QIF Import of 60 accounts from MS-Money

Clive Underhill's Avatar

Clive Underhill

15 Jan, 2020 09:41 PM

I am having problems with this. Having used MS-Money for 20 years, I have about 60 accounts to migrate, taking into the many closed accounts and the investment accounts which require an extra account to import.
I have spent many hours carefully exporting QIFs and creating accounts in Moneydance.
I have reopened accounts in MS-Money as required to export the QIF. I have religiously set up all of the Moneydance accounts with correctly spelled names but they are often not being offered as the import destination. It appears that I have too many accounts for the Moneydance QIF import function, which only displays a limited subset of the accounts I have created. Any suggestions?

  1. 1 Posted by derekkent23 on 16 Jan, 2020 08:43 AM

    derekkent23's Avatar

    I am not support staff, just a user.
    Hi Clive

    Take a look at the following and see if this process works better than the one you tried. Especially note the step some accounts maybe hidden under the “+” at the bottom of the side bar, added them back.

    You need to use your old program to export your data in a QIF file type, one QIF file for each account, including any closed account that have transfers to any open accounts, re-open these accounts if necessary. If you are exporting from MS Money you should use loose as the QIF export format
    Open one of the QIF files 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.

    Select one of your QIF account files, the one with the most transfers to other accounts.
    1. If in step 3 you don’t see the name of the account you are importing click CANCEL and setup the account. ACCOUNT – NEW ACCOUNT - select account type – NEXT – Enter the name of the account exactly as it appears in your old program under “Account Name” – OK.
    2. Drag and dropped the QIF file into the side bar (list on left).
    3. 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. Find the name of the account you are importing in the list and highlight it.
    4. 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”.
    5. Click import and waited to account values to file in, again this can take some time.
    Account that have transfer within the QIF file you imported will be automatically created. Don’t worry that their balances are incorrect, as you import the other QIF account files thing will sort themselves out.
    Some accounts maybe hidden under the “+” at the bottom of the side bar, added them back.
    Repeat the process steps 1 to 5 for each QIF account file.

    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.

    Note 1: 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. 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.
    For information on how to use Moneydance see https://infinitekind.tenderapp.com/kb

    Hope this helps

  2. 2 Posted by Clive Underhill on 17 Jan, 2020 12:01 PM

    Clive Underhill's Avatar

    Hi Derek. Thank you for your detailed reply. The one thing that clearly differs in your recommendations from the official guidance is the creation of each account before importing. The official guidance says:
    "Create the accounts in Moneydance before you begin importing the files. This is an important step. You can create the accounts by selecting Account --> New Account."

    That is what I did, it took ages and it didn't work, as I have already described. I will have another go, just importing the files, and will report back here.

  3. 3 Posted by derekkent23 on 17 Jan, 2020 07:13 PM

    derekkent23's Avatar

    I am not support staff, just a user.
    Hi Clive

    The question of “Create the accounts in Moneydance before you begin importing the files” is covered in my step 1. You don’t need to set up each account as Moneydance sets then up automatically if they were involved in a transfer in an account you have already imported, saves time, prevents accounts being duplicated.

    Obviously following the steps means the first account you want to import has to be set up manually

    Hope this helps.

  4. 4 Posted by clive underhill on 25 Jan, 2020 06:09 PM

    clive underhill's Avatar

    I have spent another couple of hours on this but decided to give up. I did
    manage to import every account but there is such a wide range of incorrect
    balances. Extra transactions have been created. My bank account is way
    off, with hundred of uncleared transactions appearing. I think the only
    sensible thing is to start afresh and forget about the history but for now
    probably stick with MS-Money.

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