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Is Quicken even an option? RRS feed

  • Question

  • I'm a 10+ year devoted user of  Money.  I'm running 2007 now.  My biggest utilization is managing my portfolio with real time quotes and the stellar reporting and analysis we all know this tool has.  A couple of years ago I tried a Quicken conversion and was horrified.  With the takedown this week of MSM, I'm considering it again.  Will it be a clean conversion from 2007, and what will I lose?  Alternatively, are there better options for me to continue using MSM?

    Thanks!

    Wednesday, February 2, 2011 9:03 PM

All replies

  • I'm a 10+ year devoted user of  Money.  I'm running 2007 now.  My biggest utilization is managing my portfolio with real time quotes and the stellar reporting and analysis we all know this tool has.  A couple of years ago I tried a Quicken conversion and was horrified.  With the takedown this week of MSM, I'm considering it again.  Will it be a clean conversion from 2007, and what will I lose?  Alternatively, are there better options for me to continue using MSM?

    Thanks!


    Continuing to use MSM with help from software that will download statements for you is a pretty good option. But it is not going to give near-realtime quotes. Instead it will let you get your transactions into your registers, track the basis, and fill out your schedule D. You would need to use the application from your broker for the short-term info, such as realtime/near-realtime quotes and price change since yesterday.

    The Quicken conversion is surprisingly good. Microsoft cooperated on the conversion. The converter was written by one of the Money team who moved over to Intuit. It requires that Money 2007 or Money Plus (including Sunset) be installed to do the conversion.  It gives a list of issues when it converts. It might be useful to get that list, tweek some things in Money, and to convert again.  Quicken offers a money-back satisfaction guarantee. You can see people's experiences and opinions if you use the search for this forum. I did try it. I like the Money interfaces better, but that is what I am used to . It may well be your best option. On the other hand, I will have the advantage that I won't have to learn a new interface every year or two.  :-)

    Wednesday, February 2, 2011 9:38 PM
    Moderator
  • Bear in mind that Quicken only works for US users of money.

    Also it can't support a multi-currency portfolio.

    Thursday, February 3, 2011 8:15 AM
  • I would be very cautious about using Quicken.

    I bought a Quicken licence many years ago but had to buy a Microsoft Money licence when Quicken withdrew support for the UK market to focus on business support.

    I would question whether Quicken have a long term commitment to personal finance market.

    Thursday, February 3, 2011 2:08 PM
  • I abandoned a Quicken license many years ago to move to MS Money, and was always happy with the change. Now I've gone back to Quicken, using Home & Business 2011. It did a good job of importing many years of Money data (45MB Money file). I did spend some time cleaning up afterwards, but I am now using the imported data and not finding any issues. I would still personally prefer Money, but Quicken seems quite usable to me. Some things I like a little better and some a little less, but it's fine. I wasn't willing to give up the convenience of automatic quotes and electronic bank transactions. I figured that eventually I would have to move to supported software, so it might as well be now.
    Friday, February 4, 2011 10:22 PM
  • As ArrowOne pointed out, I'd be cautious of Quicken too (even it was an option for us non-US users of Money). Inuit dropped Quicken from UK a few years ago, leaving their customers with a big problem. Inuit also recently bought Mint and I am suspicious that their long-term strategy is to go to online software (which in my view is a mistake).

    I looked at MoneyDance because it is open-source software, so is likely to remain supported indefinitely. However, it is currently far too primitive to be regarded as a valid Money replacement. I am hoping that later versions may close the gap.

    Saturday, February 5, 2011 8:49 AM
  • You don't have to abandon Money even though Microsoft has chosen to.

    See

    http://pocketsense.blogspot.com/

    for information on how to continue to use Money fully functional in spite of microsoft's decision to abandon an established customer base.

    Friday, March 11, 2011 6:01 AM
  • Hi all, after using converting my data to quicken personal earlier this year I was shocked to find out that quicken DOES NOT allow exporting your data to formats such as csv. In other words quicken has decided to lock all the data to their format! Once I found this out I stopped using quicken and began using MS Money again. Although I looked and trialed other software I was still not happy with their products.

    I currently use MS Money and Pocketmoney on iphone to record cash transactions. I later import my cash transactions from Pocketmoney to MS Money.

    I have decided to keep using MS Money for as long as I possibly can. I am actually considering creating a iphone software to sync with MS Money. This is similar to an earlier Windows Mobile software called Spb Finance. Just wondering if people would be interested in such a software as I believe there is still a large MS Money userbase out there?

    Wednesday, May 18, 2011 10:08 PM