MoneyDance
Two days ago I had an epiphany: I hate Quicken for Mac. Actually, that’s something I’ve known for a while now, but I’ve continued in hopes that perhaps some day Intuit would release a truly cross platform solution with feature parity with Windows. Reality sets in when you realize that they’re still using OS9-era code, have become pretty much the only company not to release a major software as Universal Binary, and the Intuit CEO is even saying that Quicken Mac’s future is in question. They probably get more money for Quicken by bundling it with new Macs than they do upgraders, there’s just no compelling reason for anyone to use it. But my issues with Quicken for Mac are for another post.
Friday I set in to convert my data to an alternative: MoneyDance from Reilly Technologies. MoneyDance is probably the highest rated Quicken alternative for Mac. Let me throw this out first: it also has one of the ugliest interfaces of all of the alternatives. I was put off several times by it, but then decided to jump right in. So far, I’m very pleased with it. It takes a simpler approach to finance management than any of the programs I’ve used, and still manages to pack in features that other alternatives miss, especially online banking.
My own pros and cons list:
Pros:
- It’s built in Java, and is completely cross platform! Not only does this program run on Windows and Mac, but Linux to boot! While it’s not open source, it is open standards-based. That counts for a lot in my book (especially having gone through the rigors of trying to migrate my data from Money to Quicken for Mac).
- It can handle most accounts that you can throw at it: banking, credit card, loan, investments… you name it.
- It’s got a simple, double entry accounting model that simply works, contrasting with other programs that have way too much focus on making displaying your transactions seem like some kind of arcane, black magic, and usually fouling up in the process.
- Reports are not the best, but are nice. I feel much more in control of my financial picture than trying to use Quicken for Mac’s.
- Tagging for transactions. I’ve not used it yet, but in my book tagging is the best thing since sliced bread!
- Online banking. This is the main feature that made me consider this over iBank.
- More of a minor thing, but this is the only financial management program that can correctly determine my payment amount for my home mortgage and other loans. Even MS Money got that one wrong.
Cons:
- For me, the butt-ugly interface. I have to commend them for producing a product that works natively so well across so many platforms, but in this day and age of information presented with smooth colors and in useful ways, there’s no excuse for the first thing you see being a calendar with Java-shade-of-grey colors.
- Reports are lacking somewhat in what they can produce. I’d kill to see the equivalent of MS Money’s “Monthly Report”. Heck, if I could just run reports on specific Payees (or even see a list of Payees) I’d be happy.
- Online Banking, I believe, is new to this release of MoneyDance. As such, it still feels “tacked on”. I’ve not found a way to enter an online transaction from the account register itself. Instead, it has to be done via an online dialog box that asks for your password every time. I haven’t used it yet, but I suspect that this will cause some confusion when I go to pay an online payment that I have a reminder set up for–I’ll probably wind up with two entries in my register. I’d love to be able to send an online payment from the account register, or at least have my financial data automatically, periodically downloaded without having to ask for my password every time!
- Help documentation is sparse and largley incomplete. When it’s important to find out if I’m doing things the way MoneyDance thinks I should be doing them, I often have to go to the help forums.
- Paycheck Manger to track my pre-tax deductions, salary, bonus, etc. More cool points if they could make it to where I could easily run reports on my Paycheck vs. my wife’s Paycheck to compare notes for W2 forms.
- 401k Manager is desperately needed. Although it’s flexible enough to work very capably with Investment Accounts, I’m far from a financial wiz and don’t understand the inner workings of Investment or 401k accounts. Those things truly are arcane, black magic! Give me a wizard!
All in all, I like MoneyDance and feel more in control and informed of my finances than over the past year using Quicken for Mac. Slack must be cut for MoneyDance’s faults; compared to Quicken it’s still a fledgling lil’ fella. I’m hopeful that they’ll continue to make improvements in the program’s usability and help documentation, and continue to become a solid performer across all platforms, especially Linux.