Quicken for Mac 2010 REVIEW ONLY

Discussion in 'Mac Apps and Mac App Store' started by CKtoph, Feb 25, 2010.

  1. CKtoph macrumors 6502

    Joined:
    Nov 22, 2007
    #1
    (There are other threads on release date and being sold in Best Buy early, but no threads exclusively for the review)

    I've just downloaded Quicken Essentials 2010 for Mac. It's my first experience with Quicken as a whole, but I already get the feeling I'll be taking advantage of their 100% satisfaction guarantee or your money back.

    One immediate con is that it doesn't link our mortgage as an asset/loan even though the loan is through a major bank.

    Just wondering what other people's immediate impressions are so far.
     
  2. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #2
    Many people (including myself) avoid quicken for the Mac. Intuit's extremely poor track record is the major reason. They typically give the mac user the short end of the stick. Charging more for their application and providing less features then their PC counterpart. Additionally those features they did include are usually buggy to boot.

    No, Intuit isn't getting my money until they provide an application that's on par with their other products. The said thing is that it took them 2 years to produce this application? I've not heard anything good about it.
     
  3. CKtoph thread starter macrumors 6502

    Joined:
    Nov 22, 2007
    #3
    Officially requested my refund today. I'm better off using my bank's online system or maybe using Parallels to use the PC version.
     
  4. imac9556 macrumors 6502a

    Joined:
    Jul 12, 2004
    #4
    As I said on the other thread, I too also bought the Quicken 2010 for Mac today.
    2 words: Very disappointed

    1) Investments do not show any detail, they just show the value of the investments of my Roth IRA.
    2) The program seems very "basic", it connects to my bank accounts and syncs fine with it, but other than that, nothing fancy
    3) The most dumb feature of this program is that there is no password protection Quicken 2007, 2006, and even Quicken for windows have file protection when opening the program. This version doesn't offer it at all.

    I am requesting a refund too
     
  5. Zeos macrumors 6502

    Joined:
    Jan 24, 2008
    #5
    It's a mess. I'm sticking with mint.com. There is hope, however. Apparently when Intuit bought Mint.com, they assigned the Mint team to Quicken for Mac. Maybe we'll see a much better product in 2011.
     
  6. jake1044 macrumors newbie

    Joined:
    Feb 26, 2010
    Location:
    Leesburg, Florida
    #6
    Intuit needs to get they act together!!!!!!

    I have used Quicken so long, more than 10 years, both as a PC user and now as a MAC user. I have downloaded the original Beta and thought that was a bit screwed up but now that I have read the product description and the multiple user reactions on this forum I think Intuit owes its employees and us an apology for placing such a poor product in the market place. For $60 they promise you some future update that may or may not allow you to make transactions through your bank or stock broker. What were they thinking.

    I wouldn't recommend any MAC user to buy this product we are not second class citizens.
     
  7. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #7
    But that's how intuit has always treated the mac users.
     
  8. pokeyjoe macrumors newbie

    Joined:
    Apr 15, 2009
    #8
    I have it and have been running it along side of SEE Finance. My requirements are very simple. i just need to track three checking accounts, a savings account and two credit cards (hopefully the cc requirement will disappear very soon).

    Its amazing how most financial apps completely fail to perform this task without a bunch of headaches. With the exception of Quicken (both 2007 and the new 2010), one must be very careful not to import duplicate transactions. SEE Finance works fairly well and runs imports through a filter for comparisons.

    Quicken just works. 2007 did and Essentials does. Granted, it doesn't do much of anything else, but for my needs its just fine AND better than the alternatives.
     
  9. yoyonyc macrumors newbie

    Joined:
    Feb 27, 2010
    #9
    Very disappointing package: I tried it yesterday and after a while I asked for a full refund.
    First off: I do like the new UI; so much better than Quicken 2006 or 2007 for Mac. Here I do see some potential. But that is where anything positive ends. The features are less than what I had with Quicken for Windows in 1995! Cannot track investments correctly. It does convert certain investment and brokerage accounts over, but then sets them to either checking or savings as an account type and you do not have any chance to change that in the account settings.
    But the true show stopper for me was that they require the user to have all online banking passwords stored on Intuits servers!!! :-(((. And they require you to do that with only a little (in fine print mind you) information. I feel like they are phishing for a lot of personal information.
    Once you have fallen for this, there is hardly a reliable way to manage your own personal banking information on their servers. Spent about an hour with their online chat support, only to be misinformed at first ("we do not store your information") to than half way admitting that they in fact do store that info on their servers. Only solution besides "not to worry as the info is encrypted", is to painstakingly delete or deactivate online access to each account you have enabled. And you need to do this for each data file you have started (I did about three as I was trying to play around with the software). Also, not an acceptable solution when you have about 30 to 35 individual accounts that you are trying to track.

    Absolutely a bad business decision as I do want to keep certain personal info personal and do not want to have it stored on a server somewhere without any control!!

    After over 15 years with Quicken data (first Win than Mac) I am finally willing to walk away from this company. Right now using iBank - not sure yet if this will do what I need, but it looks at least promising.
     
