looking to switch from Quicken

ChrisH's Avatar


28 Feb, 2016 03:51 PM

Because Intuit is selling Quicken soon, I am looking for an alternative to run natively on my mac. I've been a long-time quicken user (though I started and loved Managing My Money). I am currently using Quicken 2014 Home & Business version.

Several questions - what migration paths do I have, and what are the side by side comparisons with what you have compared to this product? Does it do any type of invoicing? And automatic transaction downloads from banks and brokers?

Thanks, I am very interested in your product as the reviews seem to be great.

  1. Support Staff 1 Posted by Jenny on 29 Feb, 2016 01:11 PM

    Jenny's Avatar

    Hi Chris,

    If you haven't already, I encourage you to download our free trial version and experiment with the program before you decide if you would like to purchase it. The demo 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 importing your data from Quicken.

    If you decide to purchase the program at a later date you can keep all your data, the license key simply unlocks the ability to manually enter more transactions. You can download the trial version of Moneydance here.

    You can follow the steps in this article which details exporting your data from Quicken and importing to Moneydance.

    Regarding automatic downloads, you can view a list of our supported financial institutions here - http://infinitekind.com/fi
    If your bank is listed, this means they support direct OFX connections. You can setup online banking with these banks within Online --> Set Up Online Banking. Then select 'New Connection' and choose your financial institution from the list.

    If your bank is not listed, then unfortunately it appears they do not support direct OFX connections, which Moneydance (and other financial software) requires in order to talk directly to a bank.
    The best way to get your files into Moneydance is to use a web browser to download them from your bank's web site. You can download into QFX, OFX or OFC files (aka Quicken or MS Money files), any of which will import cleanly into Moneydance.

    Infinite Kind Support

  2. 2 Posted by Chris Hengler on 29 Feb, 2016 04:53 PM

    Chris Hengler's Avatar

    Thanks - is it safe to assume that if the connection worked in the 2014
    version of Quicken that it should work with you? I just glanced at the
    list, and Dollar Bank is not on the list, but it does work with Quicken.
    The same is true of my investment company, Valic.

    Chris Hengler

  3. 3 Posted by dwg on 29 Feb, 2016 07:47 PM

    dwg's Avatar

    This would not be a valid assumption.

    There are two possible methods of automatically downloading data. The first is Direct Connect, which is what Moneydance supports. This is an open method with a published specification. The second is called Web Connect, or probably more Correctly Quicken Web Connect and is a method developed by Quicken with an unpublished specification Your institutions are quite possibly using this second method.

  4. Support Staff 4 Posted by Jenny on 01 Mar, 2016 09:22 AM

    Jenny's Avatar

    Hi Chris,

    Des is correct - There are two methods that personal finance software can use to connect with your bank.

    With Web connect, the software basically connects to your bank's website and downloads and imports OFX, QFX, QIF, and OFC files automatically. This is likely what you were using with Quicken.

    Direct connect actually connects to a server at your bank instead of their site and usually requires different login credentials than you would use to log into your banks website.

    Moneydance only supports automatic connections through direct connect and not web connect. Therefore, if your bank supports web connect only, you'll need to download and import your data from your banks site.

    If your banks begins to support direct connect, we'll be happy to setup a connection with them.

    Infinite Kind Support

  5. System closed this discussion on 31 May, 2016 09:30 AM.

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