Problems importing from Quicken 2007
Since it appears Quicken for Mac is on its way out, I'm having to find a good financial program to take it's place. MoneyDance is the closest I've found so I'm trying it out on the 30 day demo. I imported my Quicken files but everything is wrong. MD shows some debits as credits and vice verse. Some info is correct and some isn't, yet there does not seem to be any rhyme or reason for the discrepancies. My personal checking account shows a deficit of nearly $50,000. I have about $1000 (positive figure) in my checking account. Where did the negative $49,000 come from????
Is there a better way to transfer files to MD? Should I just transfer one account at a time? Also in Quicken I had scheduled payments. Is the "reminder" the same thing? If so, how do I transfer that information to my checking account each month?
I'm usually really good at figuring out new programs, and I've even downloaded the PDF so I could keep it open on the side, but this program is throwing me for a loop. I can't seem to correct any of the discrepancies, and so many things don't make sense. For instance, what is "payment rate" and "Deposit Foreign Amt?" Are those just fancy terms for debit and credit?
Is there an easy way to learn to use this program. Is there a tutorial for those of us transferring from Quicken? I really want this to work out!
Thank you.
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1 Posted by davet65 on 17 Jun, 2011 02:12 AM
Cheryl,
Below is a post I made when I switched from QMac2006 to MD.
I have made the transition and am reasonably happy with MD. It is different, and not as flexible, but I think it will be around after Q/Intuit abandons the Mac.
The QIF process is NOT clean, I'm told because of MD's insistence on Double-entry Accounting Transactions versus Q's permitting them. Transactions involving transfers, in particular Investment Transactions involving accounts that Q let me close but still kept the 'other side' accounts correct, are a major problem.
I can't help on the payment rate and foreign amt question.
http://help.infinitekind.com/discussions/switching-from-quicken/427...
Wish List referred to in above: http://help.infinitekind.com/discussions/suggestions/645-suggestion...
2 Posted by Ben Spencer on 17 Jun, 2011 08:31 AM
Hi Cherly
Did you follow the instruction in the following article:
http://help.infinitekind.com/kb/importing-from-quicken-or-ms-money/...
If not I recommend creating a new data file (File->New...) and perform the import again.
One common problem is that the initial balances are not always included in QIF files. You may need to set the initial balance on each of your accounts. To set the initial balance go into the register for an account and select Account->Edit Account.
You should not import each account separately. If you do you will get duplicate transactions each time you have a transfer between accounts. When you import all accounts as a single QIF Moneydance will remove all duplicates.
The terms "payment" and "rate" refer to two separate fields. The payment is the top field and the rate is underneath it. The rate field is only enabled if you are entering a transaction that is to a category or account which is ina different currency. The same is true of "Deposit" and "Foreign Amt". The "Deposit" is the top field and the "Foreign Amt" is underneath it. Again the "Foreign Amt" field is only enabled if you are entering a foreign currency transaction. If you are not entering foreign currency transactions the only field you can ignore the Rate and Foreign Amt fields.
Reminders in Moneydance are equivalent to scheduled payments in Quicken. Unfortunately the QIF format does not include reminders and so you would have to recreate them manually in Moneydance.
Sincerely
Ben Spencer
Moneydance Support
3 Posted by davet65 on 17 Jun, 2011 01:12 PM
Ben stated:
Reminders in Moneydance are equivalent to scheduled payments in Quicken.
They are not really equivalent. When you record the next occurrence of a particular reminder in MD, it enters into the register. However, if you then change the date of that particular reminder in the register, the date does NOT change in the Reminder Calendar.
Q's calendar would change the date of that particular occurrence of that transaction in the calendar. In addition, Q would permit you to show transactions - scheduled or not - in chosen accounts in the calendar. MD's Calendar does not do that, so is not nearly as versatile. Q's calendar looks forward for scheduled but also backward for actuals.
4 Posted by Cheryl Smeed on 17 Jun, 2011 01:33 PM
Thanks, but I've talked to the folks at Quicken and it seems they will continue to support the Mac. For what I use it for, whatever they provide will be adequate. I have to use TurboTax and Quicken is the only program that I can import correctly.
What you described below and in a response from another MD user, yes, I followed all the directions. But I just don't have the time right now to go back and "fix" everything.
I'll take another look at it at the beginning of 2013. If I archive all my financial records at the end of the year I can start fresh with a new program if Quicken doesn't come through. I can't do this mid-year.
Thank you for your time.
Cheryl
5 Posted by Cheryl Smeed on 17 Jun, 2011 01:43 PM
Thanks, Dave. I can see that MD would work for some people, and the support is excellent, but the folks at Quicken are saying they are going to continue to support the Mac so that's what I need to stay with. I don't have time to make all the corrections especially mid-year like this. Quicken serves my needs and although isn't as pretty, I have to go with function and it has to be dependable.