  10. CKtoph thread starter macrumors 6502

    Joined:
    Nov 22, 2007
    #10
    I didn't even think about the storage of my login information and where it was going and coming from.

    I have officially received my refund confirmation and credit confirmation today. Such a disappointing application...I feel like it's the end of a football season: "There's always next year."
     
  11. hakr macrumors regular

    Joined:
    Jan 18, 2009
    Location:
    Western shore, Chesapeake Bay. Maryland
    #11
    I've been playing with a copy of this new software, and so far...I haven't figured out how or where it prints checks. If this is indeed the case, what good is a check register program that won't print checks?

    :eek:
     
  12. imac9556 macrumors 6502a

    Joined:
    Jul 12, 2004
    #12
    Agreed. I just received my refund. I am hoping that they will realize that this product still has "some work to be done"
     
  13. rldunn macrumors member

    Joined:
    Feb 27, 2010
    Location:
    Ann Arbor, MI
    #13
    I just bought, downloaded, and converted over to it yesterday, and so far, I like it better than the alternatives that are available, though it still definitely has some key things to work on.

    Background: I've been using Microsoft Money for the last 15 years or so, most recently using Money 2007 Deluxe. I had used PCs for a long time, but I switched back to Macs in November, 2007. I was using an old PC for Money, but for the past couple of years, I've been using Money on my Mac via Parallels.

    I have a love/hate relationship with Money - I'm used to it and really used to the information that it provides, but I'm really tired of both having to boot up a VM just to use it and dealing with the program slowness, even on the best of systems (and this is with most of my data archived). Reconciling transactions downloaded from my bank always took forever, with tons of lags.

    I bought and switched over to iBank briefly about 5 months ago. I really liked how it looked, and I LOVED that it was a native Mac app, but it just didn't provide the information that I was used to from Money. After using it for a month or 2, I switched back to Money.

    So, my situation is that I'm using a Mac, will never go back to Windows, I can deal with MS Money, but support for it is ending soon, I'm tired of running a VM for finance software, but it seems that every option available currently is lacking in one or more areas for what I need. I've been following this thread for a long time now, and it sums up a lot of what I've thought about the situation:

    http://forums.macrumors.com/showthread.php?t=801225

    So, that is what led me to try Quicken, and this has been my experience so far, albeit brief. I converted all of my data yesterday and updated everything I needed (bills, etc) today, so I think I have a decent feel for the program now.

    Pros
    1) Conversion - I don't think this can be overstated, but I haven't seen it mentioned much in regard to this version. If you have years of data in PC Quicken or Money, QEM comes with a free conversion program that handles getting it in the right format for QEM. Transactions, payees, categories, and even upcoming transactions (Bills in MS Money lingo) were all converted and were not truncated at all. This alone makes me feel less bad that I had to spend $70 for this app. I cannot emphasize enough how long and frustrating it was to get my Money data into iBank when I switched over to it.

    2) Look and feel - Most things are straight-forward in terms of layout. Graphs and reports look really great. Windows for connecting with your bank look great. Basically, functional eye-candy.

    3) Speed - After using Money for so long, the speed is amazing. It's even faster than Spotlight for searching for payees, categories, etc. There is no lag at all. When you download transactions from your bank, if they don't match with one you entered manually for some reason, you just drag the downloaded version onto the manually entered version and they're combined. This literally takes 2 seconds, whereas this process would have taken 1-2 minutes in the version of Money I was using.

    Cons:
    1) Loans - While you can set up loans as accounts (called Liabilities in QEM), you don't enter even basic information such as length of the loan and interest rate. The result of this is that payments to loan accounts reduce the balance by the whole payment amount, not just the Principal portion. This is Finance 101 - can't believe this isn't included. My workaround for now is that I created a Numbers spreadsheet with the loan balance and interest rate, so I can see how much of the current payment is interest, then I have to edit what I have set up as a split transaction, where the first split is a transfer to the loan account for the principal amount and the second is just an interest payment. This is definitely annoying.

    2) Scheduled transactions - Two things here. First, Money had the ability to edit either the next scheduled transaction or the whole transaction series. This allowed you to handle a special payment one month, or for something like gas bill that changes over time, I could leave an average amount, then edit the next scheduled transaction for the actual amount. In QEM, you can only edit the whole series. Also, you can't set up a scheduled transaction to occur once. Well, you could, because you could set it up for monthly occurrence, then just set it so there is only 1 payment left. But, I can't believe "Once" isn't an option for frequency.

    3) Investing - For me, I don't find it a big deal to not be able to enter transaction-level data. But, what is a big deal is that you can't enter investment holdings if your bank can't be downloaded. This has impacted me for several accounts, things like 529 plans, etc. You can set this up as a Savings account and then update the amount, but I want it to be recorded as an Investment.

    Overall, I think I'll be keeping this version. The pros are significant enough for me, and the cons are more nuisance than deal breaker. Hopefully they come out with updates to address some of these things, and I would bet that I'll upgrade when the fuller version comes out next year.

    If anyone has questions, feel free to ask.
     
