What is Your Plan B if Quicken dies? [Intuit selling Quicken unit]

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RooseveltG
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What is Your Plan B if Quicken dies? [Intuit selling Quicken unit]

Post by RooseveltG » Sat Aug 22, 2015 6:50 am

The future of Quicken is uncertain now that it is being spun off by Intuit. Is there really a viable web based alternative with staying power that matches Quicken's ability to manage investing and checking?

If Quicken's days are numbered, do you have a Plan B?

Thanks in advance.

Roosevelt.

cashinstinct
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Re: What is Your Plan B if Quicken dies?

Post by cashinstinct » Sat Aug 22, 2015 7:05 am

Excel is my Plan A.

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Re: What is Your Plan B if Quicken dies?

Post by jebmke » Sat Aug 22, 2015 7:16 am

I only use Quicken to track the basis of my taxable investments. I have been simplifying things over the years -- In the Great TLH of 2008-09 I consolidated a lot of my basis lots -- so I don't have plans to upgrade (currently using 2012). I can either continue to use this or, more likely, just port my data to a spreadsheet (probably Google Doc).
When you discover that you are riding a dead horse, the best strategy is to dismount.

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Re: What is Your Plan B if Quicken dies?

Post by Grasshopper » Sat Aug 22, 2015 7:25 am

Two things that changed my thoughts, updating to Windows 10 and my Qkn 2013 sunsets in the spring. I have already started to move everything to Google Sheets.

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Re: What is Your Plan B if Quicken dies?

Post by longinvest » Sat Aug 22, 2015 7:44 am

I switched from Quicken to GnuCash years ago.
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Re: What is Your Plan B if Quicken dies?

Post by etarini » Sat Aug 22, 2015 8:06 am

I have no Plan B; I just hope that Quicken survives. I don't use it for investments, just for credit cards and cash accounts such as checking, savings, and PrimeMM. I enter everything manually, so I don't have to worry about finicky downloads.

Quicken's value to me is as much for the "memo" field and the "find" command that allows me to, say, look at all the times we went to a restaurant, and then figure out on which anniversary it was that I ordered salmon. Or find the name of some store that I know by the date we were there or the item we bought, but not by name. It's more than a way to track accounts and expenses; it's a diary of our lives since December, 1998. I'm still on Quicken 2004, and I never "close" a year, so I have one database for 1998 to now.

I'd pay $100 a year for Quicken. It would be great If they made it possible for all of us "legacy" users to slide over into their next version without losing any data, and then paying a subscription going forward.

I think we'll all have to get used to the idea that we won't just buy software once anymore. All the major apps will be much more like the annual-renewal of the antivirus packages.

Eric

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Re: What is Your Plan B if Quicken dies?

Post by SimonJester » Sat Aug 22, 2015 8:11 am

I will just continue to use the current version I have in manual mode for as long as I can.
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Re: What is Your Plan B if Quicken dies?

Post by BahamaMan » Sat Aug 22, 2015 8:21 am

RooseveltG wrote:The future of Quicken is uncertain now that it is being spun off by Intuit. Is there really a viable web based alternative with staying power that matches Quicken's ability to manage investing and checking?

If Quicken's days are numbered, do you have a Plan B?

Thanks in advance.

Roosevelt.
This is great news to me. I have been a Quicken User for over 20 years, and never cared for how Intuit managed their Bugs. I hope someone takes it over that does more than change the color of the register.

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prudent
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Re: What is Your Plan B if Quicken dies?

Post by prudent » Sat Aug 22, 2015 9:08 am

It would be a major inconvenience for me if Quicken goes away. It's the repository of a couple decades of financial records, budgeting and reporting.

I guess I would end up spending a lot of time and effort to move as much data into Excel as possible and greatly downsizing the number of accounts we have for manageability. The thing I use Quicken for the most is reporting, and no app can do it.

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Re: What is Your Plan B if Quicken dies?

Post by Ron » Sat Aug 22, 2015 9:20 am

Keep on using it until it doesn't work anymore; then decide on a replacement.

It's no different than when MoneyCounts (Parson's Technologies) was discontinued. They sold the rights to the software to Intuit (e.g. Quicken) and I switched over only when they offered a data migration path (along with a software discount) to make the move, after using MoneyCounts for many years.

I would think that any subsequent software development/vendor would see the potential to move current Quicken users to an alternative, be it already existing or a new software product. And if the Quicken product is sold but kept as it is? Than nothing changes.

I'm more interested in how they are going to break the sales link between Quicken/Turbo-tax since there is cross-marketing of the products.

- Ron

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Re: What is Your Plan B if Quicken dies?

