MS Money user trying Quicken

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newkidontheblock
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MS Money user trying Quicken

Post by newkidontheblock » Tue Feb 23, 2010 3:21 pm

I have been using Microsoft Money since 1995 and have been very happy with it. I was sad to hear the announcement that MS Money is going away. First I tried using mint.com and I like it but there are many missing features as it only does reporting on the transactions.

Quicken was on sale at Costco so I picked up its deluxe version for only $20.
I wanted to keep an open mind but after trying Quicken for an hour I am surprised at how bad it is. There are many things I dislike but I can get used to them. However the biggest surprise is automatic statement downloads. It seems to me that quicken cannot automatically download from
1. Discover Card
2. Charles Schwab
3. Vanguard
4. Wells Fargo Bank and Credit Cards
5. ING Direct

I am having a very hard time believing that Quicken cannot automatically download from these places.

Based on what I hear from you I will decide if I should return Quicken to Costco and look for other solutions.

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Ducks
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Post by Ducks » Tue Feb 23, 2010 4:02 pm

I download from Discover and Vanguard into Quicken. I don't have the other accounts so I can't say for sure about those, but if I try to set up a new account at Wells Fargo I get two options for Wells-Fargo-related institutions, ING I get 4 options, and Charles Schwab 2 options. So it seems to me like you should be able to use those.

However - it may be that you are having trouble with Vanguard, Schwab, etc. because they are investment accounts, and Quicken Deluxe does not do investment accounts? Perhaps you need Premier for that.
Getting our Ducks in a row since 2008.

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tetractys
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Post by tetractys » Tue Feb 23, 2010 4:05 pm

Unless you want to build your own spreadsheet, or use one that others have built here, your kind of stuck. There aren't that many options software wise, and there are always compromises and workarounds that you will encounter.

I use a combination of Quicken for Mac and a few NeoOffice spreadsheets connected to a Quicken exported excel report. And I enter transactions rather than accept institutional downloads, which tightens up reconciliation.

Welcome to the software conundrum, and best of luck. -- Tet
RESISTANCE IS FRUITFUL

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Rob5TCP
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Post by Rob5TCP » Tue Feb 23, 2010 4:12 pm

I have been putting off switching to Quicken, but the day is rapidly approaching. Unless I decide to do all updates manually.

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Ducks
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Post by Ducks » Tue Feb 23, 2010 4:13 pm

P.S. I use Quicken for budgeting, expense tracking, tax organization, etc. I also download my investment accounts into Quicken to get the market value held in each account. I put those #'s into Excel and use that for rebalancing, as Quicken's solution for that is quite lacking.
Getting our Ducks in a row since 2008.

chipmaker
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Post by chipmaker » Tue Feb 23, 2010 8:01 pm

I successfully use Quicken to download transactions from Vanguard, Wells Fargo Bank and Brokerage, and ING Direct. I have 2009 Premier version.

frogamigo
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Post by frogamigo » Tue Feb 23, 2010 8:15 pm

I have MS money as well... I am planning on using it for 2010 and then in 2011 switch to Quicken.

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daytona084
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Post by daytona084 » Tue Feb 23, 2010 9:07 pm

Like the OP, I was a long time MS Money user, converted to Quicken as of 1/1/10. I had a successful file conversion after a lot of manual tweaking. All my banks except Ally are successfully importing (including ING Direct).

My experience (YMMV) is that neither has a satisfactory 401k online download. Both seem to be based on the model of reconciling a quarterly statement and allowing the program to generate transactions that cause the program to agree with the quarterly statement. So I enter 401k transactions manually.

I was surprised how "unpolished" Quicken is compared to MS Money. Kind of like an early 90's Windows 3.x program. And I had to get used to the way Quicken likes to open multiple new windows. At first I thought there were several things I used to do with MS Money but could not do with Quicken. However, after searching, in just about all cases I determined the functionality I was looking for was there, I just had to find it. There is a helpful "Quicken Live Community" that can answer questions, or as is often the case, has already answered it. All things considered I am now a relatively satisfied Quicken user.

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Sheepdog
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Post by Sheepdog » Tue Feb 23, 2010 10:11 pm

wjwhitney wrote:Like the OP, I was a long time MS Money user, converted to Quicken as of 1/1/10. I had a successful file conversion after a lot of manual tweaking. All my banks except Ally are successfully importing (including ING Direct).

