Questions about your product

Brenda Walsh's Avatar

Brenda Walsh

11 Nov, 2021 06:23 PM

I need to switch out of my 2007 for Mac Quicken which is becoming corrupted, and want a compatible non-cloud based, non-subscription based product, and you seem to be it. Here are some of the things I do constantly on Quicken, and would like to assure I can do them on Moneydance:

1. Import data from Chase, Capital One, and possibly future AmEx credit card, as well as Citibank and possibly others
2. Have personalized categories and room for memos or notes (that will also print out in reports
3. Reports
     I FREQUENTLY make reports based on a particular payee, which pulls together all payments across all credit cards and bank accounts for that payee only, and shows date, memos, etc. In Quicken I could do this quickly with their "quick report.'
    I like detailed reports at tax time, and like to make reports that are: 1) only transactions that are tax related;and 2) that can organize within categories alphabetically by payee (regardless of account); for example I make many contributions, charitable and otherwise, over a year, and need to aggregate them for tx purposes to report to the IRS: so I like to see them neatly organized under my contributions category
    I like to have sub categories: for example, under contributions, they could be deductible, non-deductible, etc..; But most importantly, I have real estate investments, and like to use this personal software for that purpose, so I make one large category for the property, and subcategories for within the property (eg. painting, gardening, etc..)
   I would appreciate your answering me, as I am anxious to get started; and I wold love to be able to import my quicken into Moneydance: is it difficult to do?
  
   kind regards, Brenda Walsh

  1. 1 Posted by dtd on 11 Nov, 2021 08:01 PM

    dtd's Avatar

    just a user - someone will probably jump in and provide more detailed answers,
    but were you aware you can download the product in "try it out" mode for free, with the only limitation being 100 manual entries?

    Trying out the software should help your "get started anxiousness", as you can probably answer some of your own questions. As to import quicken data into MD - basically you export all your data to a QIF file (easiest from quicken is to check all the "include this data" boxes) then you can import the QIF file into Moneydance.

    Getting the "try it out" version as a free download should at least get you started right away, and then you should get some answer to your questions.

  2. 2 Posted by dwg on 11 Nov, 2021 08:17 PM

    dwg's Avatar

    I'm a fellow user.

    I will try to make a start on your questions.

    1. You can import data from any institution that provides downloads in format like OFX, QFX QIF etc, in other words the standard financial type formats, For non-investment accounts it is also possible to import from CSV type files.

    If you want automatic downloads you cn use Direct Connect, if your institution provides support for this, or there is the option fee based Moneydance+ for institutions that do not support this.

    If is your choice as to what you do.

    2. Most of us create our own categories and our own category structure so I see no issue there. There is a memo field in each transaction.

    3.For a report on a specific payee is sounds like Moneydance's Transaction filter report could suit your needs.

    For Taxation report Moneydance allows you to mark categoires at "Tax Related" and then run an Income and Expense report that just includes these categories. I have my system set up this way. The only thing here that I see is that the transactions are in date order. So if you want some reports that aggregate on Payee (Description in Moneydance) you may need to have some sub reports.

    Any combination of categories and sub categories is possible.

    Importing data is not difficult it can get involved as there is no such thing as a format that is designed for migration and it is not in any vendors interest to create such a format as it can be used against them. QIF is about the best format and you need to use you existing software to export the raw transactions in this format.

    Before making a final decision I would suggest you download and try out Moneydance in trial mode. This mode is fully functional but limited to 100 manually entered transactions - imports are unlimited. This should allow you to fully test everything without making a commitment.

    I would suggest a trial before you commit to any software in this space.

    For general information on Moneydance usage I would suggest you look to the articles in the Knowledge Base:

    https://infinitekind.tenderapp.com/kb

  3. 3 Posted by B W on 12 Nov, 2021 02:54 AM

    B W's Avatar

    Yes, I am aware of that, but it will take a fair investment of time to
    understand and work on these issues, and I would love to know the answers
    upfront, if someone has them; but thank you for responding..

  4. 4 Posted by dwg on 12 Nov, 2021 03:19 AM

    dwg's Avatar

    I believe I covered most of you questions in the post at:

    https://infinitekind.tenderapp.com/discussions/switching-from-another-personal-finance-program/19761-questions-about-your-product#comment_49485099

    If not perhaps you can outline what else you require.

  5. 5 Posted by B W on 12 Nov, 2021 10:32 AM

    B W's Avatar

    Thank you so much for this information. I appreciate it. I have been using Quicken for over 30 years, but it is becoming too difficult to use 2007 in Mac and I absolutely do not want a subscription service. I tried Mint and the number of ads was beyond belief, and I am far more. Comfortable with a non~cloud service. I hope Moneydance is planning to be around for 30 years? Kind regards Brenda Walsh

  6. 6 Posted by dwg on 12 Nov, 2021 10:47 AM

    dwg's Avatar

    Moneydance has past its 20th birthday.

    Many of us have migrated from Quicken, for one reason or another.

    Sean has said there is no intention to move to a subscription only model or a cloud model. The only subscription service is if you wish to use Moneydance+ and that is because using that service actually incurs recurring fees, which cannot be covered out of the license sales.

    Moneydance+ is totally optional.

  7. System closed this discussion on 11 Feb, 2022 10:50 AM.

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