A Review of Moneydance: Managing Your Finances with Moneydance

Moneydance Review

Quicken, a personal finance software company, has faced stiff competition since its launch in 1991. Moneydance, a free and open-source desktop application, was one of its rivals that came out a few years later.

Today, Quicken and Moneydance are two of the most seasoned personal finance apps available. If searching for a Quicken alternative, Moneydance is a great option. Moneydance 2015 was a major upgrade to the software, introducing many new features and enhancements.

However, quicken 2005, which was released 15 years ago, is now outdated compared to modern personal finance software options.

Finding an alternative to Quicken can be a wise move, and there are many budget software options like Moneydance. And if you’re looking for a user-friendly Quicken replacement, then Moneydance is the option.

Additionally, Moneydance offers a free trial period, allowing you to test the app before you commit to purchase.

 Moneydance is no longer free or open-source but is compatible with major platforms like Windows, Mac, Linux, iPhone, iPad, and Android. It offers features similar to Quicken Deluxe, such as income and expense management, online banking and bill pay, investment tracking, budgeting,

Quicken for Mac users looking for an alternative software can try Moneydance, which is compatible with macOS and offers similar features to Quicken. If you’re a Mac user and wondering if Moneydance is compatible with your operating system, the answer is yes. This applies to Quicken for windows too.

The Moneydance checkbook feature allows you to track your spending and monitor account balances easily.

Despite its many features, Moneydance comes after Quicken Deluxe (the Editors’ Choice pick for paid personal finance services) because of its outdated, sometimes complicated user interface. Mint, on the other hand, offers its features through excellent web and mobile apps.

While Moneydance cannot be fully endorsed compared to these two personal finance services, it does have many tools that provide informative presentations of your financial data, making it worth considering.

Generally, while Moneydance may not be the best choice for personal finance software, it offers a range of valuable features and data presentations. Whether you decide to use Moneydance, the important thing is to have a tool that can take you through your finances efficiently and effectively.

Moneydance makes managing your finances easy with its user-friendly interface, and if planning for a change, then the new version of Moneydance is worth considering.

If you’re looking for an alternative, Moneydance works well and offers similar functionality as Quicken. No need to worry if you’re an iPhone user – Quicken too is available for both iPhone and iPad.

The app is available for a one-time fee of $49.99. This license enables users to use the software for as long as they want, including one significant upgrade. So, if you purchase Moneydance 2022, you’ll also get the 2023 version and any minor updates.

The company has now launched a subscription option called Moneydance+. For $5 per month. Users can access Moneydance and a new online banking system that utilizes Plaid, an account aggregation service used by many personal finance websites.

If you’ve already paid $49.99 for the software, you can subscribe to the new online banking service for $2 per month. The old online banking service will still be available through banks that will support the open-standard OFX protocol.

I appreciate that Moneydance pricing is straightforward and affordable, with no hidden fees or subscriptions.

Moneydance places a high priority on maintaining security and privacy. The company has remained committed to not sharing data with third-party providers for several years.

However, for Moneydance+ subscribers, account aggregation is now a collaboration with Plaid, a widely used service. For users interested in security, the company has a minimalist approach to data storage and recommends reading its privacy policy.

To ensure security, the app stores only one piece of personal information. RSA public keys and encrypted access tokens are stored to enable bank connections.

Plaid earns its share of revenue by charging sites, such as Moneydance, a fee for each customer-to-bank transaction. The company does not sell user information to third parties or use ads to track online behavior.

Moneydance does not have access to users’ bank logins and passwords, authentication and expiring access tokens add a layer of security to sensitive data. Re-authentication is required after a reasonable time, ensuring that data remains secure. Overall, Moneydance takes security and privacy very seriously, and users can trust that their data is protected.

Moneydance allows users to download data from several financial institutions, including major and minor ones. This includes savings, investment, loan, and credit card accounts.

Setting up connectivity with online banks is a straightforward process. Users are to create a new account within Moneydance. Users later highlight it in the left vertical navigation bar and select the “Set Up Online Banking” option. A wizard-like tool will then guide them through the rest of the process.

While Moneydance doesn’t offer direct import for Quicken data, the software provides easy-to-follow instructions. 

For most banks, users will have to authenticate their accounts by entering their usernames and passwords. They will then need to verify their identity with Plaid, which involves entering a code sent to them by text or phone. This step is required for users of Moneydance+.

When creating new accounts within Moneydance, users can also add additional details. Users can provide details such as initial balance, account number, and routing number. There is also an option for a default spending category.

This feature sets Moneydance apart from its competitors, such as Mint, which automatically assigns spending categories based on their best guess. With Moneydance, users must manually assign categories to transactions that do not match the default category.

