Thinking of switching from Money to Quicken


J

John Falstaff

I've been using Microsoft Money for a few years, am presently using the 2002
Standard version. It does what I need but has one very annoying feature:
when I download the recent transactions from my bank (which come as a QIF
file), Money insists on using only the first 32 characters of each
transaction description, and there is no provision for changing this. What
makes this annoying is that payments I make from the bank by computer have a
very long description in the downloaded file, "ONLINE PAYMENT [blah blah
blah]" using up 29 characters, so only the first three characters of the
payee's name appear in Money. My questions are:

1. I understand that Quicken has a provision for automatically renaming such
entries. Is this correct, i.e. can it do this with a downloaded QIF file?

2. If not, can Quicken display more than 32 characters in the transaction
description?

3. Can Quicken 2006 convert my existing Money 2002 files? (Money has some
capability for converting to Quicken files, but I don't know how well it
does this, especially for the latest Quicken.)
 
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M

Mike

John said:
I've been using Microsoft Money for a few years, am presently using the 2002
Standard version. It does what I need but has one very annoying feature:
when I download the recent transactions from my bank (which come as a QIF
file), Money insists on using only the first 32 characters of each
transaction description, and there is no provision for changing this. What
makes this annoying is that payments I make from the bank by computer have a
very long description in the downloaded file, "ONLINE PAYMENT [blah blah
blah]" using up 29 characters, so only the first three characters of the
payee's name appear in Money. My questions are:

1. I understand that Quicken has a provision for automatically renaming such
entries. Is this correct, i.e. can it do this with a downloaded QIF file?
It does not, AFAIK, work with a QIF file. The reason I'm not sure on
whether it works or not, is that ever since Intuit made the rename
feature available, downloading in QIF format into Checking accounts was
not supported.
2. If not, can Quicken display more than 32 characters in the transaction
description?
Quicken has two fields, I'm not sure to which one you are referring.
The Payee field is limited to 32 characters. Many Quicken users
complain about the useless info they get from debit card transactions..
The Memo field has a larger limit. I speak under correction when I say
it is 64 characters, but I believe the rename feature only operates on
the first 32 characters. Again, I'm really not very sure of this, it
may be free association, so perhaps JP or someone else will jump in and
correct me if I'm wrong.
3. Can Quicken 2006 convert my existing Money 2002 files? (Money has some
capability for converting to Quicken files, but I don't know how well it
does this, especially for the latest Quicken.)
Quicken has a conversion utility that you can download. I don't know
how successfule Quicken completes the conversion. I'd suggest you get
Quicken and try it out - there is a 60-days no questions asked
money-back warranty on Quicken.

Just bear in mind that with Quicken 2006, you cannot import QIF files
into checking, credit card or investment accounts. Some work around
that by importing cash flow transactions into a Cash account and then
cut/paste them into the relevant checking/credit card account. No legal
workaround, to my knowledge, exists for investment accounts.
 
J

John Falstaff

Mike said:
John said:
I've been using Microsoft Money for a few years, am presently using the
2002
Standard version. It does what I need but has one very annoying feature:
when I download the recent transactions from my bank (which come as a QIF
file), Money insists on using only the first 32 characters of each
transaction description, and there is no provision for changing this.
What
makes this annoying is that payments I make from the bank by computer
have a
very long description in the downloaded file, "ONLINE PAYMENT [blah blah
blah]" using up 29 characters, so only the first three characters of the
payee's name appear in Money. My questions are:

1. I understand that Quicken has a provision for automatically renaming
such
entries. Is this correct, i.e. can it do this with a downloaded QIF file?
It does not, AFAIK, work with a QIF file. The reason I'm not sure on
whether it works or not, is that ever since Intuit made the rename
feature available, downloading in QIF format into Checking accounts was
not supported.
Eeeuuuwww. That's bad news, because that's exactly what I want to do, and am
doing now with Money. My bank makes history downloads available in only two
formats, QIF and CSV, and the latter I presume is primarily or only for
spreadsheets.
Quicken has two fields, I'm not sure to which one you are referring.
The Payee field is limited to 32 characters.
That's the one I'm referring to, in Money. I don't know what Quicken looks
like but I'm assuming it's similar.

