UK Bank integration

Chris's Avatar

Chris

24 May, 2016 11:48 AM

Hi
have been using Quicken for some time and am looking for a UK based alternative. I had to buy a copy of Quicken from the US and hence could not use many of its features.

What I am looking for is something to replace it which will integrate with online UK bank accounts for reconciliation etc, do similar reporting to Quicken, allow me to track tax deductible expenses and report on them separately to personal expenses, links to a brokerage account and manage investments, manage retirement planning and savings goals, manage multi currency debt and assets, manage a property portfolio, and manage budgeting so I don't have to bother with spreadsheets. Also need to enter all expense relates transactions in different currencies for example, holiday spending.

Does your system cater for all this? I am looking for a single system to manage all aspects of my UK based personal finances - that's step 1. Step 2 is to incorporate my business activities which will involve multiple sets of books and VAT and all the usual accounting functionality for a small consulting business. Is your system capable of handling this too or will I need a separate business accounting system?

Look forward to hearing from you

Chris

  1. 1 Posted by Ian O on 24 May, 2016 12:12 PM

    Ian O's Avatar

    Hi Chris,

    Moneydance supports Direct Connect. You can view a list of our supported financial institutions here - http://infinitekind.com/fi
    I am also based in the UK, and unfortunately, I am not aware of any UK banks that support this feature. You will have previously connected with your bank with Quicken using Web Connect, which is a different type of connection which Moneydance does not support.

    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.

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

    Ian O
    Infinite Kind Support

  2. 2 Posted by Chris Kent on 24 May, 2016 01:12 PM

    Chris Kent's Avatar

    Hi Ian

     

    Thanks for your reply. Is this a US developed package? Also could you please address the rest of my questions noted below (re: budget/ investments / VAT etc)

     

    Cheers

     

    Chris

  3. 3 Posted by Ian O on 24 May, 2016 01:40 PM

    Ian O's Avatar

    Hi Chris,

    The Infinite Kind is based in Edinburgh, Scotland. We have developers and support team members based in the UK, mainland Europe and the US.

    Touching on the features you mentioned -

    You can enable VAT/GST support which allows you to set the VAT tax rate which can be used when creating categories and transactions.

    In Moneydance 2015 there are a range of Graphs and Reports available to you and they are highly configurable. You will be able to create reports based on a number of criteria.

    Moneydance does not include a 'Savings Goal' feature similar to Quicken, however, this has been suggested previously and we currently have a ticket regarding this suggestion in our system.

    By default a new Moneydance data file contains several dozen currencies making it easy for you to get started. You can add, delete and amend currencies and download the 'Quotes and Exchange Rates' extension to calculate exchange rates etc.

    As Moneydance is personal finance software, it does not include features for managing businesses, and there aren't any specific features which help with a property portfolio, however, I am aware of other customers tracking property rent, expenses etc using the software.

    There are two budget formats available within Moneydance, each with different features and interface. You can read about the different formats and the benefit of each in this article.

    If you haven't already, I encourage you to download our free trial version and experiment with the program. 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 and your financial institutions.

    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.

    Ian O
    Infinite Kind Support

  4. 4 Posted by Chris Kent on 24 May, 2016 04:48 PM

    Chris Kent's Avatar

    Great! Thanks for the info Ian – will take a look

  5. 5 Posted by Ian O on 25 May, 2016 08:36 AM

    Ian O's Avatar

    Not a problem Chris. I'll close this discussion now but please let me know if you have any more question when testing out the software.

    Ian O
    Infinite Kind Support

  6. Ian O closed this discussion on 25 May, 2016 08:36 AM.

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