Alternatives to Quicken

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Bylo Selhi
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Alternatives to Quicken

Post by Bylo Selhi »

In other threads people (including moi) have complained about Quicken's lack of functionality, arbitrary end to free data download, exorbitant price of updates, frozen support for Mac, etc. This thread is intended to explore alternatives, especially free alternatives.

MS-Money is one option, but it too costs money albeit generally less than Quicken. People have reported that the various data-provider websites like Morningstar and Globefund provide free portfolio record-keeping, however, again they have limited functionality and/or charge for some of the more useful features. Then there are roll-your-own spreadsheets that some people swear by (and others swear at.) Feel free to add your own favoured alternatives or comments.

Anyway, what prompted me to start this thread was an invitation to participate in the voting for this year's open-source SourceForge.net Community Choice Awards. It's worth following this link just to see what the open-source community considers to be their best work. Most of it is quite impressive. When I looked in the Financial software category, these two entrants popped up.
jGnash wrote:is a cross platform personal finance application written in Java. jGnash is a double entry system with support for multiple currencies. jGnash can import Gnucash and QIF [i.e. Quicken... Bylo] files.
KMyMoney wrote:is the Personal Finance Manager for KDE [alas *NIX only... Bylo]. It operates similar to MS-Money and Quicken, supports different account types, categorisation of expenses, QIF import/export, multiple currencies and initial online banking support.
In addition to these, I'm aware of two other free programs:
Gnucash wrote:allows you to track bank accounts, stocks, income and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports... GnuCash now runs on Mac OSX, as well as GNU/Linux, *BSD, and the traditional Unixes: Solaris, AIX, and so on.
PLCash wrote:is a platform-independent personal financial program... Import and export data from/to Quicken and other financial programs... Because PLCash is written in Java, it will run on virtually any computer you can name...
I haven't given any of these more than a very cursory look (apart from an old version of PLCash.] Part of my motivation in posting this list is the hope that those who are closer to abandoning Quicken than I am might want to take these for a test drive and report their impressions here ;) (Also I don't have a Linux or Mac system at hand.)
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Wallace
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Post by Wallace »

Thanks for the thread, Bylo. I too would be interested in hearing from people who have tried some of the financial software. I'm still on Quicken 2002. I've been researching a new system for EMR (Electronic Medical Records) and one of the programs I'm looking at is Oscar. But I really haven't had experience with open source software more complicated than PDF creator.

And I was a bit discouraged by this article in the "Economist" :(
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Post by Brix »

Wallace wrote:I too would be interested in hearing from people who have tried some of the financial software.
As a Linux zealot who generally takes Tallyrand's advice ("No zeal."), I can assure you that Gnucash is not ready, as they say, for prime time, though it's likely the best bet as a full, free-and-open replacement for Quicken.

Evidently version 2.0, based on up-to-date unix desktop libraries, is soon to be released. At that time there will likely be a flurry of reviews, and I'll be reconsidering.

Quicken is the last proprietary application our household is running. It's pretty awful, but unfortunately older versions remain the best substitutes for the current one. :)
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Post by WishingWealth »

I bought a new PC and Quicken 2006 came pre-loaded (trial period). Call me an old grumpy Luddite but I tried it a couple of times and reinstalled version '98.

Only issue with XP was that Q98 did not like long file names.

So out went: MyNiceComputerBuiltByHP_RunningOnMyNice_OS_BuiltByBill/WithMyImportantDocuments ......

WW
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Post by jackstraw »

Since you are taking charge of your own money, you must be able to use Lotus 1-2-3, or Excel, etc. By creating your own spreadsheets you can create exactly what you want. For a start, download the Excel spreadsheets from the site http://members.shaw.ca/RetailInvestor/ .

The summary page is http://members.shaw.ca/RetailInvestor/contacts.html

You must look at them a while to figure out how they work, but they are not hard. I've changed the monthly portfolio one to give me the incremental month-over-month dollars as well.
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Post by tedster »

and reinstalled version '98.
Every time I upgraded from an older version of Quicken, a dialog always warns that you cannot go back. How did you do this? or did you just start anew?

