tag:infinitekind.tenderapp.com,2009-01-14:/discussions/switching-from-another-personal-finance-program/16571-quicken-to-moneydanceInfinite Kind: Discussion 2020-08-04T21:00:22Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-01T22:15:03Z2020-05-01T22:15:03ZQuicken to Moneydance<div><p>Hello,</p>
<p>You will first have to export your data from Quicken into the QIF format. Instructions can be found at: <a href="https://infinitekind.tenderapp.com/kb/importing-data-from-other-programs/importing-data-in-qif-format-2">https://infinitekind.tenderapp.com/kb/importing-data-from-other-pro...</a></p>
<p>If you haven't already, I encourage you to download our free trial version from <a href="http://infinitekind.com/downloads">http://infinitekind.com/downloads</a> 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 things like importing from other programs and connections with your bank. If you decide to purchase the program at a later date (from <a href="http://infinitekind.com/purchase">http://infinitekind.com/purchase</a>) you can keep all your data, the license key simply unlocks the ability to manually enter more transactions.</p>
<p>In case you haven't found it yet, detailed information on how to use the program can be found at <a href="https://infinitekind.tenderapp.com/kb">https://infinitekind.tenderapp.com/kb</a></p>
<p>Ethan<br>
Infinite Kind Support</p></div>Ethantag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-02T21:35:05Z2020-05-02T21:35:05ZQuicken to Moneydance<div><p>Hello Ethan,<br>
Thank you for your response to my import inquiry. I am currently using Quicken 2017 which does have the ability to export in QIF format, but I am a lot of difficulty getting MD to import it correctly. I have tried the methods in the link without success. I have tried to remove MD and reload and re-import but somehow even after being uninstalled, when I reinstall it, it populates with the now old and wrong data. I'm sure I can adapt to using the software and would certainly upgrade to the full version, but, as I'm sure you understand, I must be able to start with a complete and accurate file import. Is there any help you can provide? Thank you in advance.</p>
<p>Best,</p>
<p>Jeff</p>
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<code>On Friday, May 1, 2020, 6:15:12 PM EDT, Ethan <tender+d4bb4589d8@tenderapp.com> wrote:</code>
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<p>Uninstalling and reinstalling the software has no impact on any data, nor should it, to do so would be the same as saying uninstalling and reinstalling your email software should delete any stored emails you have.</p>
<p>To create a brand new empty data set use the menu command File --> New</p>
<p>Once you have everything right you can go and remove any obsolete data sets that you may have.</p>
<p>If you are having specific problems with the import, I would suggest giving as much detail as you can.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-02T22:06:22Z2020-05-02T22:06:24ZQuicken to Moneydance<div><p>Thank you for sending that over, it's a start. But, I'm following the directions from the MD website:</p>
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<li>
<p>If this is the first time you have run Moneydance you will be presented with 3 options within the 'Welcome to Moneydance' window. Click the button that says "Import File...".</p>
</li>
<li>
<p>If you already have run Moneydance and have an existing Moneydance data file, navigate to File -> Import.</p>
</li>
<li>
<p>If you would like to open a new, blank data file before importing go to File -> New and choose "Minimal Account Set," then go to File -> Import.</p>
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<p>A file browser will be displayed. Navigate to your QIF file, select the file, and click "OK".</p>
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<li>
<p>The "Import QIF File" window will appear. It's very important that you select -<br>
"Import To: New Account" and "File Source: From Another Program".</p>
</li>
<li>
<p>You can set the date, decimal character, and currency as desired. Click OK.</p>
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<p>On the 5th bullet it says to "Import To: New Account" and "File Source: From Another Program". New account is not in the list nor is there an option to add one. I also do not see "File Source:...." </p>
<p>I do not get this dialog box that shows on the instructions.</p>
<p> </p>
<p>Thanks again.</p>
<p>Best,</p>
<p>Jeff</p>
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<code>On Saturday, May 2, 2020, 5:50:11 PM EDT, dwg <tender+d4bb4589d8@tenderapp.com> wrote:</code>
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<p>I understand your problem.</p>
<p>The screen you have posted is for Moneydance 2017. The instructions that are for Moneydance 2o19 are for an early build so are probably of limited help, the import has changed in the last couple of stable builds, but alas support have not updated the instructions.</p>
<p>The windows you will get looks quite different. It still has date format and decimal character at the bottom. but it also gives you a list of accounts, you should check the list to make sure each account is of the right type and currency and change any that are not. before you click on import. The importer has improved significantly.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-03T07:43:34Z2020-05-03T07:43:34ZQuicken to Moneydance<div><p>I am not support staff, just a user.<br>
Hi Jeff</p>
<p>As dwg has stated the support article is a little out of date.</p>
<p>Perhaps the following notes I have made on the current process may help.</p>