Many Quicken users
complain about the useless info they get from debit card transactions..
The Memo field has a larger limit.
Money has that field too, but anything there has to be entered manually;
again, I'm assuming it's the same in Quicken.

I speak under correction when I say
it is 64 characters, but I believe the rename feature only operates on
the first 32 characters. Again, I'm really not very sure of this, it
may be free association, so perhaps JP or someone else will jump in and
correct me if I'm wrong.


Quicken has a conversion utility that you can download. I don't know
how successfule Quicken completes the conversion. I'd suggest you get
Quicken and try it out - there is a 60-days no questions asked
money-back warranty on Quicken.

Just bear in mind that with Quicken 2006, you cannot import QIF files
into checking, credit card or investment accounts. Some work around
that by importing cash flow transactions into a Cash account and then
cut/paste them into the relevant checking/credit card account. No legal
workaround, to my knowledge, exists for investment accounts.
It's only the checking account I'm concerned with. From what you say, I take
it Quicken used to allow importing QIF files into checking accounts. Maybe
I'm missing something, but that seems to me a very odd feature to drop since
that's the *only* thing I ever do with QIF files.

It looks, then, as though I might as well stay with Money. <grumble>

Thanks very much for the info and help. I really appreciate it.

Jack
 
J

John Pollard

Actually, renaming does appear to work with imported QIF file
transactions.
Eeeuuuwww. That's bad news, because that's exactly what I
want to do, and am doing now with Money. My bank makes
history downloads available in only two formats, QIF and
CSV, and the latter I presume is primarily or only for
spreadsheets.
This is true for QFX downloads, but it does not appear that
Quicken imposes the same limit on imported QIF file transactions
.... though it's possible that the fi will send only 32
characters. I just imported a QIF file transaction with 50
characters in the payee name (and got all 50 characters). I
also imported a payee with garbage in the first 32 characters,
and useful info following that, and had Quicken successfully
rename the payee using renaming rules for data beyond the 32nd
character.
That's the one I'm referring to, in Money. I don't know
what Quicken looks like but I'm assuming it's similar.
Money has that field too, but anything there has to be
entered manually; again, I'm assuming it's the same in
Quicken.
No, if the fi downloades memo field data, Quicken will import
it.

See above.

You can import to those restricted account types, if you are
willing to do a little extra work. I have posted the technique
here before ... sometime within the last 3 months, I believe.
 
J

John Falstaff

John Pollard said:
Actually, renaming does appear to work with imported QIF file
transactions.


This is true for QFX downloads, but it does not appear that Quicken
imposes the same limit on imported QIF file transactions ... though it's
possible that the fi will send only 32 characters.
I don't know how many characters my bank sends. I did find out that Money,
including the latest version, does not show more than 32. But in any case,
the newer version(s) of Quicken won't import into a checking account, right?

I just imported a QIF file transaction with 50 characters in the payee
name (and got all 50 characters). I also imported a payee with garbage in
the first 32 characters, and useful info following that, and had Quicken
successfully rename the payee using renaming rules for data beyond the
32nd character.



No, if the fi downloades memo field data, Quicken will import it.
I sort of doubt my bank does that. I'd want the info in the Payee field,
anyway.

See above.


You can import to those restricted account types, if you are willing to do
a little extra work. I have posted the technique here before ... sometime
within the last 3 months, I believe.
Thanks, but the idea of "a little extra work" is off-putting. ;-)

I can't imagine why Quicken makes checking a restricted type in this way. Oh
well.

Maybe (though how likely is the question) I can get my bank to send the data
rearranged or modified somewhat. If they would just put the payee's name, or
a significant part of it, first and the rest of the stuff later, it would
still show in the Payee field as an online payment but be much easier to
read.

