Quicken 2007 QIF import double-debits BuyX transactions

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mschmitt

01 Nov, 2020 11:46 PM

I'm evaluating Moneydance 2021 as a replacement for Quicken 2007. Import from Quicken 2007 still has a problem in MD 2021 that I first reported in 2017 and again in 2019: it is double-debiting BuyX transactions.

In Quicken you can transfer money to a mutual fund account and have it buy a security: it is a transfer and a buy at the same time. On the import, I have transactions that are doing this where the transfer is a split line item. MD created two transactions in the investment account: a Xrf for the transferred amount, and a second BuyXrf which transfers and buys. The BuyX then created a second transaction in the source account. The result is that it double-debited the source account.

This is a show-stopper. It is throwing my account balances off, and there's so many transactions with this issue that I can't fix them within the demo limit. And that means, I can't clear these out-of-balances in order to figure out why my other accounts are off by hundreds of thousands of dollars.

Moneydance's competition can import these transactions correctly, why can't Moneydance?

(I don't accept the answer "QIF is hard", because like I said, other products are able to handle it.)

  1. 1 Posted by dtd on 02 Nov, 2020 03:32 AM

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    another user here... I understand your question, and it is indeed an issue. MD is able to import non investment transactions almost perfectly, and for investment transactions, at least the securities end up being imported correctly as well.

    The issue is investment cash balances. MD doesn't import some of quicken's action steps correctly, while at the same time getting most everything else right.

    When moving to MD early this year, I created a very long discussion on this topic (if you want a very long and often TMI read, search for the word "Vicissitudes").

    What you mention and a lot more is discussed there, but it gets tedious as it was a learning process thread. If I have one post to suggest, I suggest post 66, which at least gives an overview of what to "simply" do to fix most of the numbers, but not the history. of the cash balances.

    Hope that helps.

  2. 2 Posted by dtd on 02 Nov, 2020 03:34 AM

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    another user here - could you please describe which products handle everything from a QIF properly? I'd like to know them, so that I could recommend them.

    Even Quicken, creating their own QIF export, could not properly import that same QIF file (it was worse than Moneydance) into a new file.

    Thanks!

  3. 3 Posted by mschmitt on 03 Nov, 2020 01:19 AM

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    What you see in the QIF is simply:

    • In the split transaction, it is simply a transfer of money to the investment account
    • In the investment account, it is simply a BuyX transaction with the money coming from the bank account.

    Since Moneydance created the BuyXfr transaction in the investment account, it does seem to understand Trasnfer/Buy transactions. The fact that it created an extra Xfr transaction would seem to be a bug. It isn't like there are not exactly matching transactions in the QIF.

    I have a reduced test case with a small QIF that demonstrates this problem, which I can upload.

    As far which products handle everything from a QIF: The last time I tested, SEE Finance had a 100% accurate import, and iBank was pretty close. Quicken 2020 can import these the problem transactions correctly from Q2007, but we don't actually know how it is doing it.

    I can re-test and see if the other products are still able to import correctly.

  4. 4 Posted by dtd on 03 Nov, 2020 01:30 AM

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    So is your primary QIF import concern the same as in your other thread?

    I won't deny the problem, as I found many more issues with QIF import from Quicken to Moneydance - and yes they are problematic. The main issues end up within cash balances.

    I used Quicken 2017 to import their own QIF file, and it was miserable (worse than Moneydance). Good to hear that Quicken 2020 has improved the import, though I have no wish to go back.

    Thanks for the comments on SEE Finance and iBank.

  5. 5 Posted by mschmitt on 03 Nov, 2020 06:02 AM

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    So is your primary QIF import concern the same as in your other thread?

    I don't know what you mean. I have two different import issues, both of which generate extra transactions, which throw off the account balance. There are more than 100 of them, so I can't fix them within the demo restrictions. That means I can't see if there are other import issues masked by these problems.

    What I am hoping is that Infinite Kind will fix the problem, which is why I reported it for MD 2017, 2019, and now for 2021.

    Note: The test case I posted in the other thread also demonstrates this Transfer/Buy issue.

  6. 6 Posted by mschmitt on 03 Nov, 2020 06:31 AM

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    The current version of SEE Finance does a 100% correct import, in the sense that every account balance is correct down to the penny. This is a 538,000 line QIF with transactions going back to 1997.

    However, it appears that it sidesteps the matching issue by doing no matching; it is creating independent transactions on both sides of the transfer -- they're not linked. That's probably left over from how in SEE Finance 1 transfers were never linked.

  7. 7 Posted by mschmitt on 04 Nov, 2020 01:39 AM

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    For what it's worth, Banktivity 7 (used to be iBank) imports 100% correct for non-investment transactions, but is off on the investments. The non-investments transactions do correctly match transfers.

    For the Transfer/Buy transactions, it looks like it is just doing the transfer with no share purchase. That's not good. And from previous testing, I think it has other problems on the investment import.

  8. 8 Posted by dtd on 04 Nov, 2020 02:13 AM

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    As I dealt with this early this year, MD does a good job on import overall (gets noninvestment accounts that don't interact with investment accounts correct, and gets securities correct.

    The main problem is the lack of proper support for some investment account action types.

    I proposed a "quick and dirty" solution in post 66 of the "Vicissitudes" thread
    https://infinitekind.tenderapp.com/search?utf8=✓&q=vicissitudes&t=d&recommend=1

    but, I will admit that wasn't good enough for me.
    If you read that way too long thread, I ended up changing the data IN QUICKEN, by moving action items that MD did not support to actions that MD did support. It usually wasn't hard, and batch actions in quicken fixed most things. (There was one notable and screamworthy exception)

    Then I'd reexport the QIF file and upload it again. And again. And again.
    But it kept getting better, and no manual transactions had to occur, since the work was done in Quicken, massaging it to MD.

    As for asking Moneydance to "fix it" - i.e. adopt these action steps, and incorporate them, I do not think there is much interest in that, as I asked for the same.

  9. System closed this discussion on 03 Feb, 2021 02:20 AM.

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