Migrating from Quicken
How do I import Quicken information?
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1 Posted by dwg on 23 Mar, 2024 09:14 PM
Quicken uses a proprietary format to store the data in its QDF files it is therefore necessary to use Quicken itself to export the raw transaction information into one or more QIF files so that the data can be imported into any other software.
2 Posted by TomStehr on 24 Mar, 2024 04:37 AM
Thanks. I have done that now. The data was imported in a QIF file, but it is
a bit of a hash. Some accounts show as negative amounts.
TS
3 Posted by dtd on 24 Mar, 2024 04:45 AM
The primary issue is probably that you don't have an "initial balance" in place, as the QIF files only show a transaction list.
Check your current balance, look at the difference, and enter an initial balance as a compensating factor.
There can definitely be other issues, as QIF is not intended as a translation/movement concept, but that could be one step in the process.
4 Posted by TomStehr on 24 Mar, 2024 04:59 AM
Thanks for that tip. I have had to trick Quicken in a similar fashion to get
it to show correct balances.
I have been increasingly frustrated with Quicken lately for making double
entries when I download QFX files. It takes hours to find and delete the
duplicates.
I hope Moneydance saves my sanity.
TS
5 Posted by dwg on 24 Mar, 2024 05:01 AM
As @dtd has said QIF files will often not have any sort of initial balance for each account in them, primarily because many programs just handle this as a static amount rather than as a transaction and QIF files just contain transactions.
This is the number 1 issue we see with non-investment accounts.
6 Posted by derekkent23 on 24 Mar, 2024 07:59 AM
I am not support staff, just a user.
Hi TomStehr
You need to use Quicken to export your data in a QIF/QMTF file type. Ensure any closed account that have transfers to any open accounts are included in the QIF/QMTF file, re-open these accounts if necessary. Export everything Quicken export will allow.
Open the QIF/QMTF 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/QMTF 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/QMTF file as follows.
Drag and dropped the QIF/QMTF 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/QMTF 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/QMTF 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/QMTF 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.
The NET WORTH value on the Summary page is the addition of selected account values. To see the breakdown click on NET WORTH. The accounts that are included are those selected under GRAPHS & REPORTS – REPORTS – NET WORTH - EDIT
Reminders are not included in QIF/QMTF 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/QMTF file do not contain exchange rates. To overcome this QIF/QMTF 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 version of Quicken 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.
7 Posted by TomStehr on 27 Mar, 2024 01:32 AM
Hi Derek: Thanks for your extensive guidance. It is much more than I ever
expected. I have a lot of homework to do.
This may be a case of pick your poison. To early to tell. Very much
appreciate your help.
Regards, Tom Stehr
8 Posted by dtd on 27 Mar, 2024 01:41 AM
@TomStehr - the extensive guidance is because QIF was never intended to be a conversion methodology, as companies like Quicken want you to stay in Hotel California.... (you can check out any time you like, but you can never leave)
And the extensive guidance is a compilation of all the the problems people might have - you probably will find you can gloss over some and say "wow - that part was helpful" to others.
9 Posted by dwg on 27 Mar, 2024 02:24 AM
I have been working with Moneydance for some years and have been collecting information on what and how to extract from other programs, how to import data into Moneydance and some of the problems that could be encountered, it is now about 70 pages and is no where near complete, and unlikely to ever be so.
As @dtd has said QIF was never intended for the job, there is no format that is, but you have to use what you have, or what you can get.
All you can really do is deal with problems as they arise. There needs to be the realization that moving to any other financial program from what you are using now is a migration project, it is unlikely to be quick or trouble free, unless you have the simplest of data and just happen to have transaction data that allows it to work, a rarity, you may even have to retrace steps, I know I did. There can even be the need to perform a number of test imports, yes I did this as well, also tried various methodologies.
The forum users can help with issues you might face, but trying to list every possibility and permutation upfront would take many many pages and I think just overwhelm many.
10 Posted by TomStehr on 27 Mar, 2024 04:08 AM
Derek: "Hotel California". Still laughing. Thanks again.
Regards, Tom Stehr
11 Posted by TomStehr on 27 Mar, 2024 04:17 AM
Dwg: Contemplating starting over after reading Derek's guidance. A learning
experience for sure.
Regards. Tom Stehr
System closed this discussion on 26 Jun, 2024 04:20 AM.