Importing from Quicken

Michael Dimen's Avatar

Michael Dimen

02 Feb, 2020 09:57 PM

Very poor quality on import. All sorts of accounts, including closed and hidden ones. Investment accounts don't include security information. Figures are very inaccurate.

Additionally I can't seem to set up online access for any account. I entered pwd for my investment accounts, and your software said it's 'almost' ready to download. I call for download and nothing happens.

Look, I'm looking for a replacement for Quicken (like lots of other folks). I was hoping this would work out, but so far no good.

Please advise.

  1. 1 Posted by dwg on 03 Feb, 2020 02:16 AM

    dwg's Avatar

    I'm a fellow user.

    I will try to make a start to answering some of your questions.

    When you export all data from Quicken it does include closed and hidden accounts. This is not a bad thing and in fact things generally do go wrong when you do not do this.

    In general people's financial affairs have relationships between accounts, I have never seen a case where every account is independent. The relationship we are taking about are transfers between accounts. There are typically transfers between transaction and savings accounts, transfers from transaction accounts to pay credit card debts, transfers to and from Investment accounts for purchases and sales as well as income payments from these etc.

    Closed accounts can both directly and indirectly impact open accounts through direct transfers and also through other accounts that may subsequently be closed and the balance transferred.

    Moneydance has been built based on accounting rules, which means if you remove an account then both sides of any transaction will also be removed so you could delete transactions from still open accounts, so in effect you need all accounts to have complete data.

    Migration from one financial program to another is always likely to be a migration exercise. There is no format that captures all data. OFX has no category information. CSV will work with some account types where the fields can be effectively mapped. QIF was never designed for migrations, it was designed for support, but overall it is the best of the formats that is available. As a format however it still only contains the raw transaction information, no account information, no reminders etc.

    Most people who migrate generally find bank and credit card type accounts the least troublesome, they seem to come over pretty cleanly. The main issue seems is in the initial balance. In some versions of Quicken this is not handled as a transaction, much like in Moneydance where it can be handled as a fixed starting balance. Given it is not a transaction it is not in the QIF file, so it is necessary to enter it as an initial balance using the field in the Account Information screen in Moneydance or enter it as a transaction drawing on an initial holding category setup for the process.

    Another way that some versions of Quicken handle this it to have a transaction that draws on the same account it is in, from an accounting perspective this is invalid, Moneydance handles it by creating an extra account with a "x" appended to the name and using that.

    In relation to Investment accounts I believe issues there will have to be addressed one by one, they are the most complex accounts with transactions to match.

  2. 2 Posted by Michael dimen on 03 Feb, 2020 04:38 AM

    Michael dimen's Avatar

    dwg, thanks so much for your response. It has been quite helpful,
    although I'm not completely out of the woods yet. I cleared the
    transactions in the accounts, and re-imported them from a QIF which started
    at 1/1/2020. For checking and credit cards, once I entered proper starting
    balances the results were spot on! My investment accounts, not so much. I
    can see some of the transactions, and some of the securities, but certainly
    not all.

    I think the database behind Moneydance is quite good. I looked at another
    Quicken replacement, and the database was a dog! Wouldn't touch that with
    a pole. Moneydance is still a bit confusing. For instance, when I key in
    ctrl-D on an account, I expect a popup window to show me download progress,
    or something like that. But nothing seems to show. I know it did download
    for me, and the results populated the account table, but I'm looking for
    some kind of feedback.

    I'm still not sure what to do about the investment accounts. They're
    clearly much more complicated, what with dividends, call/put options,
    long/short positions, withdrawals, etc. I do need robust reporting here.

    Again, thanks so much for picking up on this thread.

    Michael

  3. 3 Posted by dwg on 03 Feb, 2020 05:31 AM

    dwg's Avatar

    Your experience with Bank and Credit card accounts is pretty typical, the clean ups there are pretty straightforward and well defined.

    CTRL-D is not a shortcut in Moneydance. I'm pretty sure there is no popup window that shows the progress of downloads. I do not download in Moneydance but if there was anything it would typically be in the status bar at the bottom of the Moneydance window.

    I would suggest you have a read of the following thread it outlines one users recent experience migrating to Moneydance and some of the more unusual transactions.

    https://infinitekind.tenderapp.com/discussions/switching-from-another-personal-finance-program/15012-the-vicissitudes-of-quicken-to-moneydance

    I would not anticipate any problem with your normal buy, sell and dividend transactions, these are pretty well known transaction types and are normally handled OK. Some transactions are handled differently to how they are in Quicken, for some there are just no equivalent actions types so other approaches have to be used, and for some events there will just be nothing in the QIF file about them.

  4. System closed this discussion on 04 May, 2020 05:40 AM.

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