<p>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. Export everything Quicken export will allow.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>In the side bar (list on left) under BANK deleted the two default Bank accounts, highlighting them in turn and using ACCOUNT – DELETE ACCOUNT.</p>
<p>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.</p>
<p>Drag and dropped the QIF file into the side bar (list on left).<br>
Waited for import window to appear, this can take a few minutes.</p>
<p>IMPORTANT: Checked all listed accounts are of the correct type and currency and changed if required.</p>
<p>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.</p>
<p>Click import and waited to account values to file in, again this can take some time, it may appear nothings happening.<br>
Some accounts maybe hidden under the “+” at the bottom of the side bar, added them back.</p>
<p>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.<br>
Highlighting an account, then click ACCOUNT – EDIT ACCOUNT and add an Initial Balance.</p>
<p>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.</p>
<p>Reminder are not included in QIF files.</p>
<p>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.</p>
<p>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.</p>
<p>For information on how to use Moneydance see <a href="https://infinitekind.tenderapp.com/kb">https://infinitekind.tenderapp.com/kb</a></p>
<p>Note 1: This section only applies if you have accounts with currencies that are not in your base currency. For these currencies ensure “Show on summary page” box is ticked under TOOLS – CURRENCIES – highlight subject currency and double click – EDIT.<br>
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.</p>
<p>Hope this helps.</p></div>derekkent23tag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-03T21:50:19Z2020-05-03T21:50:19ZQuicken to Moneydance<div><p>Hi Derek,<br>
Thanks for your input, since you obviously put a lot of time into getting it to work. I have a question, you say "Ensure any closed account that have transfers to any open accounts are included in the QIF file, re-open these accounts if necessary." I assume you mean they should be made visible again in Quicken. I have many accounts that have either been literally closed with the financial institution or just inactive, such as an unused credit card that I don't have as visible. So you're saying I have to import all of the old, inactive, closed, or otherwise unused accounts in order to get the data to work? Thanks again.</p>
<p>Best,</p>
<p>Jeff</p>
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<code>On Sunday, May 3, 2020, 3:43:41 AM EDT, derekkent23 <tender+d4bb4589d8@tenderapp.com> wrote:</code>
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<p>With your financial accounts it is usually not possible to treat each account as its own self contained little island. there are relationships between accounts, in the case of finances this is usually represented by transfers. so you purchase items on a credit card, payment of the credit card is often represented by a transfer from a bank account. When you Invest money the funds often come from a bank account, Dividends received can often go to a bank account So it is easy to see there is movement of funds between accounts.</p>
<p>Moneydance was designed based on accounting principles, for personal finances this actually works quite well, and just requires a few small mind set changes from a theoretically aspect and from an implementation point just that things works a little differently from a business accounting program to suit the environment.</p>
<p>One of the fundamental rules that does not change is the principle of double entry bookkeeping. So every transaction you enter has two sides a debit side (where the money comes from) and a credit side (where the money goes to) If money is transferred between a still active account and one that is no longer used there could be a problem, you need the funds in the active account otherwise the balance is out, but by the rules it has to have the other side of the transactions Money cannot come from or disappear into thin air, so what Moneydance would do during the import is create the account. If only the transfer transactions are present for the account then the data is rubbish. Even though it might be a closed account it is felt that it is better to have complete data for any account that is in the data set hence the recommendation to include even closed accounts.</p>
<p>Sure other approaches could be taken but these would have to be done as a manual exercise as the importer can only work with the data that is present and the QIF format can only provide so much information.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-04T01:41:20Z2020-05-04T01:46:52ZQuicken to Moneydance<div><p>another user here - dwg is quite correct.</p>
<p>but if it was tl/dr - yes - transfer everything. Period. End of story.<br>
If you leave anything out, pieces are missing.</p>
<p>I have never "closed" an account (in Quicken), so can't speak to that.<br>
I didn't have to make any inactive/hidden accounts active, but the biggie for me was to say "export all accounts" and checking all the boxes in the QIF export</p>
<p>Hope that helps.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-04T06:25:46Z2020-05-04T06:25:46ZQuicken to Moneydance<div><p>I am not support staff, just a user.<br>
Hi Jeff</p>
<p>I think dwg and dantdavis have covered it.</p>
