Migration from Quicken

fantasia's Avatar

fantasia

05 May, 2022 11:39 PM

I have just imported all my information from Quicken to MD. The numbers are all screwed up showing me with a huge negative Net Worth. I am guessing that this is because I have lived in multiple countries and have had bank accounts in different currencies.

I think that when I started with the import of the QIF file, it listed Bank Accounts and currencies (all showing in USD). I did not bother to change anything thinking I could do it later, and now find it is a hassle to edit a currency.

So would it behoove me to uninstall MD and then reinstall it and try to import the bank accounts correctly?

PS. I even tried a Batch Change setting up a new Bank Account (with a different name) in the correct currency. But when I go to select the account it does not show in the drop down menu. The Bank Account does show in the account list.

  1. 1 Posted by derekkent23 on 06 May, 2022 07:16 AM

    derekkent23's Avatar

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

    To start again click HELP – SHOW DOCUMENT FOLDER. This will open file explorer, your data set should be listed. Close Moneydance. Your Data set is a folder not a file containing other folders and files, it has the naming convention yourdatasetname.moneydance. Delete ths folder. no need to uninstall and reinstall Moneydance.

    The following includes instructions on what to do if some account are in foreign currencies. QIF file do not contain any indication that accounts are in a foreign currency and they do not contain exchange rates.

    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 creating 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.

    IMPORTANT: When import is complete close and reopen Moneydance.

    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 making 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.

    Reminders 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 be correct. No guarantees the section will work correctly.

    Hope this helps.

  2. 2 Posted by fantasia on 06 May, 2022 10:53 PM

    fantasia's Avatar

    @ derekkent23 Thank you. My MD is up to date, though the version number is one off (2022.03) from that shown on the website.So I was able to follow your instructions especially with the currencies and import the QIF file.
    The numbers look much better but there are still some discrepancies. My data goes back to the year 2000, so it is quite a task finding these variances.
    Is there any easy way to check data? I find problems in bank and credit card accounts.

  3. 3 Posted by dtd on 06 May, 2022 11:07 PM

    dtd's Avatar

    just a user

    The big deal is if you have investment accounts.

    Most banking/checking moves over well, except setting up initial balances.

    My data goes back to 1985, and the persistent issue when I did the QIF import was investment accounts AND transactions into/out of them into bank accounts.

    There is an interminable thread about this from 2 years ago, but I won't link it unless you feel you really need it.

    If your stock values are aok (also download latest price from Quote Loader extension), and you don't mind investment balances from 2000-2022 being funky, you can just set the initial balances to an artificial number which makes the current day balance correct and move on from there. (No, I did it the hard way)

  4. 4 Posted by dwg on 06 May, 2022 11:50 PM

    dwg's Avatar

    As has been said non-investment acounts generally come across to Moneydance well, that being said different currencies can add some complications.

    Personally I would start on non-investment accounts and would do the main account first, concentrating on one account at a time.

    As has been said the usual issue we see is that there is no initial balance, this is because QIF files only contain transactions and often the initial balance is not handled as a transaction hence it is not in the file.

    Look at the account in Quicken does it have an initial or opening balance in the account, if so does this also appear in Moneydance, if not edit the account to set the initial balance. Look at your final balance in Quicken to see if you have match in Moneydance, if not you start looking deeper. There is no one method to dicing and slicing this to find the problem(s). For example I might go back half way and see if balances match, And then further cut the time period in half.

    In your situation if you have transfers between accounts that are in different currencies, checking these transactions to see if the exchange rate is correct is something I would do. If there are problems in this area you may well find you have duplicated transactions with different values because the transactions could not be matched. QIF files have no currency capabilities at all, they did not need them given the original purpose of these files. That being said some test loads of accounts in different currencies worked well provided I loaded the exchange rates first, set the currencies of the accounts correctly and of course had the right rates in the exchange rate file.

    FWIW My investment data goes back to 1982 but my bank type date nowhere near there - 1999. I did something of a compromise, for investments before 1999 I have ensured I have all buy and sell transactions in Moneydance but none of the income and other transactions. I'm not so much interested in total ROI type data so not having these old income transactions is not so much of a concern, I'm more interested in current dividend yield and unrealised capital gains over a shorter period.

  5. 5 Posted by fantasia on 07 May, 2022 05:23 AM

    fantasia's Avatar

    Thanks @dwg. I see the same problems, but none with Initial Balances.
    I think MD is a great program and good for someone starting from scratch. The amount of work in migrating data from Quicken is just overwhelming. Maybe I feel that way as I am just learning MD but there is too much stuff for me to correct. For example my 401k account has all the quarterly "Change in Mkt value" reversed. So all the gains are showing up as losses and vice versa. The raw numbers are correct but I have to go through each of those and change + to - and the other way. My Investment account stock holdings and balances are fine, but the Register shows crazy negative cash balances.
    I am not happy with Quicken for various reasons and would like to switch to MD; but find it to be a lot of work.
    Perhaps, I should just sit back and get back to this after clearing my head.

  6. System closed this discussion on 06 Aug, 2022 05:30 AM.

Comments are currently closed for this discussion. You can start a new one.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac

Recent Discussions

06 Feb, 2023 05:48 AM
06 Feb, 2023 04:16 AM
06 Feb, 2023 03:50 AM
06 Feb, 2023 02:39 AM
06 Feb, 2023 02:00 AM