Best home financial software, it is MoneyDance?

Discussion in 'Mac Apps and Mac App Store' started by PracticalMac, Oct 11, 2013.

  1. PracticalMac macrumors 68030

    PracticalMac

    Joined:
    Jan 22, 2009
    Location:
    Houston, TX
    #1
    Been looking around at great home financial software like Quicken.

    A web site rated MoneyDance as #1.

    Looked at Mint.com too, by Intuit, but that seams to be a web-based service (with iPhone apps).

    SEE Finance also shows great marks, but no mobile support.

    Surprisingly, Quicken only supports iPhone on its Windows platform (that was a shocker).


    Opinions?
     
  2. mic j macrumors 68030

    Joined:
    Mar 15, 2012
    #3
    I have been a Windows Quicken user for probably 20+ years. I have gotten tired of having to upgrade every couple of years to maintain the transaction download capability for my credit card. Also, now I have to upgrade Parallels because they claim it wont work with the upcoming Mavericks. Feel like I am being held hostage just so I can download some CC transactions. So I checked out these native apps (as I don't want my financials out in the cloud).

    SeeFinance (free): it was pretty good but when I imported my Quicken QIF file it would not import the category splits. It just put the word "split" into the category box. So it thought split was a category set by Quicken. I contacted their TS about it by email and have heard nothing back. That's not a good sign. So I punted that one.

    iBank ($60): Probably the most Quicken-like for various functions (reports, search, download, etc). Imported all data accurately. But you have to double click on a transaction to open it up, then click on a little triangle next to the category field to see split info. To many steps. Also, I think you have to manually tell it to add a new transaction field for each transaction you want to enter. It just had an awkward clunky look and feel to me. So I punted that one.

    Moneydance ($30): Probably the least refined of the bunch. But the one I liked the most. Very close to a Quicken type layout and transaction entry. Graphs are not as refined. For instance, you have an asset graph, a liability graph and a net worth graph. Quicken combines all 3 of those into a single bar graph. Downloading my CC transactions took more steps than Quicken (1 button and type in your password). I had to go to the CC website, login, navigate to the download link, download a QIF to my desktop, then import the QIF into Moneydance. If your institution support Direct Download then you may have a simpler process. Mine didn't.

    Also, the nice thing about Moneydance is that the trial gives you like 100 transactions entries (download transactions don't count) before you have to register. So that gives you a good chance of testing it out.

    Now if your heavy into stocks/bonds/funds and need to keep track of all that, Quicken is probably where you want to be. I haven't seen anything that gives the same capability to manage complex financials like Quicken does.

    So I've settled on MoneyDance.
     
  3. Sital macrumors 68000

    Sital

    Joined:
    May 31, 2012
    Location:
    New England
    #4
    I've been using Moneydance for a few years now. It's not as flashy as some, but it's powerful and gets the job done. I chose it over iBank, SEE Finance and others because it did the best at importing my Quicken data. Contrary to their claims, no program was able to import my data error-free, but Moneydance was the closest.
     
  4. PracticalMac thread starter macrumors 68030

    PracticalMac

    Joined:
    Jan 22, 2009
    Location:
    Houston, TX
    #5
    Did not find when I did a search, thanks.

    Excellent reviews!!!
    Thanks!

    I am starting from scratch, but what you and others said about Quicken suggest they don't (and I think never really did) support Mac anywhere close to as well as Windows.
     
  5. QuarterSwede macrumors G3

    QuarterSwede

    Joined:
    Oct 1, 2005
    Location:
    Colorado Springs, CO
    #6
    What type of budgeting do you do? If you don't you really need to consider starting.

    If it's like an envelope/bucket system then MoneyWell is the most powerful. Steep learning curve but awesome once you learn it.
     
  6. TomC2, Oct 13, 2013
    Last edited: Oct 13, 2013

    TomC2 macrumors newbie

    Joined:
    Jul 18, 2010
    #8
    When I got fed up with Quicken for Mac, I looked at most of the available Mac products and quickly narrowed it down to MoneyDance and iBank.

    It would have been a close call otherwise, but the dealbreaker for me with iBank was how slow it was after I imported my large (10+ years) database. iBank's support team didn't find a solution, so I settled on MoneyDance and I haven't looked back.

    I'm very happy with MoneyDance. It could use some polish in a few places, but it's fast (despite being Java based) and capable. It operates similarly to Quicken, so there wasn't much of a learning curve. The reports aren't quite as powerful as Quicken, but they can be customized and work well enough. The search function blows away anything that Quicken offered, and it also supports foreign currency, unlike Quicken Mac.

    The iPhone sync has its occasional hiccups, but works pretty well overall. Even though it's Dropbox based, MD adds its own encryption, so you aren't relying on Dropbox's encryption/security. My understanding is that it also passes only updates through Dropbox and does not store the whole database there. I like that.

    Edit: Forgot to mention: unlike Quicken, the update policies aren't oppressive.

    I'd give MD 4 stars out of 5 and recommend it without hesitation. I don't miss Quicken.
     
  7. iMerik macrumors 6502

    Joined:
    May 3, 2011
    Location:
    Upper Midwest
    #9
    I was a Microsoft Money user for many years. After Microsoft dropped support and life got busier, I stopped tracking my finances with it. I started setting up Moneydance, but I yet again didn't devote enough time to really get going with it. I liked it well enough, but I'm not sold yet if that's the one I want to go with. So now I find myself wanting to finally start tracking again and I'm debating between Moneydance and iBank. Has anyone tried out the new iBank 5 beta (product page | blog post) yet? I'll probably give it a spin before dusting off Moneydance.
     

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