Turbo tax issues

Mark's Avatar

Mark

04 May, 2016 11:24 PM

Hi....would love to ditch quicken. but when it comes to tax time and I have turbo tax importing categories that equate to tax form lines, will that be possible? Even if not automatic, manually is it possible to create a tax line for, say, "business supplies 1099" so I know what to do?

  1. 1 Posted by Mark on 04 May, 2016 11:44 PM

    Mark's Avatar

    hello?

  2. Support Staff 2 Posted by Jenny on 07 May, 2016 12:54 PM

    Jenny's Avatar

    Hi Mark,

    If you haven't already, I encourage you to download our free trial version 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 importing your data from Quicken.

    If the QIF file format is available to you when exporting from Quicken, you should follow these steps to import your data. In particular make sure you specify to Import into a new account rather than an existing account. And you set the source to "From another program".
    It is highly recommended to export all Quicken data into a single QIF file, as doing so makes the import process much smoother. Please use the option in Quicken to export "all accounts" if available. The one exception to this is if you have accounts in more than one currency - if thats the case, then you can follow these steps to import multiple QIF files.

    If you decide to purchase the program at a later date you can keep all your data, the license key simply unlocks the ability to manually enter more transactions. You can download the trial version of Moneydance from here:
    http://infinitekind.com/downloads

    Within Moneydance, you can change the preferences to 'Use VAT/GST', when then allows you to amend the 'VAT/GST settings' within specific income/expense categories. You may also wish to download the 'TXF Export' extension - I believe this is useful when using Turbo Tax.

    I hope this information is helpful. Please let me know if you have any questions or if I can be of further assistance.

    Jenny
    Infinite Kind Support

  3. 3 Posted by monsieurms on 07 May, 2016 10:19 PM

    monsieurms's Avatar

    Thanks, but it does not seem to support my bank (the beneficial)

  4. Support Staff 4 Posted by Jenny on 08 May, 2016 09:48 AM

    Jenny's Avatar

    Moneydance supports automatic connections via Direct Connect. If your bank begins to support this feature, we'll be happy to assist in setting up a connection.

    Without Direct Connect, the best way to get your files into Moneydance is to use a web browser to download them from your bank's web site. You can download into QFX, OFX or OFC files (aka Quicken or MS Money files), any of which will import cleanly into Moneydance.

    You can also open your bank's download page directly (after entering the appropriate address in the Account --> Edit Account menu) by going to the menu bar and selecting Online --> Open Account Website, which makes the download process easier.

    Jenny
    Infinite Kind Support

  5. 5 Posted by monsieurms on 08 May, 2016 12:17 PM

    monsieurms's Avatar

    In theory, my bank supports Direct Connect, since I auto-download
    transactions from them with Quicken. Nonetheless...not in your list.

    You know, you are so close. You are the first program I've seen that
    actually make me think this is feasible.

    That said, one thing that you need to work on is the upgrade process.It
    shouldn't take this much time to import and get going. Indeed, even my
    direct connect info should be part of my Quicken account. The
    upgrade/transfer process needs simplification. If you succeed, that is what
    you are going to need to focus on. There are a lot of people who have had
    enough of Intuit's bloat, aggressive sunsetting policies and high prices.
    Most will not sit there for a day struggling through this or calling the
    Bank to wonder what's going on and getting transferred from person to
    person until they can provide ofx info or whatever..

  6. Support Staff 6 Posted by Jenny on 08 May, 2016 02:57 PM

    Jenny's Avatar

    Its likely you were using Web Connect to download your data previously, this is the connection type most often supported by Quicken. Web Connect connects to your bank's website and downloads and imports OFX, QFX, QIF, and OFC files automatically. Moneydance only supports Direct Connect, which actually connects to a server at your bank instead of their website and usually requires different login credentials than you would use for online banking.

    I'm afraid that migrating from Quicken to any other software is likely to require some work; they do not make it easy, and depending on version it sometimes seems they try to make it impossible. The QIF file format was never really intended for transferring all data between personal finance software and as such it contains inherent ambiguities that will need to be manually corrected post import. How much manual correcting needs to be done is hard to predict as the exporting capabilities can vary depending on the software and version.

    Jenny
    Infinite Kind Support

  7. System closed this discussion on 02 Oct, 2016 02:34 AM.

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