 However, the software learns over time and automatically categorizes similar transactions in the future.

Overall, Moneydance user-friendly interface and straightforward setup process make it a good option for users who value customization 

Additionally, With the Moneydance app, I can access my financial data from anywhere, at any time, which has been a game-changer for me.

However, quicken requires you to purchase a new license every year, which can be expensive if you want to keep using the software and accessing your Quicken data files.

Moneydance interface appears outdated and can be challenging to navigate, lacking the fresh and modern design of Simplifi by Quicken. The software utilizes standard Windows menus and features a vertical pane on the left side showing your account balances, with links to various graphs and reports below.

However, compared to Quicken Deluxe, Moneydance’s graphs and reports are less customizable, though users can still create customized reports in both apps. Generally, While Moneydance may not have the most sophisticated user experience, it still offers a range of useful tools. With the new quick version out, Moneydance is still the best.

The Moneydance toolbar offers links to the Summary, which is equivalent to a dashboard, and Reminders. The Summary presents key financial information such as the balance for each of your accounts. 

You can customize the right pane you find useful, with the six themes available and options to adjust colors found in the Preferences window. This window also offers settings for printing, backups, and software appearance.

Moneydance’s default Summary has various features that allow users to stay on top of their finances. It includes reminders for overdue and upcoming bills, a calendar displaying transactions, and general reminders for the current month. Users can adjust the date range for the display of their expenses

Additionally, Moneydance lets you check for updates and run extensions, which are add-on services such as PayPal Importer, and Debt Insights.

Creating reminders in Moneydance is a straightforward process that requires only a few clicks. The application allows you to create both Transaction and General Reminders.

Additionally, you can initiate the process by either right-clicking a date on the calendar to open a data entry window or clicking the plus sign located in the lower right corner of the full-screen view.

For instance, if you want to remind yourself to pay rent on the first day of every month, you can open the Transaction Reminder window and input the payment details.

Moneydance provides support for recurring reminders. You can effortlessly create daily, weekly, monthly, or yearly calendar entries on any day or every X week. 

Additionally, you can set reminders for a specific number of days in advance that you prefer. Moreover, you can create reminders from account registers by selecting “Create Reminder from Transaction” in the menu of options.

This method generates a reminder with an entry’s details, saving you from manually entering the transaction details.

Moneydance’s account register is easily accessible when you click on an account name in the sidebar. This register has the option of editing the description and category, and you can also confirm transactions from this screen.

Additionally, the right-click feature offers several options, including duplicating transactions, marking them as cleared or reconciled, and batch editing fields.

The single-line versus two-line mode allows users to specify tags in addition to categories, and the Delete and Sort by Filters options are available too.

The Show Transaction Details feature in Moneydance is unique. It displays raw data in a box that resembles a bug in the program. This feature is generally used for troubleshooting purposes and is not commonly found in other personal finance software.

While other programs such as Quicken Deluxe and Count About offer similar transaction management options, the Moneydance Show Transaction Details feature is one of its kind.

The transaction management options in Moneydance are quite extensive. Right-clicking on a transaction in the register opens a local menu with many options, such as adding attachments, duplicating, or marking it as uncleared, cleared, or reconciled.

You can also use the Batch Change option to edit one or a group of transactions individually. Other features include single-line vs. two-line mode, delete, and sort by filters. 

However, the unusual one is the Show Transaction Details option, which displays raw data in a box that resembles a bug in the program, usually used by developers for troubleshooting.

Overall, Quicken Deluxe offers similar transaction management capabilities, with Count About being another good alternative.

With Moneydance’s ability to automatically download transactions, you can save time and streamline your budgeting process.

Quicken software has been a popular choice for personal finance management for a long time. However, Moneydance provides users with more ease and flexibility to take control of their finances.

Moneydance can automatically download financial transactions and categorize them for you, just like Quicken. While I don’t have experience with Quicken 2006. I can tell you that Moneydance is a great option for managing your finances and transactions

Moneydance offers a comprehensive investment tracking feature that allows you to create multiple investment accounts and set up securities such as stocks. you can also record the holdings for each investment account.

Like Quicken, Moneydance provides users with tools to manage investments, track bills, and generate reports. Additionally, Moneydance enables users to track their investments and monitor the performance of their portfolios over time.

The software can download market prices from various online sources to keep your portfolio updated. It can handle stock splits and cost basis calculations effectively. The portfolio, investment register, bank register, and securities detail are the four different views available to view your investments.

The securities detail view is the most frequently used view, where you can add, edit, and remove securities. Additionally, you get a price graph to show the performance of your securities. 

