29 Apr, 2021 01:58 PM



  1. 1 Posted by derekkent23 on 29 Apr, 2021 03:36 PM

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

    Try it out for yourself.

    The downloaded version of Moneydance is a full working version with the only limit being a maximum of 100 manually entered transactions, with no time limit. Imported files from other financial programs and your bank have no limit on imports, provided that you do not confirm them. If you decided to purchase you are sent a key by email that unlocks the 100-manual transaction limit. If after testing with this free trial version you purchase and change your mind see the 90 day money back guaranty at
    For the future Moneydance never sunsets the version it releases. So, you don’t have to upgrade. If you won’t to upgrade the next version is free (say 2017 to 2019) and from then on you get a 50% discount. All upgrades within a version are free.

    Make sure you are running this build of Moneydance

    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. Later Builds of Moneydance may also include a Text Encoding dropdown, leave at default selection.

    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. If this does not help try closing and re-opening Moneydance.

    Any accounts that are inactive (closed) should be made inactive. This will remove them from the Summary Page, two columns on the right, in the Account Section as well as from reports. There are two methods to accomplish this:
    1. By highlighting the account in the Side Bar and clicking ACCOUNT – EDIT ACCOUNT and ticking the inactive box – OK.
    2. Click TOOLS – ACCOUNTS and in the windows that opens double click on the Account Name and in the window that opens tick the inactive box - OK. In the list of Account names Accounts in lighter text are inactive. After make the required changes click DONE.

    To remove Accounts 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.

    On the Summary Page, two columns on right, if you have Investment Securities they will be shown in a section STOCK PRICES. This may include securities in which you no longer have holdings. To remove these from the list double click on Security Name – EDIT and then untick SHOW ON SUMMARY PAGE box – OK - X

    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.

    For information on how to use Moneydance see

    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.

    Hope this helps.

  2. 2 Posted by dwg on 29 Apr, 2021 09:20 PM

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    Just to hone in on Derek's comments.

    You must use Quicken itself to export the raw transaction data into one (preferably) or more QIF files.

    Quicken data files are proprietary and other vendors programs cannot read them, hence the need to use Quicken to export the raw data no matter what software you want to use.

    Once you have QIF file(s) you have something that can be worked with.

  3. 3 Posted by v+ik on 02 May, 2021 11:42 PM

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    So I tried a big export to a single QIF file, but most of the accounts wound up with wrong balances when I imported into Moneydance. After analyzing the discrepancy in one account (that was an even $600 off) I decided that the export to QIF was as likely wrong, as the import by Moneydance, because of the nature of the $600 transaction which was a transfer, but had two entries in the exported QIF for the same account. So I re-imported that file into a separate Quicken file, and the balances were even further off! Also, nearly all accounts were converted from Asset and Investment accounts to Bank accounts in Moneydance.

    So then I decided to try exporting and importing one account at a time. That seemed to go pretty well, with all but one of the accounts imported so far having correct balances. It was getting late, so I quit working. When I started Moneydance just now to continue, I see lots of accounts listed in the summary that I haven't yet imported, with the names from Quicken. I'm speculating that this is a result of Moneydance seeing transfer transactions, and creating those accounts implicitly? They are not in the sidebar, but are in the summary. And they have rather bizarre balances, likely due to the limited number of transfer transactions imported, which would be a rather incomplete picture of reality.

    After completing the individual imports (I'm giving all the accounts a prefix to achieve a sort order, so none have exactly the same name as in Quicken), I'm supposing that I can just delete those accounts? Or will doing so also delete transactions from the accounts with new names?

  4. 4 Posted by v+ik on 03 May, 2021 12:26 AM

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    I figured out the discrepancy in the individual account import: I accidentally imported two .qif files into one account! Oops!

    But my question about all these other accounts is still relevant.

  5. 5 Posted by dwg on 03 May, 2021 01:18 AM

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    I'm a fellow user.

    When you import QIF data you will often have transfers from/to other accounts. Most people do transfer funds between accounts for example to pay down credit cards transfer funds to savings etc.

    Moneydance uses Double entry account rules as its basis for handling transactions, its a good well proven methodology and it can be adapted to fit personal finance relatively easy.

    Bit Double Entry has rules and one of them is often given as for every credit there has to be a corresponding and equal debit (my bookkeeping training from High School may be coming out here). Another way of putting it is that every transaction is a transfer between accounts and/or categories.

    So if you import a QIF file that has a transfer in it Moneydance will create the account the funds are going to/from and put the appropriate other side of the transaction in that account. If you have one big QIF transfer file Moneydance is generally pretty good at identifying what is a duplicate transaction i.e. recognising a transation in one account is the same as the transaction in another and avoiding duplication. In some more recent tests when using separate QIF files Moneydance was also pretty good at identifying and avoiding duplicates as well.

    In Moneydance whenever you enter a transaction you must either have an account or a category that the funds are going to/from.

  6. Melissa closed this discussion on 10 May, 2021 06:27 PM.

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