I was surprised how "unpolished" Quicken is compared to MS Money. Kind of like an early 90's Windows 3.x program. And I had to get used to the way Quicken likes to open multiple new windows. At first I thought there were several things I used to do with MS Money but could not do with Quicken. However, after searching, in just about all cases I determined the functionality I was looking for was there, I just had to find it. There is a helpful "Quicken Live Community" that can answer questions, or as is often the case, has already answered it. All things considered I am now a relatively satisfied Quicken user.
WJ or other Quicken users,
I also have been using MS Money since the late 90s. Does Quicken now have a similar cash flow forecast system which Money has? Cash Flow has been a wonderful tool in planning how much and when I will need money in the future 12 month cycle. For retirees like me who need to schedule distributions, I don't know how I can be as efficient without it.
Jim
Just because it isn't your fault doesn't mean it isn't your responsibility....Josh Reid Jones

Buysider
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Post by Buysider » Tue Feb 23, 2010 10:35 pm

I just took the plunge moving from MS to Quicken ... so far the only bad thing was installing it killed my MS Outlook and the only quick fix I found was de-installing Contact Manager in Outlook using the service pack 1.

I agree it will take some time to get used to the graphics of Quicken, but download functionality has been fine (I'm using premier).

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OAG
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Post by OAG » Wed Feb 24, 2010 7:56 am

I moved to Q sometime last year (Q Deluxe 2010). I had been a MS Money user since it was BETA (over 15 years). I have an accounting background so the transition was not very difficult. The 2010 Q conversion program for MS Money files is greatly improved from previous versions of Q - and even that was not perfect. I do not download anything into Q (did not do so with MS Money either) as I am a long time SS user (Visa Calc to Excel) and would rather do these thing manually. All in all the move to Quicken 2010 has be "relatively" painless - but then I am retired so I maybe had more time to devote to the conversion.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.

NewtoBogle
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Post by NewtoBogle » Wed Feb 24, 2010 8:09 am

I use quicken for ING (and Discover, and Vanguard as other have said).

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Hexdump
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I just went through a conversion

Post by Hexdump » Wed Feb 24, 2010 8:22 am

of Money to Quicken Premier, and was very pleased at how painless it was.

I had about 60 different accounts spread across Fidelity, BofA, other banks, American Express, Visa, etc.
The only cumbersome detail I have with it is when I sell an asset that was bought under Money, Quicken puts in some silly transaction called a placeholder and for the life of me I cannot figure out what do do with it. After trying to work through its' intent, I eventually wind up deleting it and adjusting the appropriate totals manually.

Re the cash flow, I never used the feature in Money, but Quicken does have something they call cash flow. On the main page it shows the upcoming bills and income for the next 30 days. Under a separate tab, Planning I think, you are able to step through each month and see the expected income and expenses.

Something that is missing and that causes some of the numbers to be very misleading is the ability to exclude certain transactions based upon the category.
As an example, a transfer of $$$ from a Fidelity brokerage account to a Vanguard joint account shows up as a huge expense and a huge income.
I want to be able to exclude transfers like I could do in Money.

Other than that, I like it better than Money. The downloading of transactions is seamless and painless and I like that they provide a vault where all the online accounts with their associated passwords are kept, password protected of course.

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Kenkat
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Post by Kenkat » Wed Feb 24, 2010 8:52 am

Ducks wrote:I download from Discover and Vanguard into Quicken. I don't have the other accounts so I can't say for sure about those, but if I try to set up a new account at Wells Fargo I get two options for Wells-Fargo-related institutions, ING I get 4 options, and Charles Schwab 2 options. So it seems to me like you should be able to use those.

However - it may be that you are having trouble with Vanguard, Schwab, etc. because they are investment accounts, and Quicken Deluxe does not do investment accounts? Perhaps you need Premier for that.
I use Quicken Deluxe and have no problems downloading from Vanguard, ING, etc. Premier does not give any additional download capabilities that I am aware of.

Ken

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newkidontheblock
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My experience part II

Post by newkidontheblock » Wed Feb 24, 2010 11:24 am

Hi:

Many thanks to all of you for your replies.
Even though I don't like the user interface of Quicken I was able to figure out how to download statements from
1. Vanguard
2. Discover Card
3. Wells Fargo
4. Fidelity

The only things I haven't been able to do are:
Download from Schwab : Perhaps I need to upgrade to Premier
Chase Home Loans for my mortgage
Utah 529 Plan

I do plan to upgrade to Premier soon and I know that it will take a little while to get used to Quicken I will be able to do most of what I used to do with MS Money.

I still regret that MS Money has gone away. This leaves no competition for Quicken. Even with competition Quicken has had a terrible User Interface and now I fear that they will put even less resources into it.

