Downloading from Quicken

David Long's Avatar

David Long

14 Oct, 2019 03:07 AM

I have exported a QIF file from Quicken, and in the process of importing to Moneydance. The base currency in Quicken was set to USD (as Quicken is US Centric ). In Moneydance I set the base currency to pounds as that is my preference.
When Creating the New File in Money Dance, based on the QIF file, should I set the base currency to pounds or USD?
Am I making life difficult for myself, and would I better off setting the base currency in Moneydance to USD, to avoid conflicts?
I have several years data in Quicken which I prefer not to lose.

  1. Support Staff 1 Posted by Maddy on 14 Oct, 2019 09:59 AM

    Maddy's Avatar

    Hi David,
    Thank you for contacting Moneydance support.

    In Moneydance it is only possible to assign one base currency to an account.

    In your case you will need to choose the currency that is most in use or that you generally use as the base currency.
    To enter transactions with different currencies into the account, you will need to create categories that use the other currencies.
    For further details on creating categories, please refer to this article, "Create, edit or delete Categories"in the Knowledge Base.

    It might be useful to see "Create, Edit or Delete Currencies" available here, as well.

    There are 3 steps for entering different currency transactions into E.g.: a Travel cash card:
    Enter transaction, assign the correct currency category, this will unlock the foreign amount area in the transaction and display the exchange rate, lastly save the transaction.

    Also, you should install the Quotes and Exchange Rates extension. To do this, choose Extensions --> Manage Extensions.
    To update currency rates, you can use AlphaVantage or European Central Bank.

    Finally, if you are importing from Quicken please note, QDF and QXF files use a proprietary file format that can only be read by Quicken and Intuit programs. You need to open Quicken to export your data into one or more QIF files.

    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 let me know if you have further questions or need any assistance.

    --
    Maddy, Infinite Kind Support

  2. 2 Posted by David Long on 16 Oct, 2019 04:10 AM

    David Long's Avatar

    Thanks Maddy,

    It worked quite well. Unlike one of the articles the latest version of
    Quicken does allow a QIF export, so that helped a lot.

    Some of the balances on accounts, were incorrect, and since I do not
    want to go through years of transactions, originating from Quicken, I
    just want to make an adjustment. How may I do this without recording an
    expense or a revenue when I put in the category. I suppose I could just
    create a special category for this, and then just ignore it , or filter
    it out in reports.

    Also, some of the transactions between currency accounts seem to be
    ignoring the actual exchange rate applied at the date of the
    transaction, and using the Money Dance exchange rate which download
    through the extension. Is this correct, and is the solution to go
    through each transaction and manually adjust the rate?

    Best regards

    David

  3. 3 Posted by dwg on 16 Oct, 2019 07:26 AM

    dwg's Avatar

    I'm a fellow user.

    It is probable that Quicken did not include an initial balance in the data transferred. In Moneydance you can add an adjustment in the initial balance field on the Account Information screen to account for this.

    With respect to exchange rates if that is on transferred transactions from Quicken in QIF files it is known that the QIF specification does not have any provision for Exchange rates.

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