Switching from Reckon Personal to MoneyDance

Roger Trewenack's Avatar

Roger Trewenack

17 Jul, 2021 02:13 AM

it seems that MoneyDance wont import my accounts file from Reckon Personal 2019
Do you have any advice on this switch?

  1. 1 Posted by dwg on 17 Jul, 2021 02:41 AM

    dwg's Avatar

    I'm a fellow user.

    Reckon like Quicken where is originally comes from uses a proprietary format that other vendors cannot read. This is pretty much the case with all personal finance software.

    It is necessary to use Reckon to export the raw transaction data into QIF files. These can be imported

    The following was noted with Reckon 2016 it is probably still the case:

    "There is a hidden feature of Reckon Personal Accounts 2016 (it may be true of other versions).

    By default, there is no export to QIF feature. Check the menu FILE / EXPORT there are only two entries Desktop Super and Addresses.

    Now issue a CTRL - SHIFT - Z.

    You will now notice there is a third entry in the list, QIF File.

    The annoying thing remaining is that you can only export to QIF one account at a time. It is not possible to select all accounts and then export to QIF. This is still better though than the alternatives."

  2. 2 Posted by tgilbert666 on 17 Jul, 2021 04:35 AM

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    I'm in Melbourne and have been using Quicken/Reckon since the days of Quicken for DOS and I'd endorse everything that dwg says above.
    Of the three entities I was managing pre Moneydance, I've brought in the two simple ones, but am still "caressing" the complex one to get it into MD as I want. It goes back to 1984 (and a program called Checkmate on MS-DOS 3.1 via a brief time in MS Money (Australian version) and then Quicken / Reckon etc.)
    There's 125+ accounts which I've exported individually - a major pain as dwg mentions. However, done once, and backed up (in several places) read-only, I'll never need to do it again no matter what!
    I've been working on a python script to stitch these into a single qif file suitable for import into Moneydance, with massaged "equity" entries (i.e posted back to the same account, which Q allows but M does not). I'm not quite ready to post it for general consumption but have the idea to offer it to Stewart for review/massage into the toolbox at a stage in the relatively near future.
    My approach was to draw a line at a date (31-DEC-2019). I "froze" Quicken at that point and entered everything since directly into MD. Next step - after more massaging - is to bring 35 years of data in for historic interest.

    My approach was to export a QIF of the Accounts first. A QIF of the Categories next and import these into an empty MD instance and examine/polish for Account type and Currency. Then I exported my Quicken accounts as "nnn - acct_name_exactly.qif" doing the bank and ccard accounts with the most transactions first FWIW.

  3. 3 Posted by dwg on 17 Jul, 2021 10:49 PM

    dwg's Avatar

    I'm in Sydney.

    I migrated from Reckon about a decade ago. Reckon had rubbed me the wrong way once too often.

    Unfortunately at the time the hidden "feature" to turn on QIF exports had not been reported anywhere so I was left to deal with Reckon's attempt at producing Excel (inconsistently) compatible files CSV files which was all I had to work with.

    Another user had built a spreadsheet that handled non-investment accounts - but it had problems with partially complete records. Extensions to this spreadsheet plus a lot of custom VBA code in excel and I had the basic transactions including Investment Accounts migrated. Some data went back 30 years and it took a couple of weeks to get that far - over 70 accounts.

    If you can get QIF files you are ahead of the game in some respects in that you have the basic transactions in a usable format.

    If you do not have investment accounts to manage from Reckon then the process to get the data imported and get up and running usually goes pretty smoothly with few problems, even without QIF files I had that going quickly.

    With investments it is really difficult to offer general advise, it is more a case by case resolution, as an example Australia is one of the few countries that have Dividends split into franked and unfranked.

    Moneydance does not have the breath of Investment action types that Reckon does, something I continually lobby for with the Developer, I'm sure he shudders at the mention of my name these days :) Some just need to be changed to other actions types or handled slightly differently. Others well you have to work around today.

    My main workaround is for shares. I maintain total information for these in Moneydance an use a spreadsheet for each security to maintain indepth info down to the lot level for the share value including things like returns of capital.

    While I would love to do that in Moneydance what I m doing is more like the process you would have to do in a set of accounting books where you use worksheets and the like for supplemental information.

    The only way to know if the software is for you is to download it and try it out in trial mode. Users here are very willing to help you through the specifics of using the program and resolving problems.

  4. 4 Posted by Roger Trewenack on 18 Jul, 2021 01:34 AM

    Roger Trewenack's Avatar

    Thanks to “Melbourne” & “Sydney” for your detailed feedback on this migration.

    At the time I received the first of your feedback, Quicken would not let me open the application at all. I’m running the 2019 version as I was getting shit support using the 2020 version, and they were heading to web-based storage, and monthly subscription, with no way to buy the “product” as it used to be.

    After a reboot, I was again able to open Quicken Personal, so I’ll look for the export function.

    I’m just sick of not being sure if the app will open reliably.

    I don’t monitor shares or investments, just use it for transaction verification, and tax-time reporting, which has all become a lot simpler now that I’ve retired.

    So I’ll give MoneyDance a go – thanks again for your assistance!!!

     

    Regards,

    Roger T ~~ Now Retired !;^)} (from Ferntree Gully)

     

    No matter how educated, talented, rich, or cool you believe you are,

    how you treat people ultimately tells all. Integrity is everything.

  5. 5 Posted by tgilbert666 on 18 Jul, 2021 01:43 AM

    tgilbert666's Avatar

    @dwg with regard to

    My main workaround is for shares. I maintain total information for these in Moneydance an use a spreadsheet for each security to maintain indepth info down to the lot level for the share value including things like returns of capital

    . . . have you looked at Sharesight? It auto-populates from most brokers and auto-fills most dividends / distributions from several countries, reports on Australian tax breakdowns, and allows lot level management. I find it well worth the simple annual premium but there's a free version too, albeit limited in reporting. I'm at gmail on this id if you want to take any discussion offline. I think there's an intro offer too.
    Cheers,
    Tony

  6. 6 Posted by Roger Trewenack on 18 Jul, 2021 01:57 AM

    Roger Trewenack's Avatar

    Thanks Tony, but I don’t have any shares.

    All my super is in a managed fund, which has done well since I retired, so I wont be heading into those uncharted waters!!!

    I’m going by the “Keep it Simple, Stupid” philosophy!!!

     

    Regards,

    Roger Trewenack ~~ Now Retired !;^)}

    0439 650 800

    No matter how educated, talented, rich, or cool you believe you are,

    how you treat people ultimately tells all. Integrity is everything.

  7. 7 Posted by dwg on 18 Jul, 2021 02:02 AM

    dwg's Avatar

    @tgilbert666

    One requirement I strictly keep is that all data has to be on my own machine(s).

    @Roger,

    If you are just managing Bank and Credit card type accounts then most of the time the set up of Moneydance and import of data works pretty smoothly, we see a couple of small problems but they are an easy fix - the common one is that Reckon/Quicken may not include an initial account balance so it needs to be added.

    I recommend downloading and using Moneydance in Trial mode to see if it fits your requirements, imports are unlimited in trial mode

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