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.
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).
Wait for the Analyzing data window to close, this can take a few minutes. Nothing may appear to happen until the Import window opens.
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 wait, the process can take some time. Again, nothing may appear to be happening until the process is complete, indicated by the Merging data window closing.
Some or all of the accounts maybe hidden in the Side Bar, list on left. To make accounts visible click the “+” at the bottom of the Side Bar, then Advanced, then OK.
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.
You can also click the “+” button at the bottom of the Side Bar, click Advance then use the Advance window to determine which items are visible in the Side Bar.
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.
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: 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.
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.
on 30 Oct, 2020 12:01 AM
Thanks for your help. I got everything transferred, but almost everything
is wrong. For most accounts, there are two. One with the name I gave it,
plus another with the same name plus the suffix "X." I'm sure these just
need to be merged somehow, but the method is not apparent. The opening
balance may be an issue in some places, but mostly it's just multiple
accounts with different balances that have no resemblance to reality. I do
like this software, but don't have much time to mess around with it.
I'm beginning to think I should just go back to Quicken and make it easy on
There are two very common reasons for AccountX accounts with Quicken.
The first as you have said is the initial balance. This is because of the way Quicken creates this
The second is that Quicken allows you to create transactions that allow you to draw on the account itself for the funds i.e. it creates money out of nowhere.
Moneydance is based on accounting rules, and just arbitrarily creating money is just not on. Money has to come from somewhere it must be accounted for. With Moneydance money either needs to come from another account or from a category. This is the basics of Double Entry accounting.
on 30 Oct, 2020 05:03 PM
Unfortunately, that doesn't explain the problems I'm having. Withdrawing
cash or depositing income from work or dividends isn't creating money
arbitrarily. All my entries have a source or a target category. Not sure
what is wrong. I'm going down the register as I have time, and looking for
errors. Have found a few and can't figure out why they weren't included in
the original account. One problem may be the way Moneydance handles split
transactions. I've had some splits going from a payroll entry to an IRA
just entered in another fake account in some cases, but not in others.
Doesn't make sense.
Oh well. Will keep whacking away at it in hopes of finding some common
error that explains it.
another user who did exactly what you are trying to with 35 years of Quicken data early this year.
First, look at the ACCOUNTX accounts, sometimes that have only one or two entries, and that will be indicative. (And thus easy to eliminate by adjusting the one or two entries.)
If the ACCOUNTX has a lot of entries, examine why. Sounds like you can figure that out.
Here's an entry I wrote as to a "quick fix"to your current issues, which DOES NOT ADDRESS the overall problem, but shows it can be fixed, or you can live with the issue.
From Feb 8, 2020
The quickest "well, I believe it will work out" is to make a few changes in MD:
1) IMPORT QIF FILE (details in many places)
2) Hide and make inactive all ACCOUNTX creations (Account/Edit Account)
3) Make the final balances for all 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)
4) Your 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 the small but growing book]
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.)
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.