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In The Weeds
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Re: I just went through a conversion

Post by In The Weeds » Wed Feb 24, 2010 11:32 am

Hexdump wrote:
Something that is missing and that causes some of the numbers to be very misleading is the ability to exclude certain transactions based upon the category.
As an example, a transfer of $$$ from a Fidelity brokerage account to a Vanguard joint account shows up as a huge expense and a huge income.
I want to be able to exclude transfers like I could do in Money.
Hexdump, From the Cash Flow tab in the "scheduled bills and deposits" window, you should be able to delete the transfer from your scheduled transaction list. Select the transaction > edit > and delete.

I had taken a look at MS Money several years ago during a period when Quicken really had some buggy problems. (I was actually trying to convert but Money couldn't convert my Quicken data files) From what I could tell, both programs have essentially the same features. It appears to me that Quicken has just tried to automate things so much it is hard to figure out where or how to "fix" what it is doing you don't like.

It is no secret that I have been a longtime user, but even I have come to dread the "upgrades" and the new and improved versions have not (in my opinion and for my needs) been "improved".
WISDOM comes with age... But sometimes it's an optional feature.

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Sheepdog
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Post by Sheepdog » Wed Feb 24, 2010 11:39 am

For those who have not changed to Quicken yet, you may wish to wait. Microsoft announced on 11/02/09: Microsoft has announced plans to release versions of Money Plus Deluxe and Money Plus Home & Business that will not require online activation. This version will allow you to keep your Money files and transactional history but will not allow access to online services or premium services. Availability is expected prior to the end of online activation on Jan. 31, 2011. Check back here for additional information or look for future announcements in Money Plus.
http://www.microsoft.com/money/default.mspx
I will wait as long as my copy is still working to see if I can keep working as is.
Jim
Just because it isn't your fault doesn't mean it isn't your responsibility....Josh Reid Jones

dancar22
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Post by dancar22 » Wed Feb 24, 2010 11:52 am

newkidontheblock,

Quicken can download from Schwab. I set it up a while ago but my notes from the time of the setup said:

"Quicken PIN should be all capitalized"

Hope this helps.

Danman

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Ducks
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Re: I just went through a conversion

Post by Ducks » Wed Feb 24, 2010 12:16 pm

Hexdump wrote:Something that is missing and that causes some of the numbers to be very misleading is the ability to exclude certain transactions based upon the category.
As an example, a transfer of $$$ from a Fidelity brokerage account to a Vanguard joint account shows up as a huge expense and a huge income.
I want to be able to exclude transfers like I could do in Money.
Try messing around with Reports. You may be able to get the info you're looking for that way - I know you can exclude transfers (and entire accounts, etc) in reports.


When I booted up Q2008 this morning, it told me that if I upgraded to Q2010, they'd give me free Willmaker software and $10 off. Wills are something Hubs and I have been meaning to do for a good long time now. I wonder if I should go ahead and do it.

The thing that irks me is that between 2008 - 2010, the only changes to Quicken have been cosmetic in nature. They haven't solved the problem of how to handle CDs and their investment-type categories are insufficient to say the least, making rebalancing difficult. I'm going to be sunsetted and therefore forced to upgrade next year anyway, I guess I may as well wait and see if they do something substantial between now and then.
Last edited by Ducks on Wed Feb 24, 2010 12:20 pm, edited 2 times in total.
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Topic Author
newkidontheblock
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Download from Schwab

Post by newkidontheblock » Wed Feb 24, 2010 12:19 pm

Dancar22

Are you using the Premier version of Quicken. I am using Deluxe version.
I don't even see Schwab in the list of institutions.

My Money automatic updates were expiring in Aug 2010. So I decided to switch now instead of later.


Thanks

dancar22
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Post by dancar22 » Wed Feb 24, 2010 4:18 pm

Premier

Danman

jwkde
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Re: Download from Schwab

Post by jwkde » Wed Feb 24, 2010 4:42 pm

newkidontheblock wrote:Dancar22


I don't even see Schwab in the list of institutions.



Thanks
make sure to look under Charles Schwab - i see it there

duhmel1
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Re: MS Money user trying Quicken

Post by duhmel1 » Wed Feb 24, 2010 5:19 pm

newkidontheblock wrote:
Based on what I hear from you I will decide if I should return Quicken to Costco and look for other solutions.
I know Costco's return policy is good but do they take back opened software?

Topic Author
newkidontheblock
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Re: Quicken

Post by newkidontheblock » Wed Feb 24, 2010 10:18 pm

I was able to return Quicken to Costco and get the premier version.
Now I can download statements from Charles Schwab.

I am all set for now. I am already getting used to finding information in Quicken.


Thanks

marge-g
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Stay with Money

Post by marge-g » Sat Mar 06, 2010 8:51 am

If your information is at all complex, I'll save you a lot of time and grief - STAY WITH MS MONEY.