Post by archbish99 » Sat Aug 22, 2015 10:05 am

Moved from Quicken to YNAB several years ago. YNAB was a much better fit for the workflow I was already trying to do in Quicken.
I'm not a financial advisor, I just play one on the Internet.

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Re: What is Your Plan B if Quicken dies?

Post by lhl12 » Sat Aug 22, 2015 10:09 am

I moved from Quicken to QuickBooks a number of years ago and never regretted it. QuickBooks has much greater functionality and customizability (if you are willing to invest some time in learning it).

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Re: What is Your Plan B if Quicken dies?

Post by texasdiver » Sat Aug 22, 2015 11:12 am

I'll just keep using my existing version which is Quicken 2014. The only thing that will eventually expire (perhaps) is the automatic downloads from my bank and investment accounts. That will be a bit of a pain but I don't have so much stuff going on that I can' manage it manually.

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Re: What is Your Plan B if Quicken dies?

Post by whaleknives » Sat Aug 22, 2015 11:20 am

cashinstinct wrote:Excel is my Plan A.
:thumbsup I'm exploring this. The Excel version of swimirvine's portfolio manager with the Yahoo! Groups Stock Market Add-in worked first time. I have less and less reason to stay with Quicken. Also:

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Re: What is Your Plan B if Quicken dies?

Post by Saving$ » Sat Aug 22, 2015 12:47 pm

I'm still using Quicken 2010 Home & Business. My plan is to buy a cheap copy of a more recent version soon (via ebay) and possibly migrate to that. That should hold me over for at least another 5 years, by which time I hope the new owner of Quicken has a solution.

I do not register the software, do not get the auto updates, do not link any accounts to automatically download (although for some reason some of my index funds are linked and I can't stop them from updating). I would pay for updates if required, but I would not keep financial info on the web - my database is private and mine; I do not trust keeping it on some else's server.

My use is similar to etarini - If I need to make a warranty claim on something, I search my single database that has ALL transactions since 1994. There is only about $200 a year of misc spending for which I cannot account. By keeping up with everything during the year, it makes doing my taxes SO much easier, and I know they are correct. I would be totally lost without Quicken, and honestly, the older I get, and the worse my memory is, I don't understand how people function without such a tool. My financial life would feel like chaos without Quicken.

I've tried GnuCash, and it would do in a pinch, but I don't much care for it. I cannot imagine being able to produce the reports I use via Google spreadsheet.

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Toons
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Re: What is Your Plan B if Quicken dies?

Post by Toons » Sat Aug 22, 2015 12:53 pm

"I would be totally lost without Quicken, and honestly, the older I get, and the worse my memory is, I don't understand how people function without such a tool. My financial life would feel like chaos without Quicken."

Feel somewhat the same way,,,I would figure something out though.
Don't play out the worst case scenario,Quicken will be around. :happy
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Phineas J. Whoopee
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Re: What is Your Plan B if Quicken dies?

Post by Phineas J. Whoopee » Sun Aug 23, 2015 11:06 am

My plan B was plan C when Microsoft discontinued MS Money (which, therefore, is now a free download) four years ago.

At that point I had 21 years of financial history in it. Now I have 25.

Plan A was to port my data to MoneyDance or a couple of others I don't remember offhand, that don't soak people with triennial charges. I made a good backup, then tried each's import tool, but without enough success for me to switch. I might as well just have started from scratch in them.

Plan B was to go to Quicken, which at that time was specifically promoting a data conversion tool. I followed the instructions, and tried and tried to get my data into there. After some days (not of full-time effort, you understand), I managed, by changing Money info (remember I had made a full backup before I started this process), to eliminate all error messages. The results were still terrible, not even close, not in any way. They honored their 30-day money back guarantee.

Plan C was to continue using Money, so I would still have history. That's what I went with. I've not upgraded to Windows 10 yet, but will in several months, and I understand there's a single registry change required to run legacy Money on contemporary Windows. That's my plan A now.

Eventually I won't be able to run Money, or use my data, either because no operating system available on a new computer supports it at all, or because of my demise. In the former case, I will acquiesce in the necessity and, as I said, start from scratch. If I'm lucky my financial situation will be simple enough that history doesn't tell me anything meaningful any more. On the other hand, I like having access to an important part of my life story.

Oddly enough, even without Money I'll have still older bits of my story, because I still have my paper records from before I computerized my finances.

PJW

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Re: What is Your Plan B if Quicken dies?

