Advice for managing major transition from Quicken

Dan Ayre's Avatar

Dan Ayre

12 May, 2016 12:22 AM

I am a long-time Quicken user planning a transition to Moneydance. In anticipation of this, I would appreciate any general and special advice you could give me to ease the change, because I know it will be a major effort, and I dread the snafus and adaptation issues that could arise. I would like to take steps to make the migration as easy, seamless, and issue-free as possible.
I am currently using two different Quicken files for different sets of accounts. One is 102 MB in size, with over 20 years worth of records and 20+ active accounts, plus more which are inactive and hidden. (I have not archived in the past because I prefer all records to be available for easy reference.) I use property and investment accounts, as well as cash, banking, loan and credit card accounts. I also use Scheduled Transactions, savings goals and Quicken BillPay.
The second account is smaller at 15 MB, with about 10 years of records. It is simpler, with fewer accounts, no investments, fewer scheduled transactions, and no Quicken BillPay, but I do use one Savings Goal with this account.
Do you have any advice that would help me prepare for and conduct as smooth a transition as possible? I have not yet downloaded Moneydance or taken any other steps towards the transition, other than researching and deciding on your product.
Thanks,
Dan

  1. Support Staff 1 Posted by Jenny on 12 May, 2016 09:23 AM

    Jenny's Avatar

    Hi Dan,

    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 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 here.

    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.

    Most customer are able to import their data without issues, that being said the QIF file format was never really intended for transferring all data between personal finance software and as such it may contain inherent ambiguities that will need to be manually corrected post import. How much manual correcting needs to be done is hard to predict. I'm afraid that typically investment accounts fair worse that regular accounts in this matter. The more data you're attempting to import, then the more chance there is of the ambiguities I mentioned.
    Ensuring you follow the steps precisely will give you the best shot at getting your data imported correctly. You may also wish to refer to this article which details the possible problems you may encounter after import and how to resolve. And of course I'll be happy to provide assistance so we can get you up and running.

    Regarding your automatic downloads and bill pay, Moneydance supports Direct Connect. You can view a list of banks that support this feature here. If your bank is listed, you can set this up within Online --> Set Up Online Banking. Then select 'New Connection' and choose your financial institution from the list. You may also need to contact them to enable Direct Connect access, and for your login credentials (which generally differ from those used for online banking).
    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.

    I hope this information is helpful! Please let me know if you have any questions or need assistance with the import process.

    Jenny
    Infinite Kind Support

  2. System closed this discussion on 02 Oct, 2016 02:35 AM.

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