I wasted hours trying to convert 10 years of data (multiple banks, credit cards, brokerage accounts, loans, budgets, etc.) to Quicken, and to MoneyDance.

Unless you're willing to abandon or re-enter lots of data, you're screwed. It's impossible to get an automatic conversion to work, unless you have pretty simple accounts and transactions. This is not to say that a simple database of a few bank accounts or credit cards won;t convert, but any complex data, such as transfers, budgeting, IRAs, loans, etc. are likely to not balance after a conversion without hours of manual review, correction, and data re-entry.

I decided to stay with MS Money and do manual QIF downloads from credit cards, brokers, and banks. It works fine. Money does everything that I need, and will work for me forever.

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Sheepdog
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Re: Stay with Money

Post by Sheepdog » Sat Mar 06, 2010 9:26 am

marge-g wrote:If your information is at all complex, I'll save you a lot of time and grief - STAY WITH MS MONEY.

I wasted hours trying to convert 10 years of data (multiple banks, credit cards, brokerage accounts, loans, budgets, etc.) to Quicken, and to MoneyDance.

Unless you're willing to abandon or re-enter lots of data, you're screwed. It's impossible to get an automatic conversion to work, unless you have pretty simple accounts and transactions. This is not to say that a simple database of a few bank accounts or credit cards won;t convert, but any complex data, such as transfers, budgeting, IRAs, loans, etc. are likely to not balance after a conversion without hours of manual review, correction, and data re-entry.

I decided to stay with MS Money and do manual QIF downloads from credit cards, brokers, and banks. It works fine. Money does everything that I need, and will work for me forever.
marge-g,
Welcome to this forum and your first post.
What you didn't say is that you understand that Money will change next January, You will not be able to download quotes and CC/bank data thru Money itself and it is unclear if we will be able to download via QIF transactions directly from all institutions that we have now, so instead we will have to manually enter many, if not all, transactions at that time. I have read that once Money leaves, some institutions will not have QIF links available to us. We will have to wait to see.
.
Just because it isn't your fault doesn't mean it isn't your responsibility....Josh Reid Jones

marge-g
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Been there - done that

Post by marge-g » Sat Mar 06, 2010 10:54 am

I understand what you're saying.

My Money software did already expire. I now download manually & find it not bad. 15 minutes per week. Certainly better than my time wasted on failed conversions.

One broker still does not have manual download capability. Again, manually updating takes only a few minutes. Someday, I'll switch those portfolios to a broker who provides the download capability.

My banks and credit cards all allow easy downloads. The Money download handler ever fires up automatically when I do these while Money is running. If a bank or card company didn't support downloads, I'd vote with my feet & move my business elsewhere.

I also manually update quotes once per month or so. For an account where I want daily monitoring, I use Yahoo to track daily gains & losses, in parallel to my monthly Money quote updates. I view Money as my "system of record" for investments, and Yahoo portfolio as a "throw away" ad-on tool.

It isn't perfect, but it seems to be the best path forward for me. Your mileage may vary...

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Lbill
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Post by Lbill » Sat Mar 06, 2010 11:30 am

One thing I don't particularly like about Quicken: For security purposes, I prefer to log onto the financial website and then download data into Money. I have followed the same procedure with Quicken. Even though all downloads are always initiated on the website, Quicken saves my log in name and password. Thanks Quicken. All the trouble I've gone to to save my passwords in a removable flash memory is breached. This stupid thing goes ahead and re-logs into the website to perform the download. Anyone know why?
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In The Weeds
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Post by In The Weeds » Sat Mar 06, 2010 10:14 pm

Lbill wrote:One thing I don't particularly like about Quicken: For security purposes, I prefer to log onto the financial website and then download data into Money. I have followed the same procedure with Quicken. Even though all downloads are always initiated on the website, Quicken saves my log in name and password. Thanks Quicken. All the trouble I've gone to to save my passwords in a removable flash memory is breached. This stupid thing goes ahead and re-logs into the website to perform the download. Anyone know why?
You probably have automatic updates activated.
WISDOM comes with age... But sometimes it's an optional feature.

crrroger
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Re: MS Money user trying Quicken

Post by crrroger » Sun Mar 07, 2010 9:10 am

duhmel1 wrote:
newkidontheblock wrote:
Based on what I hear from you I will decide if I should return Quicken to Costco and look for other solutions.
I know Costco's return policy is good but do they take back opened software?
I couldn't get Quicken to transfer my 15 year old Money file which is currently version 2007.

Costco took back the opened Quicken program with no problems.

I have simplified my investments considerably so I plan to stay with Money and perform all updates manually if necessary.

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