instead, Banktivity will create multiple QIF files, one for each currency.

    • QIF is a standard format so provided Banktivity creates the files correctly then Moneydance should be able to process them.

    Finally, it may be worth referring you to this article of the Knowledge Base on Possible Problems After QIF Import.

    I hope this information is helpful. Please let us know if you have further questions or need more assistance.

    --
    Maddy, Infinite Kind Support

  4. 4 Posted by Chris Catalano on 23 Oct, 2023 03:26 PM

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    Hello Maddy,
    These are the steps that I followed and I still had the problems as described. Also, I noticed that this thread seems to have been removed from the forum.
        On Monday, October 23, 2023, 10:56:58 AM EDT, Maddy <[email blocked]> wrote:
     
       
    |

  5. Support Staff 5 Posted by Maddy on 23 Oct, 2023 04:04 PM

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    Please can you check the following Chris?

    1) You should ensure that you have exported any closed or inactive accounts containing transfers to your open accounts.
    If not, you may need to re-open these accounts before exporting.

    2) Did you ensure selecting the correct account 'type' (bank, credit card etc.), and also did you ensure the correct currency is used.
    Usually, you can amend the account type and currency within the import window by selecting these options to the right of the account name.

    3) As you're importing one account at a time, you'll see accounts that have transfers to/from the imported account, are automatically created within Moneydance. These account balances will likely display discrepancies, but they will eventually correct themselves as you import the other QIF account files.

    Repeat these steps for each QIF file you have until all of your accounts have populated into Moneydance.

    If it appears some of your accounts are missing from the left side bar after importing, press the '+' button at the bottom of the side bar. Choose 'Advanced'. You should see the missing accounts in the panel on the left - highlight the account name and press 'Add' to move the accounts into the panel on the right. When you're done press OK and these accounts should then be available for selection from within the side bar.

    Some QIF files don’t include an Initial Balance for your accounts (sometimes referred to as a beginning balance or a starting balance).
    If this is the case, you'll see all transactions have imported but the account balance will show a discrepancy.

    To fix this, select the account and choose Account --> Edit Account. In this window, you can enter an amount into the 'Initial Balance' field.

    For investment accounts, QIF file don’t always carry security prices other than buy/sell prices, so investment account balances may be wrong until you update with the current security prices, as dtd mentioned in their earlier post.

    • In order to update security prices, you can use the Quotes and Exchange Rates extension or the Quote Loader. You can choose Extensions --> Manage Extensions->Quotes and Exchange Rates and use Yahoo as a source (it's more reliable!)

    Side note: Reminders are not included in QIF files as the QIF file format has no ability to include reminder data.

    Please keep us posted on your progress, Thank you!

    --
    Maddy, Infinite Kind Support

  6. 6 Posted by Chris Catalano on 23 Oct, 2023 06:32 PM

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    Hi Maddy,
    Thanks for the followup. Here's a brief overview of what I did:
    In Banktivity I started the export. I confirmed that the date range was correct (all transactions from July 1988 through October 2023). I made sure all accounts were selected. This would have included all of the accounts that were closed, but had transaction history between accounts that are still open. There is only 1 currency used in my Banktivity account. Everything was exported into 1 file. I imported this into MoneyDance. All of the account types were automatically detected correctly. 
    When I get back to my personal computer I'll forward some screenshots of the transactions in Banktivity and the corresponding entries in Moneydance to better illustrate the problems.

        On Monday, October 23, 2023, 12:04:42 PM EDT, Maddy <[email blocked]> wrote:
     
       
    |

  7. 7 Posted by Chris Catalano on 23 Oct, 2023 11:29 PM

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    To followup my previous post. Here's an example of one (of many investment accounts) where everything is messed up. I had an account with AGS back in 1997. I made a purchase of 2500 shares of TGSI. I transferred in funds from Charles Schwab to cover the transaction. In the first attachment, you can see the transaction history as recorded in Banktivity. Bear in mine that this would have originally been entered in Quicken and then imported into Banktivity when I switched to that software. But the point is that those entries are correct. At some point I closed the AGS account and transferred the position in TGSI to my Charles Schwab account. You can see in the second attachment how the transfer of the share is incorrectly handled. Somehow there is information for the buy transaction, and even though the amount is listed as a negative amount MoneyDance has added the amount to the Cash Balance. So whereas the AGS account should have had a zero balance when it was closed, MoneyDance is showing it as having $7822.50 in it. You can see how the transactions for the buy and transfer were handled in Banktivity in the third attachment. In the fourth attachment you can see that a stock split was recorded resulting in 416 shares remaining. MoneyDance didn't import this split, but somehow created some other fictitious transaction on that date (Fifth attachment). And of course since there is no stock split recorded in MoneyDance, it still thinks I have a position in TGSI and has given it a value.

