Best financial management software?

Discussion in 'Mac Apps and Mac App Store' started by goodmaj, Jun 25, 2017.

  1. goodmaj macrumors newbie

    Joined:
    Sep 16, 2011
    #1
    I just bought a new iMac to replace my mid-2010 one. I've been using Quicken 2007 but obviously that's not available any more. I'm trying to work with Quicken 2017 but it seems clunky around loans and account reconciliation. Prior to the Mac, I swore by MS Money so I'm looking for something simple yet powerful.

    I would rather not go with an online service like mint.com....any recommendations out there? I tried iBank a few years ago and was not impressed.
     
  2. 2ilent8cho macrumors 6502

    Joined:
    Mar 9, 2016
    #2
    I use MoneyWiz 2, it has a Mac, iPad, iPhone and Android app, and sync's in the cloud.
     
  3. Weaselboy Moderator

    Weaselboy

    Staff Member

    Joined:
    Jan 23, 2005
    Location:
    California
    #3
    They did a big version update recently and changed the name to Banktivity. I've been happy with it. I believe you can DL a trial version to try it out and see if it changes your opinion from before.
     
  4. aristobrat macrumors G5

    Joined:
    Oct 14, 2005
    #4
    Quicken for Mac has been getting regular updates (usually a combination of bug fixes and new features) since Intuit sold them off last year. That's been a very nice thing to see. They were few and far between before then, IMO.

    IIRC, just a few weeks ago, they added some new functionality around loans.

    I've been using Quicken for Mac since 2007. Account reconciliation is the #1 reason I use it. No problems with Quicken for Mac 2017 in that regard, but I'm so used to its workflow that I'd be lost using anything else.
     
  5. goodmaj thread starter macrumors newbie

    Joined:
    Sep 16, 2011
    #5
    If I could get the executables for Quicken 2007, I'd just keep using it. I've noticed a couple of things already in 2017 that are irritants:

    - You have to put in the interest you collect on your bank account as a separate transaction when you reconcile vs. having that convenient box when you reconcile
    - It seems that you need to mouse over to the + button in order to enter a new transaction vs. simply hitting enter which then spawns a new line in 2007
    - Loans seem to require a scheduled transaction in advance to pay vs. being available to pay ad hoc. In 2007, I enter a mortgage payment by simply entering the payee. In 2017 you have to schedule transactions in advance and I can't seem to figure out how to do it ad hoc, i.e., if I enter a payment that should be split between principal and interest it doesn't do the splits for you, it has to be a scheduled transaction.

    And that's just after one day of usage. I need to play around with it more but so far I'm not too pleased.
     
  6. goodmaj thread starter macrumors newbie

    Joined:
    Sep 16, 2011
    #6
    Well, I finally figured out the answer to my question around entering ad hoc loan payments. They don't support it and actually recommend keeping an amortization table handy so you can enter the interest and principal amounts yourself. Really?
     
  7. TonyK macrumors 6502a

    TonyK

    Joined:
    May 24, 2009
  8. mtngoatjoe macrumors regular

    mtngoatjoe

    Joined:
    Jun 10, 2008
    #8
    Your needs are probably bigger than this, but I've found my bank's online software fine for simple budgeting. It tracks all my accounts (even those from other banks), and it lets me manage a complete budget (except for cash, which I rarely use). And it's free.
     
  9. goodmaj thread starter macrumors newbie

    Joined:
    Sep 16, 2011
    #9
    I've looked into MoneyDance, Moneywell, Jumsoft's Money, YNAB, and so forth. I finally decided to give Quicken 2017 a chance and started diving in.

    I've been using money management software going back to mid-90s versions of MS Money, so I'm really lost without it. Not that my finances are ridiculously complex, but just knowing at all times my checking balance, credit card balance, what I need to have in the bank to pay the next major bill, e.g., mortgage or car payment, and so forth. I can't just wing it anymore, there's far too much going on with my family's comings and goings to not have a complete picture. I also do not simply download transactions as I believe if you don't touch something it doesn't register, so everything I do, with the exception of investment price updates, is manual. I also don't want to be dependent on a network connection to see everything, which is why I'm against the online services.

    So far, I have to say that Quicken 2017 isn't all that bad. It does not seem to be, in it's current version, geared towards a user who enters a lot of manual transactions. People like me don't care for using the mouse for every single transaction, we prefer keyboard shortcuts and the like. I think I've finally figured out the way to (mostly) use the keyboard only. Also, I had been using 2007 since 2010, so I had A LOT of transactions in my old file. Instead of simply converting, I wanted to start fresh, since neither 2017 or 2007 has a true archive feature, unlike MS Money, which had that since day 1.