<p>Unless a closed/inactive account is an island, no transfers to an open/active account they should be included in the Quicken QIF export. If the are not Moneydance as a double entry bookkeeping software to balance the books will invent accounts ending in X to have somewhere to transfer money to and from open/active accounts.</p>
<p>You could hide these X accounts in Moneydance and live with strange transfers to/from open accounts but better to do thing properly.</p>
<p>Hope this helps</p></div>derekkent23tag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-04T06:57:48Z2020-05-04T06:57:48ZQuicken to Moneydance<div><p>I am not support staff, just a user.<br>
Hi Jeff</p>
<p>I need to post a correction based on dwg experience.</p>
<p>He has found the following:</p>
<p>“The only time I have seen the "X" account created are when there is an invald transaction from an accounting point of view, so the most common is when a transaction draws the funds from the account that the transaction is itself in, so it is just creating the funds from nowhere. If a transfer comes from/goes to another distinct account then even if that account is not in the QIF file it will just create the account using the name in the category field - no need to append an X to the name.”</p>
<p>Hope this helps</p></div>derekkent23tag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-04T15:04:58Z2020-05-04T15:04:59ZQuicken to Moneydance<div><p>First and foremost, I want to thank you all for your efforts to assist. Let me summarize what I have, what I've done, and what has happened so far.<br>
- I've been using Quicken for 25 years updating every few years along the way and I am currently using Quicken 2017 which does have the ability to export in QIF (as well as in QXF if that would be better.) - I've downloaded the trial ver of MoneyDance and attempted an import. - The first time I ran the export, I only exported the current and working accounts, and it almost worked. My accounts include business and personal checking, savings, credit cards, and investment. There were a few inconsistencies and I had almost resolved them all by deleting the account from MD and re-exporting / importing only the account with the error. It wasn't until I tried to clean up the investment accounts that it the other accounts got worse again.<br>
- Having read your posts, I understood how it could be a problem not including the old unused and closed accounts, so I ran another export with EVERY account, including the unused and closed. This fared no better than when I did it the first time just different accounts out of sync. I certainly understand how not including a closed account that had in one way or another had a connection with a open and working account would confuse" the balance. Once again I tried to clean up the inconsistencies by deleting the account in error from MD and reexporting / importing only that account, but with less success than the first time around.</p>
<p>So at this point I still don't have a valid point to start using MD from.</p>
<p>Thank you again.<br>
Jeff</p></div>Jefftag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-04T21:18:46Z2020-05-05T02:45:19ZQuicken to Moneydance<div><p>I'm a fellow user.</p>
<p>If there is an expectation that you can import one or more QIF files, and that all balances and accounts will be correct then I think you had better shelve that expectation. QIF was developed as a support tool to be able to extract raw transaction information, be able to make corrections to it or the structure and bring the data back in to the same data set. It was never intended as a migration tool, but it just happens to be the best of the available formats. QXF is another proprietary Quicken format so is of no use.</p>
<p>QIF has raw transaction information in it and it is not complete by a long shot but it provides a lot of the basic transaction data, It is highly improbably that an import will be perfect, even just Bank and credit card type accounts while they will be close there is usually at least one correction that needs to be made (initial balance usually).</p>
<p>Investment accounts will likely to be wrong or at least incomplete. Not all action types are supported and some actions are handled differently. Hence you generally have to work through each account.</p>
<p>Moving to another program really is a migration exercise and will require some effort. Moving between any personal financial software programs will require effort there is just no easy way, there is nothing like any degree of compatibility between any programs.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T00:03:26Z2020-05-05T00:09:50ZQuicken to Moneydance<div><p>As always, dwg is telling you exactly correct.<br>
his tl/dr: don't keep importing the qif file into the same MD file, not even individual pieces. It's just going to screw everything up.</p>
<p>I did many imports (and learned a lot) as I transitioned. But I ALWAYS started with a new/empty file and imported an "export everything" QIF file.</p>
<p>When I did so - the non-investment accounts were always right (EXCEPT for possibly an initial value adjustment to make the current day value correct). And if they interacted with an investment account, yes - that could "corrupt" the cash balance.<br>
When I did so - the investment account SECURITY VALUES were always right (that would have been a deal breaker had they not been), but they might not be priced correctly as that doesn't always come over (it did for me).<br>
When I did so - the investment CASH BALANCES were absolutely totally screwed up.<br>
When I did so - there were ACCOUNTNAMEX accounts created to "offset" things Quicken didn't do correctly by accounting standards.</p>
<p>As dwg stated - it is a process,</p>