I have the 2002 version and two things that I used to be able to do have stopped. The first is Billminder refuses to appear when I boot up. (I have Windows 2000) and the second is I can no longer change the date by using + or -, I have to use the calendar.

Since Intuit does not support unless paid, is there some forum or does someone here know how to correct this.
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Post by Bylo Selhi »

tedster wrote:
and reinstalled version '98.
Every time I upgraded from an older version of Quicken, a dialog always warns that you cannot go back. How did you do this? or did you just start anew?
You "can't go back" because the new version changes the format of your data files. But you can go back if you have a copy of those data files in the format your current version understands.

Before you convert, make backup copies of all your Quicken data files. [You should be doing this regularly in any case, in case you lose your current Q02 data, e.g. because of a HD head crash or your PC gets destroyed/stolen.] For Q02 they're in the Quicken directory, typically C:/Program Files/Quickenw in subdirectories like QDxxx, where xxx is the Quicken file name(s) you use for your accounts. You'll recognize the files because they have extensions like QDF, QEL, QSD, QPH, etc. Now install the new version of Quicken and import your existing files using the procedure they provide.

Now, if you don't like the new version, uninstall it, reinstall the older Quicken and then restore the directories you backed up. You may have to futz a bit to get the old Quicken to recognize the restored files, e.g. by using File, Open manually to point to them. Of course, any updates you did on the new version will be lost and you'll have to rekey them again, so remember what you did while you were trying out the new version.

Better still, if you have two PCs, install the new Quicken on the other PC so you have both versions at your disposal. (If you have to uninstall or relocate the new version, follow Quicken's instructions so that you won't run afoul of the copy protection crap that they introduced circa Q04.)
Since Intuit does not support unless paid, is there some forum or does someone here know how to correct this.
There was a Wiki for Quicken users but it seems to have disappeared. In Googling around looking for it I found this, although I haven't spent any time poking around it: Support Forums » Quicken Personal Finance Software Forum for Windows [Added: This is a US forum for the US versions of Intuit products. The Canadian version of Quicken is somewhat different from the US version although that's probably not significant for the current topic.]
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Post by fideli »

As a newer visitor here, I haven't seen this thread but now that it's been revived, I have a tidbit to add. I've been using MoneyDance for just over a year now and I've been very satisfied. There's a mailing list for it and the people on the list are really helpful as well. One area it lacks in is keeping track of investments. It does the rudimentary accounting that's required, but it messes up on some currency issues in investment accounts. For that I use a personal spreadsheet that I update very frequently. Otherwise, MoneyDance is a great personal finance app. www.moneydance.com

Disclaimer: don't work for them, just a satisfied customer.
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Post by beaverlodge »

On Financial Statements in Quicken what is the navigation to make some of the categories BOLD and adjust some of the categories to make the statement more readable.

Even replacing the existing categories with some CAPS and BOLD would help the readability of the F/S.
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Post by Taggart »

If you're just starting out with your finances and have only one account, you may want to consider a freeware program called AceMoney Lite. I downloaded it a few days ago, and did a few transactions, and although it won't be as sophisticated as the ones you pay for, this one's not bad.
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Post by Lyndon »

Is there a " quicken for dummies "book out there, I am thinking of doing this but am somewhat intimated by some of the comments I have read on FWR-re currency conversion,ROC, etc......maybe someone from FWR can start a tutorial...
Taggart what is the website for acemoneylite ?
How does this compare with quicken or globeinvestor or morningstar-the new product ?
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Post by Taggart »

Lyndon wrote:Is there a " quicken for dummies "book out there, I am thinking of doing this but am somewhat intimated by some of the comments I have read on FWR-re currency conversion,ROC, etc......maybe someone from FWR can start a tutorial...
Taggart what is the website for acemoneylite ?
How does this compare with quicken or globeinvestor or morningstar-the new product ?
THX
Lyndon,