Thanks again,

Jack
 
L

louise

John said:
John said:
I've been using Microsoft Money for a few years, am presently using the
2002
Standard version. It does what I need but has one very annoying feature:
when I download the recent transactions from my bank (which come as a QIF
file), Money insists on using only the first 32 characters of each
transaction description, and there is no provision for changing this.
What
makes this annoying is that payments I make from the bank by computer
have a
very long description in the downloaded file, "ONLINE PAYMENT [blah blah
blah]" using up 29 characters, so only the first three characters of the
payee's name appear in Money. My questions are:

1. I understand that Quicken has a provision for automatically renaming
such
entries. Is this correct, i.e. can it do this with a downloaded QIF file?
It does not, AFAIK, work with a QIF file. The reason I'm not sure on
whether it works or not, is that ever since Intuit made the rename
feature available, downloading in QIF format into Checking accounts was
not supported.

Eeeuuuwww. That's bad news, because that's exactly what I want to do, and am
doing now with Money. My bank makes history downloads available in only two
formats, QIF and CSV, and the latter I presume is primarily or only for
spreadsheets.

Quicken has two fields, I'm not sure to which one you are referring.
The Payee field is limited to 32 characters.

That's the one I'm referring to, in Money. I don't know what Quicken looks
like but I'm assuming it's similar.


Many Quicken users
complain about the useless info they get from debit card transactions..
The Memo field has a larger limit.

Money has that field too, but anything there has to be entered manually;
again, I'm assuming it's the same in Quicken.


I speak under correction when I say
it is 64 characters, but I believe the rename feature only operates on
the first 32 characters. Again, I'm really not very sure of this, it
may be free association, so perhaps JP or someone else will jump in and
correct me if I'm wrong.



Quicken has a conversion utility that you can download. I don't know
how successfule Quicken completes the conversion. I'd suggest you get
Quicken and try it out - there is a 60-days no questions asked
money-back warranty on Quicken.

Just bear in mind that with Quicken 2006, you cannot import QIF files
into checking, credit card or investment accounts. Some work around
that by importing cash flow transactions into a Cash account and then
cut/paste them into the relevant checking/credit card account. No legal
workaround, to my knowledge, exists for investment accounts.

It's only the checking account I'm concerned with. From what you say, I take
it Quicken used to allow importing QIF files into checking accounts. Maybe
I'm missing something, but that seems to me a very odd feature to drop since
that's the *only* thing I ever do with QIF files.

It looks, then, as though I might as well stay with Money. <grumble>

Thanks very much for the info and help. I really appreciate it.

Jack
My bank provides qif downloads for free.

However, when you move to 2006, you have to use the web
connect feature and this costs $10/month per account.

I can't help but suspect that Intuit and the banks got
together on this.

Louise
 
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J

John Pollard

louise said:
My bank provides qif downloads for free.

However, when you move to 2006, you have to use the web
connect feature and this costs $10/month per account.
I have one bank that offers web-connect for free and requires
either a fee or minimum balance for direct downloads. I have
another bank that offers web-connect and direct downloads for no
charge. In fact, there are no charges for any downloads I do (9
or 10 fi's) and I get direct downloads from every fi that offers
them (about half).
I can't help but suspect that Intuit and the banks got
together on this.
If you call an arm's length transaction, getting together.
Banks (and virtually all companies) make mutually beneficial
arrangements with other companies all the time. There's no
underhanded conspiracy going on here.
 
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H

Hank Arnold

Oh, please..... This is nothing more than an attempt by Intuit to do two
things. First of all it allows Intuit to free up resources that were
required to support QIF imports. That saves them money. Also, they can
improve profits by charging financial institutions for using the newer
methods.

Your bank is one that decided to attempt to recoup some of those expenses.
There are plenty out there that do not charge for it. You need to exercise
your right to choose....
 

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