Post by tuningfork » Sun Aug 23, 2015 12:39 pm

Many years ago I switched from Quicken to MS Money, then to Moneydance. It was fairly painful at each transition to move my data via QIF files, but after identifying and fixing a handful of transactions each time that that did not import correctly I've been able to preserve all my history. Over 20 years of transactions. Moneydance has a decent enough set of reports, and does all the things I ever relied on in Money and Quicken except a couple of accounts that don't download automatically.

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Re: What is Your Plan B if Quicken dies?

Post by Phineas J. Whoopee » Sun Aug 23, 2015 12:56 pm

Painful is a good description of how it felt to me, but in my case I failed, and I'm no slouch when it comes to IT.
PJW

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Re: What is Your Plan B if Quicken dies?

Post by Toons » Sun Aug 23, 2015 1:03 pm

tuningfork wrote:Many years ago I switched from Quicken to MS Money, then to Moneydance. It was fairly painful at each transition to move my data via QIF files, but after identifying and fixing a handful of transactions each time that that did not import correctly I've been able to preserve all my history. Over 20 years of transactions. Moneydance has a decent enough set of reports, and does all the things I ever relied on in Money and Quicken except a couple of accounts that don't download automatically.
Were you able to successfully import historical investment transactions? :happy
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Re: What is Your Plan B if Quicken dies?

Post by Kevin M » Sun Aug 23, 2015 1:30 pm

I dumped Quicken some years ago. With each new version, my hate for it increased, as I only used a small fraction of the features, and it sucked up tons of time updating transactions, even using online downloads; it didn't handle some downloaded transactions well.

A good substitute for the tracking credit cards and checking is Mint, which is online, free, and easy to use. It also has budgeting features, but I don't use them.

I just use spreadsheets for investments, which I prefer since I can tune to my personal preferences, but there are a variety of other tools available for this.

Kevin
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Re: What is Your Plan B if Quicken dies?

Post by bertilak » Sun Aug 23, 2015 2:27 pm

Toons wrote:"I would be totally lost without Quicken, and honestly, the older I get, and the worse my memory is, I don't understand how people function without such a tool. My financial life would feel like chaos without Quicken."

Feel somewhat the same way,,,I would figure something out though.
Don't play out the worst case scenario,Quicken will be around. :happy
Boy I feel the same way and hope you are right about Quicken staying viable.

BUT, I have already taken a small step towards weaning myself off of Quicken. I set up my credit union's Bill Pay service. It includes auto-pay, reminders, etc. so I will see how well it works out. That isn't an irrevocable step. All the transactions will still DL to Quicken. Unfortunately it is only a very small step. I really want to keep convenient access to the MANY years of financial data I have in Quicken.

I also rely on Quicken's ability to project cash flow 35 days in advance by using scheduled transactions set to post (as future reminders) to the various registers. That way I can maintain a smooth cash flow and a positive balance. For example, I had a major emergency expense last year and instead of grabbing a fist-full of cash from an investment I could fine tune the timing of various regular payments to minimize the amount of investment assets I needed to sell.

For a DIY solution, a spreadsheet is inadequate. What one needs is a real relational database. Unfortunately Intuit knows this and has crippled its export capability to destroy any relational linkages. That data MUST be there or Quicken couldn't link all parts of a transaction. It would be REALLY TRIVIAL for them to export all pertinent data to some standard format (i.e. SQL or XML).

But exporting that CRITICAL data would break their death grip on your data and continued (paid) reliance on them. If their program was less buggy I wouldn't mind (as much) depending on them.
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Re: What is Your Plan B if Quicken dies?

Post by jebmke » Sun Aug 23, 2015 2:43 pm

Saving$ wrote: My financial life would feel like chaos without Quicken.
Have you thought about simplifying your financial life?
When you discover that you are riding a dead horse, the best strategy is to dismount.

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Re: What is Your Plan B if Quicken dies?

Post by archbish99 » Sun Aug 23, 2015 3:15 pm

Indeed. That's my reaction to two decades of data.... Might be interesting for analysis occasionally, but that's not what I need day-to-day. The daily needs are present -- what money I have (balances) and what I plan to do with it (budget).

Yes, at tax time, you need the previous year's data to sort out deductions. When making a warranty claim, you need to know when you bought it -- but you also then need a copy of the receipt, so that's presumably not sitting in your Quicken history. Beyond that, for me, it's sheer curiosity -- it's been how many years since we ate at that restaurant?!?

Maybe you're using it to track lots and cost basis? Enlighten me, why do you care about two and a half decades of transactions?
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Re: What is Your Plan B if Quicken dies?