I can give you the website to AceMoney Lite which I downloaded and gave a trial spin. It can use Canadian currency, and it's only good for one account, but other than that, I can't compare it to the other financial planning sites you mention, since I haven't used them.
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Post by Lyndon »

Taggart or anybody, as I posted on the other thread does anybody have experience with a software pkg called TRADERS EDGE ???
Apparently does a good job
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Post by Taggart »

Lyndon wrote:Taggart or anybody, as I posted on the other thread does anybody have experience with a software pkg called TRADERS EDGE ???
Apparently does a good job
THX
Sorry Lyndon, I've never tried Traders Edge, but even at the discounted price you quoted in the other thread, it's not on my radar screen.
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Post by skepticus »

Lyndon wrote:Is there a " quicken for dummies "book out there... ?
THX
I read just such a Dummies book several years ago. Although it was for an earlier version than mine, it was reasonably helpful. I don't know if it has been updated.

Incidentally, I phoned Quicken Support several years ago, and they wanted to charge me for answering my question. Although it has been named a good company to work for, the software manufacturer, Intuit, is not always a good company to deal with.

By the way, does anyone know if Quicken 2004 handles foreign currencies in addition to Canadian currency ? And how one activates this ?
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Post by Bylo Selhi »

skepticus wrote:Incidentally, I phoned Quicken Support several years ago, and they wanted to charge me for answering my question.
Unfortunately that's true for most large software companies. These days, with so much information on the web, you can get software updates, questions answered and problems fixed on the Internet. Often the solution comes not from the vendor but from other people who've had the same issue and managed to overcome it. Google is your friend. And so are the manufacturer's websites, e.g.
http://support.intuit.ca/quicken/index.php
http://faq.quickensoftware.ca/search.php
http://www.quickenforums.com/category.j ... oryID=1001
By the way, does anyone know if Quicken 2004 handles foreign currencies in addition to Canadian currency ? And how one activates this ?
Quicken has had FX support since at least 2001. I'm not familiar with Q04 so see above.
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Post by skepticus »

Bylo Selhi wrote:
skepticus wrote:Bylo replied : Incidentally, I phoned Quicken Support several years ago, and they wanted to charge me for answering my question.
Unfortunately that's true for most large software companies...Google is your friend. And so are the manufacturer's websites, e.g
http://support.intuit.ca/quicken/index.php
http://faq.quickensoftware.ca/search.php
http://www.quickenforums.com/category.j ... oryID=1001
Thanks for the free support, Bylo !!
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Post by gouthro »

I have quicken 2001 and one of the reasons that i dont use it much, accept for following the few drip stocks that i have left, is because it doesn't seem to give a breakdown of individual stocks. ie, what percentage each stock is of the overall portfolio. And, related to that, what percentage i have in each sector. I have tried a number of ways to do this, have read the manual a numbe of times. And still come up with nothing. Now, the version i have is in French. But, I read French pretty well. I keep thinking that i am missing a various obvious point. But, every time I return to it, again, nothing. Can anyone say off the top of their head whether this version supports such operations?
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Post by Bylo Selhi »

gouthro wrote:I have quicken 2001 and one of the reasons that i dont use it much, accept for following the few drip stocks that i have left, is because it doesn't seem to give a breakdown of individual stocks. ie, what percentage each stock is of the overall portfolio.
This is for Q02 but Q01 should be very similar.

Go to Reports, Investing, Portfolio Value. That will produce a report of all your holdings. At the top right of that are two tabs, Report and Graph. Click on Graph to get a pie chart. That will show you your ~10 largest holdings and their percentages of portfolio. If you have more securities, one slice of the pie will be Other. Double click on that to see the rest of your holdings and percentages.

The same applies when you go into Investing Centre to look at your asset allocation. You'll get a pie chart broken down by asset class. Double click on a slice to see what's included and keep double clicking if you have enough securities to warrant an Other. The percentages in this case will be of that asset class rather than of the entire portfolio.

