Home → Switching to Moneydance →

Importing QIF after starting with MD

• Edit

Dave

Apr 09, 2020 @ 03:08 AM

We began using MoneyDance in January 2020. Now we want to import our old data from Quicken via the Import QIF procedure. Would this import require us starting over or will the old pre-2020 data simply be imported into this existing one?

1. 1 Posted by Dave on Apr 09, 2020 @ 03:13 AM

   

   Okay. I see that there is already discussion and procedure on doing this elsewhere. (I am so used to fighting with Support at Company Q that I just didn't expect this much help here at Moneydance). Let me try that first.

   • Edit

2. Support Staff 2 Posted by Ethan on Apr 09, 2020 @ 03:16 AM

   

   Hello,

   In general, one should always try importing historical data before entering in the newer data. You can try importing into your current data file, but I suspect you'll have to import into a blank file to get useful results. The reason for this is that you really need all of your accounts and categories to be exactly the same in your current data file as the data you are importing from Quicken. If those are slightly different in their name or hierarchy, Moneydance will likely import that data into new separate accounts, likely requiring a significant amount of manual cleanup, if that's even possible.

   If you are going to try importing into your existing data file, I recommend first making a backup of your data file first by going to File -> Export Backup from the menu bar. Otherwise you won't be able to easily revert to your current data if something goes wrong.

   Ethan
   Infinite Kind Support

   • Edit

3. 3 Posted by Dave on Apr 09, 2020 @ 03:36 AM

   

   Next question: Is a QIF file account specific, or will it include data from all my accounts created in Quicken for the time range selected?

   • Edit

4. 4 Posted by derekkent23 on Apr 09, 2020 @ 07:14 AM

   

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

   When you export a QIF file from Quicken you should export everything, all account, even if now closed, with no time restrictions. If you exclude accounts that have transfers to included accounts this will through out its balance. This would also occur if you time limit the Quicken QIF export.

   The following is the process I would suggest.

   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.

   Click import and waited to account values to file in, again this can take some time, it may appear nothings happening.
   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. Ensure “Show on summary page” box 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.

   Hope this helps.

   • Edit

5. System closed this discussion on Jul 09, 2020 @ 07:20 AM.