MD is a good program, though, and I will revisit it at the beginning of 2013 when I can archive all my financials and start fresh with a new program if Quicken doesn't come through.
6 Posted by Ben Spencer on 17 Jun, 2011 04:44 PM
Hi Cheryl
If you have any questions when the time comes please do let us know.
Sincerely
Ben Spencer
Moneydance Support
7 Posted by davet65 on 17 Jun, 2011 05:27 PM
Cheryl,
It sounds like sticking with Q2007, at least for now, is right for you.
However, I will point out a couple of things that Ben was too nice to say. First, Quicken Essentials was supposed to be Intuit's new, great, up-to-date Mac version of Quicken Mac. It was so stripped down as to be useless to many of us. No support to speak of for investments, for example. Also, by Intuit's own rules, Q2006 & Q2007 are running on borrowed time with regard to financial institution downloads. Q is set up so that Intuit can sunset download capability as I understand it. It is supposed to be good for only 3 years, after which you must buy a new version. Problem is, there is not a full-featured version of QMac out there, hence, Intuit's decision to continue download support. I just found both of those actions by Intuit unacceptable, and decided I should support a program that seems to have the best interests of the Mac community in their business model. I guess that I just don't have as much faith in Intuit's promise of continued support as you do.
I, too, use TurboTax, but find it easier to manually enter the tax-related items into TurboTax than it is to be certain that they are correct in Quicken. So all I need is a tax report that I can print & review as I enter data, which I think I can get from MD by customized an expense report, though I haven't done this yet. Perhaps someone else can comment.
Best of luck.
8 Posted by Cheryl Smeed on 17 Jun, 2011 09:48 PM
I have spoken directly with the folks from Quicken and they are working on a full version that will be compatible with Lion. The only thing is that they are not saying when it will be ready. So at least they are not giving up on Mac like I had been reading in articles and forums.
I realize this is an MD forum and I will admit Quicken is not perfect, but I will certainly consider MD at a year-end when I can make the change. At this point I'm too enmeshed in Quicken. If it had been easier to import from Quicken to MD, I would have been sold. Unfortunately, it requires a lot of work that I just don't have the time to devote to right now.
In the future, I will consider MD again, but I will do so at the beginning of a year where I can start fresh with zero balances.
Thanks for everyone's input.
9 Posted by -karen. on 21 Jun, 2011 11:16 PM
I, too, am trying to move from Q2007 to Moneydance. I have exported my Q2007 data into a single QIF that includes all my accounts.
When i follow the instructions in the 2011 User Guide (Acct Info Only; then with AIO box unticked), i have extraordinary values for those account that see many transfers ... but! all my Q2007 categories are applied and reconciled transactions transfer as reconciled.
When i "Download From File" rather than "Download from Program," all my account balances are perfect, but i have no categories for my transactions and none of the transactions transfers as reconciled.
In either case, account start balances are all as they should be.
I have been trying all kinds of installation combinations and permutations, destroying all files (visible and invisible) between attempts, but no joy at all. I'm sure it's that double-entry system in MD that's the culprit ... wish i really did have $33,000 in my checking account! But i sure am glad i haven't overdrawn my savings by $21,000!
I am encouraged to read that Intuit have by telephone confirmed their commitment to Mac; however, Q2007 is old and Quicken Essentials for Mac is dreadful. I'd like to use Moneydance if these nasty glitches can be eliminated.
Any advice would be welcome. Thank you.
10 Posted by davet65 on 22 Jun, 2011 05:37 PM
Karen,
Read my post #2.
The other suggestion, not specifically mentioned, is to decide how much history you really want/need, and benchmark to that date. Say you choose Jan 1, 2010. I opened my Quicken File alongside my Moneydance import. I deleted all transactions before that date in the MD file, then went through line by line to adjust and correct transactions as needed. And then correct the Initial Balance. That likely sounds like a lot of work - it is! And Investment Accts are the worst. Make sure you note my comments about adjusting Initial Balances as well as using a Black Hole Asset Account to "dump" the other side of all transactions that you want to keep, but no longer have an "other side". Then adjust the initial balance of the Black Hole Acct to make its current balance $0, and then you can hide it if you want. And it is an iterative process - you'll find things that require that you go back and readjust Initial Balances for a while.
The alternative, as some have suggested and done, is to just start fresh from now. I'm guessing you could just delete all transactions and keep the underlying structure intact. Investment Accounts are again a problem. I think I did end up going back and keeping as far as I needed to to keep my current holdings correct.
I found it was a LOT of effort, but as I stated earlier, am glad that I got out from under QMac.
Ben Spencer closed this discussion on 23 Jun, 2011 04:11 PM.