Although there is no link to additional investment graphs and reports in this view, they are still accessible from the sidebar. These reports include Asset Allocation, Securities Performance, and Cost Basis.

Overall, the app’s investment tracking feature provides users with a reliable and user-friendly way to manage their investments. It offers all the necessary tools to help users stay on top of their investment portfolios and make informed decisions.

 The availability of multiple views and reports makes it easy to understand the current state of your investments and make adjustments as needed.

Moneydance offers a Budget Manager that allows users to create budgets with various frequencies. Like Quicken, Moneydance can help you keep track of your finances and budget effectively.

The Mixed Intervals budget type is flexible, enabling us to set custom start and end dates and create each budget item on its repeating interval. Additionally, the Budget Manager displays a color-coded graph that provides a quick snapshot of budget adherence.

When creating a new standard budget, Moneydance opens a sizable table with already labeled income and expense types. This list is more comprehensive than what competitors typically offer but can be overwhelming.

However, users can customize the category list to their specific needs, and the budget adjusts accordingly. Users can also select the Budgeted tab to view only rows with budget numbers.

The app’s Budget Manager is easy to use. Users enter their projected budget amounts next to income or expense items, such as Salary, Bills, and Healthcare. As the software categories match the labeled rows, Moneydance inputs numbers in the appropriate row every time a transaction is entered with a specific category.

Users can have a look at what they are doing as they go through the budget period. The Budget report compares budgeted expenses to actual expenses, showing the difference.

After completing one budget period, users can create the next by copying and rolling over the previous period and copying the previous period

Although Moneydance Budget Manager may look more suitable for small businesses, it offers powerful budget management tools. However, Quicken Deluxe and Mint offer more aesthetically pleasing and flexible budget tools.

While personal finance applications do not typically integrate with productivity solutions such as CRM or inventory management, small business accounting applications often do.

 However, Moneydance stands out by offering a library of extensions that can be added to the software. These extensions have been contributed by users ever since providing specific functions that enhance Moneydance’s capabilities.

One notable extension is MoneyPak, which installs an envelope budgeting system on top of Moneydance’s existing budgeting tools. This allows users to easily compare their actual spending to their budget and make adjustments as needed to achieve financial goals.

Other extensions available include the CSV Importer, PayPal Importer, and Balance Predictor, which provide additional functionality and flexibility to the software.

The mobile app has limited functionality, allowing users to view and edit transactions and account balances, and add new transactions. However, the app is available for both Android and iPhone users.

Setting up the app requires a two-step process that involves a one-time sync to transfer the Moneydance file from desktop to mobile using a syncing service.

Moneydance offers syncing services with two major cloud services – Dropbox and iCloud. Users can choose either of the two options to sync their files between their desktop and mobile devices.

Once the initial sync is complete, users can then access their Moneydance data on their mobile devices. While the app is not the as the desktop version, it does provide a convenient way to manage finances on the go.

The Moneydance syncing process may require a bit of a learning curve for those unfamiliar with shared folders. The software’s help files can guide you through the process. 

Although other personal finance services may have more user-friendly apps with more features, Moneydance’s use of a shared folder allows for easy sharing of your Moneydance file. 

Unlike its competitors, the Moneydance syncing process only needs to be completed during the initial setup, so it does not cause a persistent headache. The syncing service works seamlessly with popular services like Dropbox and iCloud.

Despite the lack of advanced features in the mobile app, the ability to share the Moneydance file across different platforms is a major plus, particularly for small businesses or families who want to collaborate on their finances.

A Capable Old Timer Moneydance, one of the oldest surviving personal finance services, rivals Quicken Deluxe with its robust transaction management, investment tracking, and online bill pay features.

It also supports multiple currencies and offers built-in online bill pay. However, compared to Quicken Deluxe, Moneydance falls short in budgeting, planning, and reports.

Quicken Deluxe also offers a cloud service that allows users to connect to a password-protected website and view their data, making it more accessible.

Additionally, Quicken Deluxe’s user experience is superior to Moneydance’s. For these reasons, Quicken Deluxe is our top choice for paid personal finance apps, while Mint is our top choice for free personal finance apps.

Generally, if you don’t need support for multiple currencies or built-in online bill pay, we recommend considering Quicken Deluxe or Mint as alternatives to Moneydance.

However, Moneydance also lets you manage multiple currencies, making it a great choice for international travelers, while Mint provides a free option with strong budgeting and goal-tracking features.

Before you make a decision, be sure to read product reviews for both Quicken and Moneydance to see which software meets your needs.

As a product of Infinite Kind, Moneydance is a reliable and trusted solution for all your financial needs. Finally, if you’re looking for a great alternative to Quicken, Moneydance is an option to consider. It has reliable performance and excellent customer support.