  14. CKtoph thread starter macrumors 6502

    Joined:
    Nov 22, 2007
    #14
    I couldn't find an option (if there was) for automated bill pay using Quicken Essentials for Mac. It just has a place for you to manually put everything in to keep track of your bills and remind you when something is due. I don't need Quicken for that.

    It just seems to be a very elementary financial tracking tool. I can do what Quicken does with the Safari and iCal with just as much ease.

    I received a second confirmation on my refund this morning, but still waiting for it to show up on my statement (which could be 1-2 weeks from my understanding).
     
  15. Dimwhit macrumors 68000

    Dimwhit

    Joined:
    Apr 10, 2007
    #15
    I'll likely be getting the new Quicken. I don't use the features that aren't supported, and I just don't like anything else out there. I've tried iBank and many others, but Quicken does what I want, how I want. At it doesn't look like this new version changes that any.

    Thanks for the review, rldunn.
     
  16. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #16
    I could be wrong but I believe that option is not available for this version of quicken.
     
  17. davidg4781 macrumors 68000

    Joined:
    Oct 28, 2006
    Location:
    Alice, TX
    #17
    Just curious...what detail do you need? That money's meant to sit there until you retire. Why would you even have a need to look at it?

    I loaded my 401(k) in there, this being the first time I've been able to since Quicken for Mac 2006 didn't support the company. It shows how much the value of the account is along with the breakdown of how my money is divided between different funds.

    That's a lot more info than I had since I used to just throw away the statements before opening them.
     
  18. Dimwhit macrumors 68000

    Dimwhit

    Joined:
    Apr 10, 2007
    #18
    I got the program, and I have to say, I really like it. For what I need out of program like this, it does what I need, and it does it well. Much better, in fact, than the previous version of Quicken, anyway. I'm a happy customer.
     
  19. Julien macrumors G3

    Julien

    Joined:
    Jun 30, 2007
    Location:
    Atlanta
    #19
    Been waiting and waiting and waiting....for a decent Mac version. Now I just got a message that 2007 will only be supported through April. After reading this thread I guess I will (be forced to) buy the much superior Windows version for half the price of the Mac inferior version.
     
  20. ftaok macrumors 601

    ftaok

    Joined:
    Jan 23, 2002
    Location:
    East Coast
    #20
    There are many reasons to want to track individual stock purchases, even in a retirement account.

    1. If you withdraw early, you will need to know your cost basis to calculate your tax liability.

    2. Within your account, it's nice to know when your positions are bought, sold, and transferred. You can track your return on each stock/fund this way.

    3. It's useful to track your transactions to make sure there are no mistakes.

    I won't preach, but I would advise that you change your attitude towards your 401k account. Yes, it is a retirement account, but you need to look at it from time to time. Also, chucking your statements is a bad idea. You should definately keep them, or at least scan them. Your retirement account is your responsibility ... if your stocks tank because you weren't keeping track of them, noone is gonna bail you out.

    ft
     
  21. ftaok macrumors 601

    ftaok

    Joined:
    Jan 23, 2002
    Location:
    East Coast
    #21
    This is not true. According to Intuit, Quicken for Mac will be supported back to the 2005 version. Their policy is to support the current version, plus the 2 previous versions (which goes back to 2005 or 2006, depending on whether they consider QfM 2007 a current version).

    The idea that Quicken for Mac 2007 will be discontinued has been seeing the rounds lately because Intuit is discontinuing support for Quicken 2007 (for Windows). This is because the current Windows version is 2010, putting 2009 and 2008 as the previous 2 versions.

    People aren't understanding that Quicken is a different product from Quicken for Mac.

    Inuit Discontinuation Policy
    See question 9
     
  22. Julien macrumors G3

    Julien

    Joined:
    Jun 30, 2007
    Location:
    Atlanta
    #22
    I didn't say I had a Mac version of Quicken 07. I have a Windows version and said that I have "been waiting for a decent Mac version" which Intuit has never made.

    Excerpt from Intuit email today.



     
  23. ftaok macrumors 601

    ftaok

    Joined:
    Jan 23, 2002
    Location:
    East Coast
    #23
    My bad. I've been seeing a lot of posts with Mac users fuming about Intuit discontinuing QfM 2007 based on e-mails that they have been receiving. I assumed that you were using Quicken for Mac 2007.

    I gotta learn not to read too deep into posts.
     
  24. AJsAWiz macrumors 68030

    AJsAWiz

    Joined:
    Jun 28, 2007
    Location:
    Ohio
    #24
    Just installed it and so far not liking it. In the transaction window I don't see a running balance like in older versions of Quicken. In 2006 I was able to download transactions from my bank and they were marked "cleared" in my register. I don't see this in Quicken Essentials. It is not intuitive and am having a hard time figuring out how to do anything I did with previous versions of Quicken. Unless things work better this thing is going back to Intuit :(
     
  25. btownguy macrumors 6502

    Joined:
    Jun 18, 2009
    #25
    I was very tempted earlier in the week to pick QEM but I think I'm going to stick it out with MoneyDance. The developers over there seem to be quite responsive to complaints. I've posted 2 issues on their forum and had individual developers email me directly to get more information to track down the bug. It may not be as pretty though.
     

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