Post by Ron » Sun Aug 23, 2015 3:24 pm

archbish99 wrote:When making a warranty claim, you need to know when you bought it -- but you also then need a copy of the receipt, so that's presumably not sitting in your Quicken history.
Mine are; it's easy to scan any document and add it to your transaction (add from scanner option - or file/clipboard if you wish).

- Ron

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Re: What is Your Plan B if Quicken dies?

Post by TravelGeek » Sun Aug 23, 2015 3:27 pm

bertilak wrote:
For a DIY solution, a spreadsheet is inadequate. What one needs is a real relational database. Unfortunately Intuit knows this and has crippled its export capability to destroy any relational linkages. That data MUST be there or Quicken couldn't link all parts of a transaction. It would be REALLY TRIVIAL for them to export all pertinent data to some standard format (i.e. SQL or XML).

But exporting that CRITICAL data would break their death grip on your data and continued (paid) reliance on them. If their program was less buggy I wouldn't mind (as much) depending on them.
Looks like Moneydance has a developer API and thus presumably would allow for export of data as desired.

Is there a way to get historic transaction information from Vanguard? According to https://personal.vanguard.com/us/OfxHelpServlet they seem to offer only 18 months worth of data.

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Re: What is Your Plan B if Quicken dies?

Post by Phineas J. Whoopee » Sun Aug 23, 2015 3:31 pm

archbish99 wrote:...
Maybe you're using it to track lots and cost basis? Enlighten me, why do you care about two and a half decades of transactions?
Presumably that's aimed at me, since I'm the one who said 25 years.

I don't need the information, which I made clear in my post.

I like having access to more of my history than I remember in my brain.

It costs me nothing to continue to use Money.

I conceded there may come a day when I can't access my history.

Are those points, which I expressed in my first post in this thread, enlightening enough?

PJW

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Re: What is Your Plan B if Quicken dies?

Post by bertilak » Sun Aug 23, 2015 3:51 pm

archbish99 wrote: When making a warranty claim, you need to know when you bought it -- but you also then need a copy of the receipt, so that's presumably not sitting in your Quicken history.
I have several times in just the past couple of years needed a receipt for warranty purposes. I buy everything with a credit card. I can download the credit card receipt if I know when the item was bought. Once I needed something from the store I bough some electronic equipment from (Fry's, I think it was). They keep records of everything but it helps if you can give them a date.

Quicken tells me when and I use that info to find the transaction, from the CC company or the store. But, I must admit I usually have the physical, paper, receipt in the box the item came in and I usually know where that box is. (attic, often).
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Re: What is Your Plan B if Quicken dies?

Post by frugalfraggle » Sun Aug 23, 2015 4:09 pm

For Mac users, what about iBank? I've been very happy with it.

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Re: What is Your Plan B if Quicken dies?

Post by bloom2708 » Sun Aug 23, 2015 4:14 pm

personalcapital.com
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Re: What is Your Plan B if Quicken dies?

Post by gks » Sun Aug 23, 2015 4:52 pm

Since I don't use Quicken, I don't have a Plan B. Now Microsoft Money, that was another story. MSM came with my original personal (as opposed to company) laptop, and since I used TaxCut instead of TurboTax, every couple of years I'd look and see what the discount was for purchasing both TC and MSM, just to keep the MSM files up to date.

A few years ago, maybe more, I was looking for the MSM update discount that went with a TaxCut purchase, but couldn't find it. After a couple of years, I discovered that MS was not supporting MSM anymore, but MS did provide the MSM Sunset Deluxe in 2010. That was my plan B, and it is still working, although there are a lot more manual inputs needed.

MSM has some glitches that I don't understand, but since I can recognize the glitches, they don't really bother me. On the plus side, MSM keeps track of our investments, checkbooks, savings accounts, cash expenditures, and gives a reasonable report on all of them.

Like PJW and Quicken, I decided I should try a Plan B, and used Gnucash for that. After downloading the program, and installing it, the number of QIF files needed to replicate the MSM file appeared to approach astronomical numbers. I don't know how long PJW spent with his attempt with Quicken, but I gave up after 3 or 4 hours with GC. Tuningfork, I applaud you.

Since I'm retired, I can manually enter our expenditures, update our mutual funds, use MSM SD, and have over 14 years of data available. Do I use it? No, but like PJW four posts above, it is available.

Greg

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Re: What is Your Plan B if Quicken dies?

Post by gd » Sun Aug 23, 2015 5:56 pm

My biggest actual problem will be FIFO CGs on funds going back 25 years. Since I just upgraded from 2004, I'm betting I'll get maybe 5-10 years out of 2015 before it won't run on Windows 10.325.21. At that time plan B is: dead, who cares, plan C is: already finished harvesting CGs & reinvesting to reset everything, just use the fund reports, plan D is: someone will have something that will input quicken files and let me generate a few reports, plan E is: do it by hand. Everybody needs a hobby.

