Thinking of Switching to Moneydance from Quicken Classic Deluxe
I've been using Quicken for years but it's annual cost is driving me away because the only part I use is for the register tracking for my checking, savings, and IRA investment accounts, and reconciling my data, with my banks data. I don't, and never have used the investment, bill paying, spending tracking features it has.
ChatGPT recommended your product, Moneydance, as a replacement. I'd like to try Moneydance and will be taking you up on the free trial you offer, but before trying it, I'd like to know I if there are any limitations with the free trial, and my old Quicken data be loaded into Moneydance, and if there are any documented process I need to follow.
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1 Posted by dtd on 03 May, 2026 09:30 PM
The only limitation with the free trial is 100 manually entered transactions. You can upload or download as much as you need, including your quicken data.
your old quicken data must be exported by quicken as a QIF file (one or many, preferably one) - then imported into moneydance. The primary thing that will be missing if you get it all exported will be the initial balance in each account.
There are informal documented processes, but each individual is different, and QIF is not inended as a conversion format, but it's the best anyone has. I'm sure someone will post one of those general formats.
2 Posted by dwg on 03 May, 2026 10:44 PM
One of the main things when importing QIF files is you specify the date, but it is NOT the date format that you want, it is the date format within the QIF file that you are specifying, hence opening the QIF file in an editor and checking on the format used is advisable.
There are a lot of variations when importing QIF files on what you can and should do but as @dtd has said it depends in the individual and their data, for example if you have used multiple currencies the process is somewhat different than if you have only one currency. A book could probably be written on importing QIF files alone with all the possible permutations, but the format is the best we have and much superior to the alternatives.
3 Posted by derekkent23 on 04 May, 2026 06:54 AM
I am not support staff, just a user.
Hi Tom
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 2023 to 2024) 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. Highlight Accounts to add and click ADD button. Before Moneydance version 2024, in this window, you could click ADVANCED. 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 a number of methods to accomplish this:
To remove Accounts from the Side Bar, right click and select REMOVE FROM SIDE BAR.
Before version 2024 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.
4 Posted by Tom on 04 May, 2026 02:22 PM
Thanks for the information. I checked the dates and they are showing up as
"D2/28'23" which I assume is mm/dd/yy, correct?
A question I have is the export from Quicken and import into Moneydance
processes. I bank with one institution but have a checking, savings,
overdraft, and an IRA investment account. I currently use Quicken only to
manually enter deposits and withdrawals (bill payments and checks), and
then run the sync/reconcile function to ensure all transactions were
entered correctly.
When I run the export function in Quicken, should I run a full export that
includes all four account types, or should I run an individual export for
each account?
Thanks in advance for any information and help you can provide.
Tom
On Sun, May 3, 2026 at 11:54 PM derekkent23 <[email blocked]>
wrote:
5 Posted by dwg on 04 May, 2026 08:46 PM
It is generally best to do one export that contains all accounts.
6 Posted by derekkent23 on 05 May, 2026 07:39 AM
I am not support staff, just a user.
Hi Tom
Yes D2/28’23 is mm/dd/yy.
Yes run a full export of all accounts, as in my post.
“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.”
Follow my post closely to ensure best results.
Now the real work starts to check balances and tidy thing up. But worth it in the end.
Hope this helps
7 Posted by Tom on 05 May, 2026 09:38 PM
Okay, I read and re-read your instructions then tried exporting all
accounts from Quicken, and importing them into Moneydance. My first export
included all of my accounts: Checking, Reserve, Growth, and I.investments.
The attached document 'All Accounts' shows the list of accounts in Quicken,
the Import QIF File, and what was loaded into Moneydance. The only
account that was right was the checking. So far, I'm not too impressed.
