How to Convert from Microsoft Money to Quicken

Posted by Brian on September 16, 2009

This week I took on the task of converting my Microsoft Money account information to Quicken Premier 2009. The process was fairly straightforward thanks to detailed information provided by Intuit (the makers of Quicken). It took about an hour to get Quicken completely set up and ready to use.

Are you a former Microsoft Money user who needs to convert your information to Quicken? Based upon my conversion experience I came up with the following tips to make the process even easier. This checklist should work with all versions of Quicken 2009.

Switch to Quicken with us! Since Microsoft Money discontinued their product, we’re converting from Microsoft Money to Quicken. Join us in the switch and let us know how it goes.

How to Convert to Quicken

  1. Back Up your Microsoft Money data. Go to File/Back Up and save a copy of your Microsoft Money data file on your hard drive. This is always an excellent precaution to take when working with important data.
  2. Install and register Quicken. Quicken will perform an online update after it installs. This will ensure you are running the very latest version. Don’t start Quicken yet, you will do that after you import all of your account information.
  3. Read all of the instructions before you begin. Read the Microsoft Money to Quicken Conversion Instructions. IMPORTANT – please take the time to read through ALL of the instructions before you dive in. Pay particular attention to the list of items that will not be imported at the top of the page.
  4. Download and install the data converter. Download the Money to Quicken Data Converter and save it to your desktop. Install the converter to your desktop as well. Don’t start it yet.
  5. Open Microsoft Money and create your account report. Follow conversion instructions steps 3-11.
  6. Create an investment report (optional). This needs to be completed only if you used Microsoft Money to track investments.  Follow steps 12-18 from the conversion instructions.

    PLEASE NOTE: There is a critical omission in step 14. The Account option must be checked, otherwise the data import will produce an error.

    Step 14 should read: Click the Rows & Columns tab, and in the Include fields area, select the Memo, Account, Transfer account, Cleared status, and Category options.

  7. Run the data converter. Click the Import into Quicken button. It might take several minutes for this step to complete. Once it is done all of your data should be in Quicken.
  8. Double-Check the results. The easiest way to do this is to open Quicken and Microsoft Money and compare account totals. Everything should match up. It is possible some of the investment accounts will be a penny or two off due to differences in the way the programs round numbers.
  9. Reconcile your accounts in Quicken. Before you add any information to Quicken at all you need to reconcile each account. The easiest way to do this is:

    Click on the account name in the left column.
    Under the “Cash Flow” button it will say either Reconcile or Reconcile Account. Click on that and follow the instructions.

  10. Set up your online updates. One thing that won’t transfer from Money is the online access to your accounts. If you want to access your bank accounts online you will need to set it up:

    Click on the account name in the left column.
    Select “Set Up Online” near the top of the page.
    Follow the instructions.

Learn to Use Quicken

Congratulations! Quicken should now be populated with your data and ready to use! Visit the Getting Started with Quicken page for helpful resources to familiarize yourself with your new software.

Still need to purchase a copy of Quicken? Amazon is selling Quicken Premier 2009 for cheap right now.

Once you’ve converted check out our Quicken Tip List Former Money Users Will Like!

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