As far as the rest goes, such as tracking all my expenditures, keeping a shadow copy of my credit cards and bank accounts, being able to look up old costs and transactions-- it'll be irritating with some pangs of loss, then the realization I've just made my life wonderfully simpler by giving all that stuff up, and things are just fine. Just like when I finally pitched the boxes of old textbooks and long-dead career mementos. Most of the boxes.

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Re: What is Your Plan B if Quicken dies?

Post by segfault » Sun Aug 23, 2015 6:01 pm

I don't see it going away even if they spin it off. Quicken is incredibly powerful software but they introduce new irritations with each new version. The 2015 version automatically activates email alerts when you install it, and one-line text advertisements show up at the bottom of the home screen.

If it "goes away," I will continue using 2015 and will manually update my portfolio. I would consider switching to any replacement product that can import my Quicken file and has a one-step download of new transactions.

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Re: What is Your Plan B if Quicken dies?

Post by Artsdoctor » Sun Aug 23, 2015 6:05 pm

Phineas J. Whoopee wrote:
archbish99 wrote:...
Maybe you're using it to track lots and cost basis? Enlighten me, why do you care about two and a half decades of transactions?
Presumably that's aimed at me, since I'm the one who said 25 years.

I don't need the information, which I made clear in my post.

I like having access to more of my history than I remember in my brain.

It costs me nothing to continue to use Money.

I conceded there may come a day when I can't access my history.

Are those points, which I expressed in my first post in this thread, enlightening enough?

PJW
I'm with you, Phineas. Those specific lots don't go back 25 years for me, but they go back 15 years.

And I also keep track of everything I've done to add to the costs basis of my house, dating back to the 1990s. And that includes scanned invoices! This could be a pain but it could just be a massive data dump, I guess. Certainly a sobering thought.

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Re: What is Your Plan B if Quicken dies?

Post by tractorguy » Sun Aug 23, 2015 7:08 pm

I fundamentally use Quicken for 3 things:
1) Providing a single source for balances of all of my accounts. I don't need to do this but its nice to be able to see when my checking account is getting low & picking the source for funds to move to it to cover big, occasional bills (new car, real estate taxes, etc.) If Quicken went away, I'd probably look at Mint or one of the on line aggregators to pick up that function.
2) A reminder to pay bills and their expected amount. I could replace that with calendar entries (probably to do reminders on Google Calendar). I haven't done this because it was so easy to set up in Quicken and I haven't felt to need to replicate a tool that works.
3) Tracking the cost basis of my investments. That is the thing that would take some work to replicate. Through most of my 30+ year investment history I had many funds on auto dividend re-invest and have that history in Quicken. Even though I'm now retired, I still have some funds re-investing dividends in taxable accounts. I would have to generate a one time report that documents all of my investment lots and then figure out how to start tracking the sale in some other software.

If Quicken went away, the software will still be able to read my data and generate reports. That access may survive a computer upgrade but I don't think that I could count on it. I also would have to worry about the auto download feature that I use weekly. I expect that the auto download feature would disappear fairly quickly. That would happen either when the Quicken software automatically sunsets 3 years after it's purchased or, more likely, when Quicken's owners stopped paying the service they are using to aggregate data. So, I'd have to go to plan B for my uses of Quicken at some point 1-3 years after Quicken announces that they are closing their doors.

I'm not worrying about it now. The one thing nice about capitalism, is that if there is a need, someone will fill it if they can figure out how to make money doing it. Quicken has had such a lock on this kind of software that no-one else has been able to build a big enough customer base to compete. If Quicken's owners open the door, I have faith that someone else will come in with reasonable alternative. It will likely be a cloud based solution because that will be cheaper to build and maintain but I have no particular concerns about that if it's done properly.
Lorne

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Re: What is Your Plan B if Quicken dies?

Post by tuningfork » Sun Aug 23, 2015 8:06 pm

Toons wrote:
tuningfork wrote:Many years ago I switched from Quicken to MS Money, then to Moneydance. It was fairly painful at each transition to move my data via QIF files, but after identifying and fixing a handful of transactions each time that that did not import correctly I've been able to preserve all my history. Over 20 years of transactions. Moneydance has a decent enough set of reports, and does all the things I ever relied on in Money and Quicken except a couple of accounts that don't download automatically.
Were you able to successfully import historical investment transactions? :happy
Yes. But as I said it was painful. I had to troubleshoot every account where the balances did not match and fix any transaction that was imported incorrectly. Often it was the opening balance transaction that was doubled. Other times it was a stock split or spinoff or some other unusual transaction that was pegged twice or missing. I think I spent the better part of a weekend fixing the errant transactions, but I had a crapload of accounts (probably about 40-50 at the time). My life is much simpler now with far fewer accounts.

