Can I import Old Quicken Data?

Andrew Miller's Avatar

Andrew Miller

12 Feb, 2024 11:42 PM

Simple question. My needs are simple but I don't want to just walk away from all my old Qu
icken data in case I get audited or some other need for it arises. Your product is attractive. Let me know.

  1. 1 Posted by dwg on 13 Feb, 2024 01:58 AM

    dwg's Avatar

    I'm a fellow user.

    Quicken stores its data in proprietary QDF files that other vendors cannot read. Proprietary data files are used by most vendors, there is no standardised format in the financial world.

    Moneydance can however process QIF files, and while these are not perfect as they were not intended for data migration purposes, they are the best file type that is available to us.

    You need to use Quicken itself to export the raw transaction data into one (preferably) or more QIF files.

    To obtain QIF files from Quicken you need to use Quicken's export function.

    QIF files can be read by most financial programs, and from these files Moneydance tries (and mostly succeeds) to create the account/category structure and to populate it with the transactions from the file.

    There is a section in the Knowledge Base with a lot of information on the process:

    https://infinitekind.tenderapp.com/kb/importing-data-from-other-programs

    I do not intend to go into detail about importing QIF files, that would likely lead to a very long response that goes down many paths, many of which may not apply to your situation. One thing I would say at the outset is to have a look at the contents of the QIF file(s), it is just a text file, and check the date format inside the file. This needs to match the format you tell the importer when you are importing, some may think that the date format is the format you want to see in your file, it is not, it is the date format inside the QIF file.

    It is recommended that you download Moneydance and use it in trial mode to see if the software is suitable for you. Trial mode is fully functional, with the only restriction being a 100 manually entered transaction limit, imported transactions are unlimited.

    The current stable release can be downloaded from:

    https://infinitekind.com/download-moneydance-personal-finance-software

    You can try the import process, then post any problems you encounter in the forums and people here will try to help you. There is no super document that describes the process, every problem you could encounter and the solutions to such problems. QIF is very ambiguous, as stated earlier not designed or intended for migrations, and some vendors can also be very creative in the transactions they have, so we see new issues arise, so having such a document would be a never ending task.

  2. 2 Posted by derekkent23 on 13 Feb, 2024 08:12 AM

    derekkent23's Avatar

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

    Try it out for yourself.

    Downloaded Moneydance from https://infinitekind.com/preview which is a full working version with the only limit being a maximum of 100 manually entered transactions, with no time limit. Imported files from other financial programs and your bank have no limit on imports, provided that you do not confirm them.

    If you decided to purchase, you are sent a key by email that unlocks the 100-manual transaction limit. If after testing with this free trial version you purchase and change your mind see the 90 day money back guaranty at https://infinitekind.com/refunds

    For the future Moneydance never sunsets the version it releases. So, you don’t have to upgrade. If you won’t to upgrade the next version is free (say 2021 to 2022) and from then on you get a 50% discount. All upgrades within a version are free.

    You need to use Quicken to export your data in a QIF/QMTF file type. Ensure any closed account that have transfers to any open accounts are included in the QIF/QMTF file, re-open these accounts if necessary. Export everything Quicken export will allow.

    Open the QIF/QMTF 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/QMTF 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/QMTF file as follows.
    Drag and dropped the QIF/QMTF 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/QMTF 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/QMTF 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/QMTF 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.

    The NET WORTH value on the Summary page is the addition of selected account values. To see the breakdown click on NET WORTH. The accounts that are included are those selected under GRAPHS & REPORTS – REPORTS – NET WORTH - EDIT

    Reminders are not included in QIF/QMTF 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/QMTF file do not contain exchange rates. To overcome this QIF/QMTF file shortcoming the Currency/Security History window under TOOLS – CURRENCIES - highlight subject currency and double click must have current and dated exchange rates filled in which cover the date range of transactions in non-base currency account. If your version of Quicken allows you to export a CSV file for a given currencies exchange rate this is the way to go. Use IMPORT button in Moneydance under the Currency/Security History window to import the exchange rates. If this route is not available you can manually add exchange rates or you can import CSV exchange rate files downloaded from sites on the web. 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.

  3. Maddy closed this discussion on 15 Feb, 2024 11:20 AM.

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