<p>But doing it piecemeal or two or three times by account into the same MD file? Looking for trouble.</p>
<p>So - START OVER - import the complete file into a new file in Moneydance, take two aspirin and see me in the morning.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T00:07:09Z2020-05-05T00:14:42ZQuicken to Moneydance<div><p>k - now it's pretend morning. I've addressed the "QUICK FIX" before. This lets you see it "can work" and maybe you can even live with the result:</p>
<p>There are at least three places where you can make changes that impact your migration; in Quicken, in the QIF file and in Moneydance.</p>
<p>The quickest "well, I believe it will work out" is to make a few changes in MD:</p>
<p>1) IMPORT QIF FILE (details in many places)<br>
2) Hide and make inactive all ACCOUNTX creations (Account/Edit Account)<br>
3) Make the final balances for all the crazy cash balances match quicken by changing the Initial Balances (Highlight each account, Use Account/Edit Account/Change Initial Balance) - yes, the values you enter will make no sense other than forcing MD to match Quicken) in the final cash balance.<br>
4) Your initially incorrect cash balances from day 1 through today will be totally wonky. Look it over, report if other things are wonky other than cash balances through time. [This may expose some other things to write about in my small but growing documentation]</p>
<hr>
<p>This isn't really a final solution, but it may make you look past some things that are wrong and let you see the things that are right (credit cards, security holdings, etc.)</p>
<p>Then you can decide if you can live with the above - given you have a life, or now at least be able to see what you need to do further. I'm still working on what to write about how to more easily manage the do further bits (i.e. making the investment cash balances less wonky for the past)</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T02:59:37Z2020-05-05T02:59:37ZQuicken to Moneydance<div><p>I'm a fellow user.</p>
<p>Just small note. It is possible to perform imports on an account by account basis. Some competing products only provide the ability to export one account at a time so you end up with a series of QIF files.</p>
<p>The latest incantation of the Moneydance importer handles this reasonably well, certainly far better than when I fist tried it in Moneydance 2012 and I have seen it even cope with duplicates reasonably well in Moneydance 2019. But given you have a whole series of separate files thought does need to be given as to how to approach the migration and given that there could be problems, that backups be made along the way to give multiple recovery points during the process.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T20:36:19Z2020-05-05T20:36:20ZQuicken to Moneydance<div><p>So, here's the latest update on what I did and NOW what I have. First, I uninstalled MD, then went to the program directory and deleted all traces of MD including archives/backups.<br>
I made one more new and complete QIF export from Quicken, new download of MB and imported the newest export file. All of the credit card balances came in correctly and all but 2 of the bank accounts were correct. All of the investment accounts were wrong. I fixed the 2 bank accounts by deleting them and importing a new export from Quicken for the two separately which corrected them and didn't screw up the rest. As for the investment accounts, I'll have to correct them manually which I maybe able to live with. So the for now I'll work with both Q & MD which will require double duty for awhile but if I can make MD do what I need, I'll cut my ties with Q. Quicken is pretty powerful and has the ability to generate versions of reports I'm not seeing yet in MD. Sometimes you're better off with the "devil you know" but we'll see in time. Thank you all again very much for your help.</p></div>Jefftag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T20:46:39Z2020-05-05T20:46:39ZQuicken to Moneydance<div><p>First - you did not need to uninstall moneydance. You did need to start with a fresh file based on what you say abboe.</p>
<p>Second - you installed it all clean. Great - as you noted, all non-investment files invested cleanly (with the exception of two).... the investment files - did they import cleanly for SECURITY VALUES? That's important - I think you are concerned with the CASH BALANCES, correct?</p>
<p>"I fixed the 2 bank accounts by deleting them and importing separately... which corrected them..." - well it corrected them, but probably messed up the investment accounts even more - these two accounts probably have interacted with the investment accounts, and thus the cash balances get messed up. ---- doing what you did may have fixed these individual accounts, but it "broke" the connection for the transactions in question. [Then again, maybe that's what you desire as your own quick fix, but I'd have to look at the repercussions of doing this]</p>
<p>My suggestions above still stand as a "quick" way to fix all the PRESENT cash balance, and a way to get your net value straight immediately, but having all past balances crazy.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/482971482020-05-05T20:50:42Z2020-05-05T20:50:42ZQuicken to Moneydance<div><p>As to...<br>
Quicken is pretty powerful and has the ability to generate versions of reports I'm not seeing yet in MD</p>
<p>you certainly could open a different thread describing the versions of reports - maybe someone here (not me - i rarely use reports) could "find" the reports for you or tell you how to generate something like it.</p></div>dtd