Like others, I have my transaction history going back over 20 years. Occasionally I find a need to look up an old transaction. I still own a few mutual funds that I opened in the 90's and purchased shares every month for decades, and some individual stocks I acquired in the early 00's that I still own. Whenever I sell individual lots, I export the transactions to a spreadsheet and check the math before filing my taxes, so one could argue I should just move the transactions to the spreadsheet and be done with it. Another use for the transaction history is "Which contractor did I use to fix my septic system in 1998?" Sometimes it comes in handy.

Having many years of history readily available came in handy when I prepared for retirement a few years ago. While I didn't need 20 years, I did look back at all my expenses for 7 years to look for spending trends. It was a simple report in Moneydance to show me my spending by category for as many years as I wanted.

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TimeRunner
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Re: What is Your Plan B if Quicken dies?

Post by TimeRunner » Sun Aug 23, 2015 8:30 pm

Looks like InvestmentAccountManager will import from Quicken and handle all the investment tracking for Windows folks: http://www.investmentaccountmanager.com/

I'll try iBank (Mac) again if/when Quicken 2014 fades away. By then I'll be retired! :beer
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Re: What is Your Plan B if Quicken dies?

Post by Toons » Sun Aug 23, 2015 9:10 pm

tuningfork wrote:
Toons wrote:
tuningfork wrote:Many years ago I switched from Quicken to MS Money, then to Moneydance. It was fairly painful at each transition to move my data via QIF files, but after identifying and fixing a handful of transactions each time that that did not import correctly I've been able to preserve all my history. Over 20 years of transactions. Moneydance has a decent enough set of reports, and does all the things I ever relied on in Money and Quicken except a couple of accounts that don't download automatically.
Were you able to successfully import historical investment transactions? :happy
Yes. But as I said it was painful. I had to troubleshoot every account where the balances did not match and fix any transaction that was imported incorrectly. Often it was the opening balance transaction that was doubled. Other times it was a stock split or spinoff or some other unusual transaction that was pegged twice or missing. I think I spent the better part of a weekend fixing the errant transactions, but I had a crapload of accounts (probably about 40-50 at the time). My life is much simpler now with far fewer accounts.

Like others, I have my transaction history going back over 20 years. Occasionally I find a need to look up an old transaction. I still own a few mutual funds that I opened in the 90's and purchased shares every month for decades, and some individual stocks I acquired in the early 00's that I still own. Whenever I sell individual lots, I export the transactions to a spreadsheet and check the math before filing my taxes, so one could argue I should just move the transactions to the spreadsheet and be done with it. Another use for the transaction history is "Which contractor did I use to fix my septic system in 1998?" Sometimes it comes in handy.

Having many years of history readily available came in handy when I prepared for retirement a few years ago. While I didn't need 20 years, I did look back at all my expenses for 7 years to look for spending trends. It was a simple report in Moneydance to show me my spending by category for as many years as I wanted.

Thanks for the valuable input
I have about 25 years of investment transactions,like you funds for decades,,etc.
:happy
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Re: What is Your Plan B if Quicken dies?

Post by Kevin M » Sun Aug 23, 2015 10:20 pm

bertilak wrote: I also rely on Quicken's ability to project cash flow 35 days in advance by using scheduled transactions set to post (as future reminders) to the various registers. That way I can maintain a smooth cash flow and a positive balance. For example, I had a major emergency expense last year and instead of grabbing a fist-full of cash from an investment I could fine tune the timing of various regular payments to minimize the amount of investment assets I needed to sell.
It takes me a few minutes each month to enter known expenses for the coming month into a spreadsheet. Most of the large ones are credit card payments, so any large fist-fulls of cash I grab for unexpected expenses in the next month come from my credit cards.

And I have plenty sitting in a reward checking account earning 3% (higher than the yield on a typical bond fund) that I could tap, so no need to sweat about selling investments to meet unexpected expenses up to 60 days out. As a retiree, I do think about which investments I might need to sell for expenses several months out though, but it wouldn't even occur to me that Quicken would be even remotely useful for that (for me).