And if you don't like that, you can always print reports to a file using CSV format, then import to a spreadsheet and massage the data until it coos in ecstacy ;)
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Post by gouthro »

thanks for the reply Bylo,
I did get this far in my previous attempts. But, even when I followed carefully your instructions, I could only get a pie chart indicating what percentage I had of American, Canadian and international. I never did get to a pie chart of individual holdings. Nor, to anything that gave a breakdown by industry. As I say, it must be something simple. Or, maybe the program is defective, I don't know.
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Post by AltaRed »

gouthro wrote:thanks for the reply Bylo,
I did get this far in my previous attempts. But, even when I followed carefully your instructions, I could only get a pie chart indicating what percentage I had of American, Canadian and international. I never did get to a pie chart of individual holdings. Nor, to anything that gave a breakdown by industry. As I say, it must be something simple. Or, maybe the program is defective, I don't know.
Joe
I have Q02 as well. If Q01 works the same way.... when you have the Asset Allocation pie chart (graph) up giving you International, Canadian, Bond, etc. slices, you should be able to dble click on those individual pie slices to give you, in a new 2nd level pie chart, a specific breakdown of each asset in that slice.

Q02 does not break down assets by sector or industry... only asset type, such as various types of bonds, stocks, money market, GIC, Tbills, etc.
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Post by gouthro »

you should be able to dble click on those individual pie slices to give you, in a new 2nd level pie chart, a specific breakdown of each asset in that slice.
right you are! And thanks very much.
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Post by Bylo Selhi »

AltaRed wrote:I have Q02 as well. If Q01 works the same way.... when you have the Asset Allocation pie chart (graph) up giving you International, Canadian, Bond, etc. slices, you should be able to dble click on those individual pie slices to give you, in a new 2nd level pie chart, a specific breakdown of each asset in that slice.
I think that's what I said. In any case it's what I meant ;)
Q02 does not break down assets by sector or industry... only asset type, such as various types of bonds, stocks, money market, GIC, Tbills, etc.
There's no explicit feature for those break downs, but every security has attributes called "Type" and "Goal." You can maintain lists of Types and Goals using Investing Centre, Security Type List and Investment Goal List. Then when you create customized reports you can subtotal by these attributes.

For example the set of asset classes that comes with Quicken doesn't include the classes I want (e.g. REIT, nominal bond, real return bond, etc.) AFAIK there's no way to change that set. (And BTW that restriction applies to this day with Q07.) So instead I use the Goal attribute to specify asset class and then generate reports sub-totalled by that. There's no reason why someone couldn't use this for industry or sector reports. I'm not sure if the report function can include percentages because I export the reports in CSV and then import into a spreadsheet.

But the point is that "vee haff vays" to torture Quicken to do what one wants and, even if it still won't cooperate, to get information into more pliable spreadsheets.
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Post by Taggart »

Has anyone ever seen old versions (pre-2006) of Quicken for sale, and where?
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Post by gouthro »

--------------------------------------------------------------------------------

AltaRed wrote:
I have Q02 as well. If Q01 works the same way.... when you have the Asset Allocation pie chart (graph) up giving you International, Canadian, Bond, etc. slices, you should be able to dble click on those individual pie slices to give you, in a new 2nd level pie chart, a specific breakdown of each asset in that slice.
I think that's what I said. In any case it's what I meant

Quote:
Q02 does not break down assets by sector or industry... only asset type, such as various types of bonds, stocks, money market, GIC, Tbills, etc.
Bylo,

What I didnt get earlier was that you have to double click on the asset class to get the breakdown of individual stocks. I can't understand it, as I read through tht manual several times, and I don't think I saw that. True, my manual is in French and I could have missed something, but I don't think so. I believe at one point, that I even downloaded a manual in English, just to double check. I am very happy with everything, now, though,
Joe
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