Thinking about switching to Moneydance
Hello, I have been using MSmoney 2004 for a long time now and it is time to change from PC to Mac and time to change programs. Please note that I love MSmoney 2004 and if it were still supported I would still be using it. I did not like the 2006 version and went back to 2004 almost immediately. I started using MSmoney in 1997.
I tried ibank5 and was disappointed with the accuracy of the investment transactions, the system rounded the stock prices and made it so my accounts did not balance. ibank said it is not possible to not round the prices.
1. Can I import my past transactions from MSmoney? (about ten years worth)
2. Can I enter investment transactions accurately, to the ten thousandths? (27.0235/per share)
3. Can I keep track of international currencies?
I enter all my transactions manually and plan on continuing that practice. Every now and then I do find mistakes and or fraud (doctored tips on my credit card transactions) and it is worth it to me to go through the trouble of entering the transactions manually.
Thank you for your help in making this decision,
Brett
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
1 Posted by Brett on 25 Mar, 2017 08:59 AM
Also, will I be able to export a balance sheet to excel? I like to keep a running comparative balance sheet both monthly and annually.
2 Posted by derekkent23 on 26 Mar, 2017 07:57 AM
I am not support staff, just a user.
I live in the UK. About nineteen month ago I moved from Microsoft Money 2005, UK version. The move included just over 15 years of cash type accounts, Building Society, Bank, ISA and credit cards. 37 accounts in all, only 5 still open. This involved a lot of repetitive work as each account has to be exported from MS Money as a QIF file, a corresponding account set up in Moneydance and then each QIF file imported into Moneydance. This went well. I transferred all my 37 bank type accounts, thus enabling Moneydance to link transfer between accounts and reconciled them to give the correct balances and in MS Money terms the correct date, payee, Category, Payment/Deposit and Balance. This gave me the full history of just over 15 years of this type of account. When you transfer your first open account it should have the correct date, Description (payee), Category, Payment/Deposit and Balance. You may have to enter the opening account balance. It will automatically set up all the accounts that are transferred to/from in the account you have just imported. They will be hidden in the right side bar list but can be unhidden by clicking on the + at the bottom. The reason they are hidden is that there balances are wrong as you haven’t imported there data from MS Money. As you do so these accounts should sort itself out. Transferring one account takes about 2 to 3 minutes.
Investment accounts, fund, bonds etc., were more of a problem. I had to develop some work arounds to cover the way I had set up investments in MS Money which were not covered in the Moneydance transfer instructions. That said, once I had developed my workarounds things went well with only a little more work required compared to transferring cash type accounts. The only real issue was that investment prices history associated with each security investment are not exported by MS Money, only the price associated with a sell or buy. I had updated securities prices at the end of each month in MS Money and so had to manually enter price history into Moneydance. This of course only applies if you won’t this history in Moneydance. In MS Money I selected not to track cash transaction so the procedure I had to follow was different than that outlined in the Moneydance Knowledge base article “Moving from MS Money to Moneydance”. see http://help.infinitekind.com/kb/importing-data-from-banks-and-other... But once I had developed a work around all went well. For this reason I have only transferred investment accounts going back 6 years.
I does take a lot of work, but I am pleased with the result.
I would suggest you download the free version and try thing out. See https://infinitekind.com/download-moneydance-personal-finance-software The only limitation on the free version is a maximum of 100 new transaction entries. There is no restriction on setting up accounts or transferring data into them from MS money. Give it a go. Also see knowledge base articles at http://help.infinitekind.com/kb
You can have accounts in different currencies, you can also export to excel.
Hope this helps.
3 Posted by dwg on 26 Mar, 2017 08:56 AM
I enter the price of mutual funds to 6 decimal places.
Moneydance does not have balance sheet or P&L reports, they are more closely aligned to business users, instead it has more Personal Finance orientated reports i.e., Income and Expense reports are the equivalent to P&L and Account balances reports are akin to Balance Sheets.
As Derek has suggested I would also suggest downloading the software and trying it to ascertaining if it meets your needs.
4 Posted by Brett on 29 Mar, 2017 10:09 AM
Thank you both for the suggestions. I have been playing with the program a bit and I am optimistic that this will do the job I need it to.
System closed this discussion on 28 Jun, 2017 10:10 AM.