I think others have made this point, but part of this is how you organize your financial life. Almost all of my bills are paid automatically from a credit card or bank account. If you just keep a reward checking account topped off at maximum balance, which is a good idea anyway due to the high interest rate, and pay your credit cards and other bills you can't pay with a credit card from this account, you don't have to worry about having enough in your checking account to pay the bills. Then just top off the RCA after the major monthly bills are paid (I arrange for all credit cards to be paid near beginning of month).
For a DIY solution, a spreadsheet is inadequate. What one needs is a real relational database.
Oh poppycock! Spreadsheets work just fine for me, and take much less time than I took futzing around with Quicken and all of its quirks. And I can customize spreadsheets based on my personal preferences.

Among other things, I actually built relational databases in the last few years of my career, and I wouldn't dream of dusting off my skills to build a relational database to help manage my financial life.
But exporting that CRITICAL data would break their death grip on your data and continued (paid) reliance on them. If their program was less buggy I wouldn't mind (as much) depending on them.
I used to feel highly dependent on Quicken, but my growing annoyance with it motivated me to find other solutions that met my needs with less time and frustration.

One example comes to mind. I vaguely recall trying to import into TurboTax directly from Quicken to generate a Schedule E for my rental real estate, but it was such a nightmare, I just used Quicken to generate a report to help me enter the Schedule E lines into TT manually (the last part for sure--just the direct import I remember less clearly). I kind of dreaded giving up at least the report-generating capability of Quicken. But it turns out I spend only a few minutes a year entering income and expenses into a spreadsheet (already optimized for Schedule E reporting)--much, much less time than I spent using Quicken to track rental income and expenses, generate the tax report, make sure it wasn't missing anything, etc.

Kevin
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Re: What is Your Plan B if Quicken dies?

Post by denovo » Sun Aug 23, 2015 10:29 pm

Is everyone using Quicken for personal records? It's really good for business transactions which you may need at the end of the year, but I can't ever imagine using it for personal records. I don't really need a transaction record of the exact date I paid my cable bill in July 2014.
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Re: What is Your Plan B if Quicken dies?

Post by JDCarpenter » Sun Aug 23, 2015 10:50 pm

denovo wrote:Is everyone using Quicken for personal records? It's really good for business transactions which you may need at the end of the year, but I can't ever imagine using it for personal records. I don't really need a transaction record of the exact date I paid my cable bill in July 2014.
Yep. Since 1992. "Need" versus "want." Net worth and GI/tax history is nice to have. Grocery bills since last kid left for college is good for planning.... Differences in spending for each kid's college expenses might be beneficial in future if we choose to use it for estate allocation. Knowing in advance just when (and for how much) DW's disability premium is due, as well as the yearly increase in liability premiums. Etcetera, etcetera.

I would be able to live without it, but it is easier to have it.
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Intuit selling Quicken unit

Post by Material Guy » Wed Aug 26, 2015 12:16 pm

News from MacWorld: Intuit puts venerable Quicken up on the block

Intuit yesterday announced that it would sell its Quicken unit, the group that creates the personal finance software that made the company famous. The news -- and Intuit management's explanation for the sale -- illustrated the retreat of personal computer desktop software and the rise in cloud- and subscription-based services. It also distressed users, who wondered whether the banking and investment software would survive, and if not, how they would replace a program they've relied on for years, sometimes decades..........

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Re: Intuit selling Quicken unit

Post by whaleknives » Wed Aug 26, 2015 2:46 pm

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Re: What is Your Plan B if Quicken dies?

Post by LadyGeek » Wed Aug 26, 2015 4:29 pm

FYI - I merged Material Guy's thread into here. I also retitled the thread.
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Re: What is Your Plan B if Quicken dies?

Post by Wolf » Thu Aug 27, 2015 11:55 am

lhl12 wrote:I moved from Quicken to QuickBooks a number of years ago and never regretted it. QuickBooks has much greater functionality and customizability (if you are willing to invest some time in learning it).
Is Quickbooks as advanced as Quicken or Mint for personal budgeting / cashflow? If so, I would consider giving it a look. My biggest issue with Mint right now is that it doesn't allow earmarking within accounts. I.e. If I want to use 1 savings account to save towards 3 goals, etc.
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Re: What is Your Plan B if Quicken dies? [Intuit selling Quicken unit]

Post by Retired1809 » Thu Aug 27, 2015 12:31 pm

I'll keep on using my trusty Quicken 2000. Citibank gave it to me for opening a credit card in 2000. So I've had free business software for over 15 years. To your question, I don't believe Quicken will die; someone will buy it as a cash cow, steady-Eddie performer.

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Re: What is Your Plan B if Quicken dies?

