questions re Moneydance
Sabra Priester
Is this a purchased one time program or a subscription?
Can you upload your quicken 2005 data to this program?
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1 Posted by -Kevin N. on Sep 26, 2019 @ 01:42 AM
Hi Sabra,
The purchase of a Moneydance license is a one-time charge. The developer does not force upgrades and does not sunset older versions. e.g. I continue to use MD 2011.
Currently, the purchase of a license entitles you to the next major release for free.
Instructions for importing Quicken data into Moneydance can be found in the Moneydance Knowledge Base.
https://infinitekind.tenderapp.com/kb/importing-data-from-other-pro...
If I may make a suggestion, download the trial-version of the program to see if it suits your needs and to see if you can successfully import your Quicken data. You can d/l the trial-version here.
https://infinitekind.com/download-moneydance-personal-finance-software
-Kevin N. (not a member of MD support)
2 Posted by SHoP on Sep 26, 2019 @ 03:37 AM
Thanks so much
Sent from Mail for Windows 10
3 Posted by derekkent23 on Sep 26, 2019 @ 07:01 AM
I am not support staff, just a user.
Hi SHoP
The article referred to by Kevin N has not been updated to cover the process as it occurs in the latest builds of Moneydance.
Maybe the following will help.
Make sure you are running this build of Moneydance https://infinitekind.com/preview
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.
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).
Waited for import window to appear, this can take a few minutes.
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. Do not tick “File was downloaded”.
Click import and waited to account values to file in, again this can take some time.
Some accounts maybe hidden under the “+” at the bottom of the side bar, added them back.
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.
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.
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 make sure their exchange rates are displayed on the Summary Page. Ensure box “Show on summary page” 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.
Hope this helps.
4 Posted by SHoP on Sep 26, 2019 @ 11:33 AM
Thank you very much.
Sabra
Sent from Mail for Windows 10
Support Staff 5 Posted by Maddy on Sep 26, 2019 @ 12:11 PM
Hi Sabra,
I can see you’ve received some replies from our knowledgeable Moneydance customers.
To add to this useful information, it might be worth mentioning that for personal use, we ask that you buy just one license per household, no matter how many computers you install it on, operating systems you use, people who use Moneydance, or data files you create.
You can download the trial version of Moneydance from our website on this page.
The trial version is fully functional and allows you to manually enter 100 transactions. Imported transactions are not limited, so you'll be able to fully test downloading data from your bank, and importing data from other personal finance software.
If you decide to purchase the program at a later date you can keep all data you have entered during the trial period.
I hope this information is helpful. Please let me know if you have further questions or need any assistance.
--
Maddy, Infinite Kind Support
6 Posted by SHoP on Sep 26, 2019 @ 05:38 PM
When I do a backup on my Quicken data it is a QDF file not QIF. Does that matter? If so is there a way to download a QIF from it?
Thanks
Sabra
Sent from Mail for Windows 10
Support Staff 7 Posted by Maddy on Sep 26, 2019 @ 05:44 PM
Hi Sabra,
Ideally you'll export one QIF file that contains all of your account data. Use the option to export 'all accounts' within one QIF file if this is available within the software you're using.
If not, you should export one QIF file for each account in your file.
Make sure you export any closed or inactive accounts containing transfers to your open accounts. You may need to re-open these accounts before exporting.
If you're using Moneydance for the first time, when you open the program, you'll see the Welcome window. Choose “Create a new account set” and setup a new data file.
If you have opened Moneydance previously, you can create a new data file by choosing File --> New --> Create a New File. Then follow the prompts to enter a name and currency for your new file.
When viewing your new data file, choose File --> Import. Then navigate to and select the QIF file.
You'll be asked which account you want to import your data into. If you have data for multiple accounts within one QIF file, you can pick any account.
Below this, Moneydance will automatically try to determine the date format and decimal character used within the QIF file.
If you want to check this, open the QIF file with a text based program like NotePad or TextEdit. This will allow you to check which date format and decimal character are being used.
Choose 'Import' and wait a moment while your accounts and data are imported into Moneydance.
If it appears some of your accounts are missing from the left side bar, 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.
Reminders are not included in QIF files as the QIF file format has no ability to include reminder data.
I hope this information is helpful. Please keep us posted on your progress.
--
Maddy, Infinite Kind Support
System closed this discussion on Dec 26, 2019 @ 05:50 PM.