    Vs. Quicken 2007, I do like the fact that when you enter a new security it looks it up for you, and for your transaction you can just enter the symbol vs. typing out the security name. I also like that you can customize the columns in every register. You also don't need to know the entire path of the category when you enter. For example, if I want to enter a transaction as Groceries, I have that set up as "Food: Groceries," but instead of typing the entire string, you can just type groceries and it picks it up. That's a bigger timesaver than one might realize.

    However, there are a few shortcomings for sure vs. 2007:
    - After you enter a transaction it doesn't automatically default to starting a new transaction, you have to either enter new (via mouse or shortcut) or copy the transaction (via mouse or shortcut). These extra keystrokes/clicks are a pain. This is probably my #1 complaint.
    - Changing the date on any transaction is not intuitive at all. There is still + or - functionality to quickly advance or go backwards a day, but say you wanted to change the date to months ago, you have to enter month SLASH day SLASH year vs. simply typing 080116 or similar (for August 1st 2016).
    - Loan functionality is flat out terrible, from setup to payment entry. The setup allows for very little overrides of the calculated numbers so you end up with extra transactions in the pennies, and payment entry DOES NOT default a split between principal and interest, you have to enter those yourself, unless you want to schedule in advance the payments, which clogs up your account register. It also falls down when you set up a loan that's midstream, i.e., already has payments on it
    - No consolidated view across all investment accounts, you have to look at each one separate, though you do have a list on the side of all accounts and their current values
    - The font size is pretty large, which may look nice, but when you start to get a lot of transactions you want to see more on a particular screen vs. scrolling. I have to see if there's a way to shrink the font in the registers.

    I'll probably just stick with Quicken for now. Hopefully they address some of these shortcomings.
     
  10. TonyK macrumors 6502a

    TonyK

    Joined:
    May 24, 2009
    #10
    In 2008, when moving from Windows to OS X there were fewer options for financial software. My current method of financial management evolved after Quicken sunsetted my version and wanted me to purchase a new version at full price. The method involves a spreadsheet, the financial software and using my bank's website for paying bills. No longer do I use built in software's ability to pay bills from the software. I continued to use the obsolete version of Quicken because aside of losing the bill payment function it did everything I needed a financial package to do.

    The spreadsheet is a check/balance system to make sure my financial software and the bank balances are correct. It also allows me to budget and track some items better, such as credit card spending on a transaction basis.

    In my search various OS X applications were evaluated and in the end I purchased MoneyDance. It took multiple efforts to get nearly 10 years of financial data (maybe a little more than 10 years) into MoneyDance cleanly but once in, it has worked extremely well for me.

    Glad you have found your solution with Quicken 2017. Financial management is highly personal and we each like what we come up with.

    Take care,
     
  11. dimme macrumors 65816

    Joined:
    Feb 14, 2007
    Location:
    SF, CA
    #11
    I have been a quicken used since 1994. I received an email from Quicken the other day, stating as part of Quicken's separation from Intuit they are moving from Intuit's authentication service (Intuit ID) to their secure, new Quicken service (Quicken ID). Nowhere does it say how they will secure my information.

    Now that Quicken has new owners, I feel nervous about trusting them with my info. I have been on the fence about Quicken lately and have also been using Mint / Excel in parallel. I know Mint is all cloud-based, but it is backed by a large secure company (Intuit).
    So I am not really sure where my passwords are stored are they stored on the Quicken server, or are they on my machine?
     
  12. DPH macrumors regular

    Joined:
    Jan 3, 2009
    Location:
    Sarpsborg, Norway
    #12
    Been using YNAB for the past two years, its just fantastic for me! Give it a try:)
     
  13. davidg4781 macrumors 68010

    Joined:
    Oct 28, 2006
    Location:
    Alice, TX
    #13
    So are you sticking with Quicken 2017?

    I've been using 2016 and it's been good, except I can't get on with my student loan folks (ACS). I was going to maybe upgrade to 2017 then realized it's about that time for 2018. Right now, there are loads of people complaining about being locked out of their accounts and the app all together. I'm sure the company that purchased Quicken from Intuit will get it sorted but I got curious if there were any alternatives out there. I'm trying Banktivity now.

    About 2 months ago I started a new file (forgot why). FWIW, Quicken is A LOT snappier. I previously had a bunch of old transactions. They don't interest me. It's nice to go back and see the time I stopped at Apple to purchase an iPhone case but really, I'll live without it.
     
  14. Pyrotechnic macrumors 6502

    Pyrotechnic

    Joined:
    Feb 28, 2009
    Location:
    United Kingdom
    #14
    I went round in circles with this issue and trying to find the best software was a nightmare, especially with UK support for Quicken non existent.

    Finally settled on MoneyDance which works just as I want it. Yes, it could be better and I often look at the likes of Banktivity, but the fact I can download my files onto my Mac and then just import and save locally works for me.
     

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