Post by FuzzyButtons » Thu Aug 27, 2015 12:55 pm

Wolf wrote:
lhl12 wrote:I moved from Quicken to QuickBooks a number of years ago and never regretted it. QuickBooks has much greater functionality and customizability (if you are willing to invest some time in learning it).
Is Quickbooks as advanced as Quicken or Mint for personal budgeting / cashflow? If so, I would consider giving it a look. My biggest issue with Mint right now is that it doesn't allow earmarking within accounts. I.e. If I want to use 1 savings account to save towards 3 goals, etc.
I'd also like to hear from people who are using QuickBooks for personal financial tracking. I always assumed it would be overkill. Is it because you also own businesses and/or have lots of rental income?

My finances are very simple, but I'm back on Quicken now and I find I just enjoy playing with it. I recently found my old Quicken files from '93-2001 and upgraded them to the current format (took installing several intermediate step versions of Quicken). It's interesting to see, but since I was not paying any attention to my finances from '01-'14 I haven't tried to integrate the two sets.

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Re: What is Your Plan B if Quicken dies?

Post by bertilak » Thu Aug 27, 2015 1:33 pm

FuzzyButtons wrote:
Wolf wrote:
lhl12 wrote:I moved from Quicken to QuickBooks a number of years ago and never regretted it. QuickBooks has much greater functionality and customizability (if you are willing to invest some time in learning it).
Is Quickbooks as advanced as Quicken or Mint for personal budgeting / cashflow? If so, I would consider giving it a look. My biggest issue with Mint right now is that it doesn't allow earmarking within accounts. I.e. If I want to use 1 savings account to save towards 3 goals, etc.
I'd also like to hear from people who are using QuickBooks for personal financial tracking. I always assumed it would be overkill. Is it because you also own businesses and/or have lots of rental income?

My finances are very simple, but I'm back on Quicken now and I find I just enjoy playing with it. I recently found my old Quicken files from '93-2001 and upgraded them to the current format (took installing several intermediate step versions of Quicken). It's interesting to see, but since I was not paying any attention to my finances from '01-'14 I haven't tried to integrate the two sets.
I use Quickbooks for a business but not for personal finance. I think the accounting capabilities are overkill for personal use and will just complicate things. It also doesn't do anything for investment portfolios (can't download quotes for example).

I have both a business account and a personal account at the same credit union. QB does not directly download transactions from my credit union. I think QB is capable of using direct connect (in theory) but it doesn't support it for my credit union even though Quicken does. What QB does is bring up a browser so that you can initiate the download from there and then Windows takes over and recognizes the downloaded filetype as something that should be passed to QB. That's more complicated than simply doing the whole thing without QB getting in the middle.

QB gets very confused if you deposit multiple checks in the same transaction. when you download transactions QB can't find the matches (to mark the deposit cleared) because it won't look at splits, only the full amount. This is a pain even (or even more so) for business when you have, for example 25 checks to deposit. Those checks may have come over a week and have already been credited to various customer accounts. It is easy to make the mistake of depositing the checks as a batch (stick them all in one envelope or do the equivalent when using QBs smart-phone app to do the deposit) when you have already entered them into QB as separate transactions. The natural tendency is to go through the checks and mark each as deposited one at a time a you credit the customer account. If you understand the consequences you can get it right but it takes some proper thinking and planning. I need to rethink it every time because in my case most of the checks come in only at one time of the year so it i often almost a years since I have last done it. (Even now, I am not 100% sure I have explained it properly.)
Last edited by bertilak on Thu Aug 27, 2015 3:26 pm, edited 1 time in total.
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Re: What is Your Plan B if Quicken dies? [Intuit selling Quicken unit]

Post by dbCooperAir » Thu Aug 27, 2015 3:21 pm

RooseveltG wrote:The future of Quicken is uncertain now that it is being spun off by Intuit. Is there really a viable web based alternative with staying power that matches Quicken's ability to manage investing and checking?

If Quicken's days are numbered, do you have a Plan B?

Thanks in advance.

Roosevelt.
Thanks for the update, this is something I did not know.

I really like Quicken, when the time comes I would want something that can auto download and is stored on my local machine. On the other hand in a few more years with some luck the kids will be out of the house and the number transactions will be cut by a factor of 4, a spread may work!

I really only use about 20% of what Quicken has to offer, I guess its more bloatware for me!
Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him. | -Dwight D. Eisenhower-

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Re: What is Your Plan B if Quicken dies?

Post by Simbilis » Sat Aug 29, 2015 8:31 am

longinvest wrote:I switched from Quicken to GnuCash years ago.
Same here. Converting historical data wasn't trivial, but I'm glad I did it. I found errors that were hidden by Quicken's lack of support for double entry bookkeeping.

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