Personal Finance Software: Moneydance

I’m using Moneydance, now that my Quicken 2005 is basically obsolete.

A couple of weeks ago, I bought a new iMac for my desktop. With my last iMac, bought four years ago, I easily transferred all my files from the old iMac, bought two years before that. My copy of Quicken 2005, which I love, came with it. In this latest transfer, though, I was informed that software that old is no longer supported. So I needed to find new personal finance software.

Unfortunately, there isn’t a lot out there, in terms of desktop financial software, that looks like Quicken 2005. I looked at You Need A Budget (YNAB) first, because a lot of my fellow PF bloggers love, love, love it. However, after reading about it and realizing that I didn’t want financial software that forced me into a zero based budget, I passed. I kept looking, since I wanted a desktop-based solution, and not a free online version (my husband and I are both wary of the whole “connect up your account” thing). Quicken’s latest financial pack costs almost $120, and it doesn’t look the same as Quicken 2005. So I poked around some more, and found a review of the software Moneydance.

Moneydance: A Quicken 2005 Replacement

The review I read looked at considered Moneydance specifically as a Quicken replacement. Moneydance costs $50, but you can download it and try it out for free. Once you reach a certain point, you do have to pay for it. But I like that you can try it out for free before you buy.

One of the best things about Moneydance is that you can import your money from Quicken into the new software. You have to turn your Quicken data into a QIF export file, but it’s not that hard. I did it on my old iMac, and then emailed myself the data (I didn’t feel like setting up another transfer). Once you have Moneydance installed, you can import the QIF data, and you’re ready to go.

However, some split deposits didn’t transfer perfectly, and none of my scheduled deposits/bill reminders went through. So I had to enter the scheduled recurring bills again. But that didn’t take too long, just a few minutes. The entry process is a little different from Quicken 2005, but the familiar ledger look and feel of it was close enough that I am fairly comfortable with it, after using it for a couple of weeks. It’s been a good replacement for the Quicken that I know and love, and has many of the same features.

Moneydance Features

Moneydance offers customizable reports and graphs. They aren’t as nice looking as some of the other programs out there, but they get the job done. Moneydance is also compatible with banks, so if you do like the automatic update feature, you can use it. You can also set up online bill pay with Moneydance. There are plenty of other features that make Moneydance easy to use. I especially like the home page that summarizes your entire financial situation. You can see assets, liabilities, and your net worth immediately. The summary keeps you on track, and helps you figure out exactly where you stand in terms of finances. Moneydance also comes in mobile versions that you can use to keep up on the go.

So far, I’ve been satisfied with Moneydance. There was a bit of a learning curve, but it has the functionality and features that I like in Quicken. What personal finance software do you like to use?

Written by Miranda Marquit

Miranda Marquit is a freelance writer and professional blogger, specializing in personal finance, small business, and investing topics. She writes for a number of financial web sites and blogs, and has been featured in numerous media. Read about life as a freelancer at MirandaMarquit.com and in her book Confessions of a Professional Blogger.

One Response to Personal Finance Software: Moneydance

  1. Right now I’m using Mint for personal finances and Wave Accounting for my business. I also have an old Excel spreadsheet that I still update (but it’s becoming more and more obsolete). I tried Quicken before and found it too bloated for my taste.

Leave a reply

Headline Name: Email: subscribed: 0 We respect your privacy Email Marketingby GetResponse