I then uninstalled Moneydance, deleted all associated files, exported only
the Checking, Reserve, and Growth accounts from Quicken, reinstalled
Moneydance (following your instructions), and imported the new Quicken
export file. The second attached document, 'Check-Growth-Reserve,' shows
the three accounts I exported, what Moneydance was going to load from the
import QIF file, and what was loaded into Moneydance. I closed and
restarted Moneydance, and removed from the side bar, the two accounts that
ended in 'X' and the one called 'Unspecified Account' because I didn't know
what it was. These accounts continue to show up in the summary section and
affects the balances in the summary display. I added $50.04 to the Reserve
account so now the three accounts match with what Quicken is showing. A
quick look at each account shows they look pretty good, but the column
headers need some tweaking; is that possible?
As for the investment account, I tried exporting it from Quicken and
importing it into Moneydance, and it opens the 'Import QIF File' window,
and if I click on 'Import' it finishes loading but I din't see it listed
anyplace. Am I missing something? What is the process for reconciling with
my bank? Navigation within Moneydance is clunky and not very refined. May
just bite the big-one and stick with Quicken.
On Tue, May 5, 2026 at 12:39 AM derekkent23 <[email blocked]>
wrote:
8 Posted by derekkent23 on 06 May, 2026 08:09 AM
I am not support staff, just a user.
Hi Tom
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.
The reason for recommending this is that if you only export some accounts and those accounts include transactions to/from accounts you did not include or closed accounts Moneydance does not know were to place related transfers. This usually results in dummy accounts being created that end in X as somewhere to place the transfers.
Also a file exported from quicken does not usually 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.
QIF file formats are not great for transferring from one app to another but its all that exists. Work is needed to sort things out. You have to delve into accounts and work out what’s going wrong. Only you can decide if the effort is worth it.
By the way I only see one attachment.
Sorry I can’t be of more help, but I can't see the details you can.
9 Posted by Tom on 06 May, 2026 02:53 PM
I changed banks 3 years ago, and when I did, I 'closed' the old bank
accounts in Quicken so I could retrieve an old record if needed. About a
year ago, I deleted all accounts associated with that bank. As for
opening/closing accounts in Quicken for my new bank, when I initially open
my accounts, they were the Spend (checking), Reserve (overdraft), and
Growth (savings). Over time, none of these accounts were closed and
reopened. I didn't add the investment (IRA) until last year, and adding it
to Quicken was just as difficult as adding it to Moneydance. During that
process it took a few attempts to get it adding, and between tries, the
account was deleted.
So all of the old bank accounts and the failed attempts at setting up the
investment account were deleted from Quicken, and if these mysterious
accounts that keep loading into Moneydance are the 'closed' accounts you
are referring to are the old bank accounts and failed investment adding
attempts that were all deleted from Quicken, how do I reopen them?
Currently, the only thing I really use quicken for is as a 'register' for
the four accounts. It replaces the old checking and savings account
registers the banks used to give you so you would manually write in your
checks, bill pay, and debit amounts in so you know how much mony you have
in your accounts. Today, I track all of that in the Quicken 'register' for
my accounts. Once or twice a month, I run the online reconcile to ensure I
entered the transaction in the appropriate register, and entered it
correctly. I don't use any of the added features or reporting available in
Quicken and I'm sure those are also in Moneydance.
Maybe Moneydance isn't for me.
Tom
On Wed, May 6, 2026 at 1:09 AM derekkent23 <[email blocked]>
wrote:
10 Posted by dwg on 06 May, 2026 08:56 PM
Moneydance is based on the principles of double entry accounting, Quicken is not, this explains some of the weird things that happen on migration as Moneydance forces the double entry rules and has limited ways to do it.
If there are transfers between an active account and one you deleted in Quicken, Moneydance will create the deleted account so it can place the other side of the transaction in that account. In Moneydance as in any account based system every transaction has a source and a destination, it can be account to account, account to category or even category to category.
11 Posted by Tom on 06 May, 2026 09:38 PM
I don't think Moneydance is the app for me. I think I'll just keep using
Quicken after my subscription expires, and manually reconcile my entries
with the bank's records. I need just a bank ledger for my four accounts,
and a way to reconcile my data with what the bank's records show.
Tom
On Wed, May 6, 2026 at 1:56 PM dwg <[email blocked]> wrote: