How to Wipe Out and initial QIF import and start over
MoneyDance has imported data from closed accounts and accounts I do not wish to track. How can I delete the contents of my initial QIF import and start again by importing accounts one at a time?
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1 Posted by dwg on Sep 29, 2020 @ 08:51 PM
I'm a fellow user.
You can start over by creating a new empty data set with the File --> New menu command.
2 Posted by Judy on Sep 29, 2020 @ 09:39 PM
Thank you, dwg, for your response. I have tried that, tried uninstalling the program, and individually deleting the folders associated with the program without any success. Each time, the "old" feature that analyzes the old .qif file presents itself and has all of the old accounts installed and listed for me to match with the one account I exported. Frustrating as this program appears to be a good substitute for Quicken.
3 Posted by dwg on Sep 29, 2020 @ 10:52 PM
I'm a fellow user.
When you have an empty data set as in it is new and select to import a QIF file Moneydance will analyse the file to determine what is has to do.
If there are any transfers between accounts then Moneydance will have to create that account as well, it is just not possible to create a transfer transaction in one account only. Moneydance follows accounting rules and setting up only one side of a transaction is not valid.
4 Posted by derekkent23 on Sep 30, 2020 @ 07:43 AM
I am not support staff, just a user.
Hi Judy
As you initially did you should export all your accounts, including closed accounts, from Quicken in one QIF file and import that into Moneydance.
As dwg implies if you don’t then any transfers between an account you want to follow and an account you excluded as it is now closed can create issues.
You should in Moneydance highlight the closed accounts in the side bar, list on left, click ACCOUNT – EDIT ACCOUNT and click the INACTIVE box.
Then remove the account from the side bar, right click or use the “+” at the bottom of the side bar then ADVANCED
Hope this helps.
5 Posted by Judy on Sep 30, 2020 @ 12:16 PM
Thank you dwg and derekkent23 for your helpful responses. I am still struggling with importing the aggregate .QIF file and having the accounts import with even semi-accurate balances. I was having better luck trying to follow the (outdated) suggestions by Ben Spencer and -Kevin N. ie creating a data set name and then importing each individual file into MoneyDance. The account balances seem to be accurate and the transfers between accounts show up, which they did not when I imported the entire Quicken file. One of the things I have been unable to do is to get my bank's checking and money market accounts onto the side bar. I am going to quite working with it for a while - I am getting a little buggy eyed. Again, thank you both for your help.
6 Posted by derekkent23 on Sep 30, 2020 @ 01:02 PM
I am not support staff, just a user.
Hi Judy
Its not uncommon to have to add accounts into the side bar, list on left, after a QIF import by clicking “+” at the bottom of the side bar then ADVANCED.
Below are my notes on QIF import they 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).
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.
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.
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.
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.
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.
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.
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.
7 Posted by Judy on Sep 30, 2020 @ 09:15 PM
Hi derekkent23,
I am MOST grateful for your directions on setting up Money Dance!! You included the minutia that made setting up my accounts easy - and most importantly - the balances came over without any errors or need to correct an opening balance. I was able to hide closed accounts and remove those accounts from the side bar.
Only one question remains - can the type of account be changed? I have a cash account that I entered as a bank account and would like to change it to an asset account.. Delete it and re-enter it as an asset?
Again, thank you for the time you took to reply to my query!!
Judy
8 Posted by dwg on Sep 30, 2020 @ 09:27 PM
I'm a fellow user.
Once an account has been created and populated with transactions it is not possible to change the type. You need to take an indirect approach to facilitate this.
You will need to create a new account of the correct type and move the transactions to this new account.
Firstly create a new account of the correct type. After doing this open the account you wish to change the type of.
Select all transaction in this register, generally you can do this by selecting a transaction then using the keyboard shortcut CTRL-A (CMD-A on Mac)
Now right click on the transactions and Select Batch Change. Select to Change the Account. The software will then display a window where you can select the account to move the transactions to.
After pressing the OK button the transactions will be moved.
The original account should now be empty you should be able to delete this account.
9 Posted by Judy on Sep 30, 2020 @ 09:38 PM
Worked perfectly - kudos and many thanks
10 Posted by derekkent23 on Sep 30, 2020 @ 09:46 PM
I am not support staff, just a user.
Hi Judy
Glad I was able to help and the transfer was a success with your last issue solved by dwg
Have Fun, Stay Safe.
Judy closed this discussion on Oct 12, 2020 @ 03:30 PM.