    This scenario repeats with every brokerage account that I opened and closed over the years. The cumulative effect is that the Charles Schwab account is so far off that it can't be used.

  8. 8 Posted by Chris Catalano on 25 Oct, 2023 01:14 PM

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    Maddy, any input on the above? Is this resolvable?

  9. 9 Posted by Chris Catalano on 26 Oct, 2023 07:13 PM

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    Here's another example of the problematic import process. Attachment 1 shows a section of an investment account in Banktivity. You can see quarterly benefit fees entered as withdrawals. Attachment 2 shows the same timeframe in Moneydance. The first benefit fee was imported as a debit then all of the rest were imported as credits! This obviously makes the cash balance in the account completely inaccurate.

    It's looking more and more like there is no way to successfully import into MoneyDance and I may have to give up at this point.

  10. 10 Posted by Chris Catalano on 26 Oct, 2023 07:15 PM

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    Attachments for above post:

  11. 11 Posted by dwg on 26 Oct, 2023 09:54 PM

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    I'm a fellow user.

    What the data looks like in Banktivity and what is looks like in Moneydance is probably not going to help, if you have a problem it would be reasonable to think it will look different.

    All Moneydance has to go on for the import is what the contents of the QIF file look like.

    So it is this data that is significant in determining where the problem is e.g. the Moneydance importer could do with some changes or refinement, the contents of the QIF file are misleading or ambiguous etc.

  12. 12 Posted by Chris Catalano on 26 Oct, 2023 11:03 PM

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    I believe it is the MoneyDance importer. Attached is a section of the QIF file. The highlighted item is the first benefit fee that is correctly imported into Moneydance, the last item at the bottom of the screen shot is the next benefit fee transaction. Other than the dollar amount it looks identical. Same for all of the subsequent transactions of that type.

  13. 13 Posted by dwg on 26 Oct, 2023 11:40 PM

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    I believe this is an investment account and what you are showing us is the Bank register of the account, the other transactions in the QIF lead me to believe it is an Investment account.

    The N parameter in a QIF for an investment account indicates the action. I'll bluntly say that Moneydance does not support all action types and some it could interpret better, however "Cash" is not an action that Moneydance has and in the complete listing as published by Intuit, the developers of the QIF format and the then owner of Quicken is also not an action type.

    Non-investment accounts in Moneydance do not use an action, they just use the payment and deposit fields

    I suspect with the undefined action that Moneydance is getting confused. I've made suggestions with some unsupported action types to treat them as an action type Moneydance does support given how close they are. I think it becomes more difficult when vendors assign their own types outside of what has been published.

    With Moneydance the action type of every transaction in an Investment's bank Register is always XFR, the register is there for our use to do bank type transactions, behind the scenes each transaction is stored in accordance with how the Investment register works, hence why they are all XFRs since all transactions in non-investment accounts are just transfers between accounts/categories and XFR is also one of the supported action types.

    In your case changing Cash to an XFR makes for an incomplete transaction as there is no indication of where the fee has gone to i.e. there is no category. First up the importer assigned it to bank charges for some reason.

  14. 14 Posted by Chris Catalano on 27 Oct, 2023 02:19 PM

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    Hi dwg,
    Thanks for the followup. So, yes, this is an investment account and those transactions were all assigned as withdrawals with a category of 'bank charge' in Banktivity. So MoneyDance got the first one correct and then all of the rest wrong. The more I get into this the less robust it seems that the QIF format really is. But at this point there just doesn't seem to be a way to make the transition from Banktivity to MoneyDance (not with years of transaction data anyway). It's a shame because I really wanted to use MoneyDance, never truly loved Banktivity. But it would take weeks to straighten this out and its just not worth it. Also, the fact that the MD developers stopped responding to this thread tells me that its a dead end.

  15. 15 Posted by dwg on 27 Oct, 2023 10:26 PM

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    The QIF format was never intended to be a data exchange format, it is a format devise by support to permit loading and reloading into an existing structure.

    Unfortunately it is the best format that we have available for a migration, when vendors do use it. Some do not, some have dropped it, they have no intention of making is easy for you to migrate away from their product.

    Also although the QIF format is rather loose and can be ambiguous, when vendors became arbitrary in their use of the format it makes it that much more difficult.

    With Moneydance transaction handling being based on accounting rules, it can be problematic with imports from programs that do not follow these rules, and that includes Quicken who do do some rather questionable things as well.

    All of us that have migrated from any other program with investment data has spent a lot of time sorting out transactions in these accounts

  16. System closed this discussion on 26 Jan, 2024 10:30 PM.

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