how to get started if I'm on a mac and currently using quiken

ken.jones's Avatar

ken.jones

03 Dec, 2015 02:35 PM

Im just getting started with this... Ive been using quicken - but file is so large and it will not let me archive. Im hoping this is a more simple option. Can you give guidance on how to get started. And ultimately it appeared i could use a mobile device such as iPhone to enter transactions and then sync them with the primary computer Is this true?

  1. 1 Posted by Scott Meehan on 03 Dec, 2015 05:04 PM

    Scott Meehan's Avatar

    Hi Ken,

    Have you already transferred your data into Moneydance? If not, you can use these instructions:

    http://help.infinitekind.com/kb/importing-data-from-banks-and-other...

    to export your data from Quicken into a QIF file, then import it into Moneydance.

    As well, you can sync your Moneydance data with a mobile device by following these instructions:

    http://help.infinitekind.com/kb/mobile/syncing-moneydance-2015-with...

    Scott Meehan
    Infinite Kind Support

  2. 2 Posted by Mark Walker on 03 Dec, 2015 08:53 PM

    Mark Walker's Avatar

    I too have a very large Quicken file. Rather than importing it I wonder if I can export the transactions I want (primarily historical investment transactions) to Excel then import them into Moneydance? Possbile?

  3. 3 Posted by dwg on 03 Dec, 2015 09:02 PM

    dwg's Avatar

    It's possible but you would have to fiddle around with initial balances and/or add dummy transactions to get the cash position correct in Moneydance.

  4. 4 Posted by Mark Walker on 03 Dec, 2015 09:27 PM

    Mark Walker's Avatar

    Not sure what you mean. The purpose of downloading into Excel would be to clean up the transactions. I assume Cash would be entered as the current amount? Say 12/31 cash as I am thinking about starting then.

  5. 5 Posted by dwg on 03 Dec, 2015 09:35 PM

    dwg's Avatar

    You were talking about historical investment transactions, so I am assuming you are talking about buying and selling transactions

    To but investments you have to draw on a cash balance somewhere and likely wise selling results in an increase of cash somewhere.

    Depending on the approach you wish to take you either have to adjust the initial cash balance of the investment account or add transactions to the account to cover these cash transactions.

    For example my bank accounts in MD date back to about 1998 but I have investment that date back to about 1984. I still own these shares so to account for them I added the purchases but I also had to ensure the cash was in the investment to cover these purchases, so I can either enter an initial positive cash balance or I can enter some MiscInc transaction to facilitate each purchase up until my bank account data kicks in with the transfers from there.

  6. 6 Posted by Mark on 03 Dec, 2015 09:55 PM

    Mark's Avatar

    I understand that entering as transactions will necessarily involve cash. But, can you just enter amounts as starting balances? For instance, lets say I know have 150 shares of IBM that were bought in 3 50 share blocks. Could I not just enter these as starting balances? Or, would I have to enter as 150 shares and therefore lose my transactions?

  7. 7 Posted by dwg on 03 Dec, 2015 10:12 PM

    dwg's Avatar

    Moneydance allows for an initial starting cash balance. For the shares in IBM you still have to enter them as a buy transaction.

    I always recommend adding them in at the date each were purchased because this then creates the individual lots which is important if you sell only some of your holdings and can then allocate which lots or part of lots you sell and thus gives the right capital gains figures.

  8. System closed this discussion on 19 Mar, 2016 05:02 AM.

Comments are currently closed for this discussion. You can start a new one.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac

Recent Discussions

18 Jan, 2021 12:26 AM
17 Jan, 2021 11:08 PM
17 Jan, 2021 11:08 PM
17 Jan, 2021 10:49 PM
17 Jan, 2021 09:58 PM