Guide to importing data into MoneyDance

SamG's Avatar

SamG

03 Dec, 2021 05:24 PM

Is there a step-by-step guide to importing bank and investment data into MoneyDance?

I'm one of many disgruntled Quicken users who wants to move away from Quicken ASAP due to many recent issues.

This is a golden opportunity for Infinite Kind as so many users want to move away from Quicken.

If only converting could be streamlined. It's not as simple as exporting a QIF file and importing into MD. I tried this and my balances are way off and my investment positions don't carry over.

I'm willing to put the time in the conversion, but I wish there was a detailed document put out my MD.

Can you please tell me if such a document exists?

Thanks

  1. 1 Posted by derekkent23 on 03 Dec, 2021 09:07 PM

    derekkent23's Avatar

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

    Make sure you are running this build of Moneydance https://infinitekind.com/preview

    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 https://infinitekind.tenderapp.com/kb

    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 SamG on 03 Dec, 2021 09:22 PM

    SamG's Avatar

    Hi derekkent23 -

    Thank you very much for the detailed reply! I will review carefully.

    I was hoping it would be a little easier to transfer data, but I know Quicken will never make that possible.

    It may be easier to start from scratch with MD and leave Quicken as a legacy store of previous transactions.

    What's driving all this is the recent disastrous Quicken December release. Accounts had to be re-setup for online update and the setup confuses account data between accounts.

  3. 3 Posted by dwg on 03 Dec, 2021 09:53 PM

    dwg's Avatar

    I'm a fellow user.

    The Moneydance folks have posted a few articles that address migrating at a high level. We are dealing in a space however where there are no defined standard formats for the storage of financial data nor were the formats we use for transferring data ever designed for the purpose.

    The result is that although we mostly can migrate it can require a bit of work, no matter what program your are coming from or are going to, it is just harder with some programs.

    Over time I have been gathering information on migrating from different programs to Moneydance and I have collated it into one document. I have attached the latest version.

    There is no attempt to work through all the problems that could be faced, and many of them will be in investment accounts, but more simply because there is an infinite number from what I have seen, but it may help you to get started.

    The document is completely unofficial but has pulled information from Moneydance articles, this forum and other sources.

  4. System closed this discussion on 04 Mar, 2022 10:00 PM.

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