Money management software review: Quicken
By Fergal Barry-Murphy 26 Comments
After the popularity of last week’s review of Microsoft Money, we are following up this week with a review of its chief rival, Quicken.
Unfortunately, the latest version of Quicken UK now available dates back to 2002. However, it remains an impressive piece of software.
If you are looking for some current UK money management software you might like to look at Personal Accountz.
So let’s have a closer look at what Quicken UK has to offer.
When Quicken 2002 UK was released it was arguably the best money management applications you could get. And when it comes down to it, there isn’t a whole lot about managing your finances effectively that has changed in the last few years.
So what do you get?
To start with, Quicken has a user-friendly set-up process to help you get started and to get your initial accounts in order. In fact, as money management applications go, Quicken 2002 is very easy to use.
The beauty of Quicken is that it brings all your finances together in one easy to manage place. As with any money management application you are going to have to do some groundwork at the outset, and make sure you keep everything up to date thereafter. The more details you enter, the more accurately and efficiently you will be able to manage your finances.
To start with, you need to enter details of your bank accounts, credit cards, loans and mortgage. You will also need to enter day to day incomings and outgoings such as income and cheques, and set dates for bills such as credit card payments and utilities.
Quicken 2002 can also help you with budgeting and you can set up extra categories for things like motor expenses and groceries. Also, depending on which version of Quicken you buy, you may also be able to use it to track your investments, manage your taxes and even help you run a small business.
The investment tracking facility is particularly effective as you can easily keep an eye on your savings, stockmarket investments, ISAs, dividends and more. Analysing your finances and other trends is also made easy with Quicken as it can present your finances in graph or chart form.
These are features that you will find as standard in most money management applications. However, it is the little things that really make Quicken 2002 stand out from the crowd. For example, Quicken Deluxe 2002 has a home inventory feature so you can list all your belongings, their details and their value for insurance purposes. It also has a Emergency Records Organiser that prompts you for important information like emergency service contact details, insurance policy details, will details and so on.
There is no doubt that Quicken 2002 is a quality piece of software. However, we do have two main criticisms. When Quicken was released it only synched with the online banking facilities of three banks – HSBC, Lloyds TSB and MBNA. The situation may have improved since then, or you may also be able to update your online statements to Quicken manually using .QIF files. However, if you are considering Quicken, check with your bank first to make sure that you can update from your online accounts. If you can not, it really isn’t worth the outlay.
The other fault we found is that Quicken discontinued its customer support in the UK at the end of 2006. The software comes with good documentation and there is plenty of help available online, but you can not depend on direct help and advice from the Quicken people.
However, if you can get over these two issues Quicken 2002 remains a good option, though it isn’t cheap. The Standard version retails at £29.95, the Deluxe version at £49.90, and Deluxe and Business at £69.95. However, because it is outdated you should be able to get a better deal.
It seems like the UK consumer is being neglected a little on the money management software front, with Microsoft Money and Quicken not updating in years. Of the two, Quicken is probably the better piece of software. However, Microsoft Money does have the advantage of being a little cheaper, it offers a free trial for download and there is customer support available.
Although these are the two heavy-hitters on the market, they are not the only money management applications out there. Over the next few weeks we will look at some of the alternatives, starting next week with Moneydance.
I have Quicken 2004 but I am unable to load on my new lap
top with Vista.
Can you suggest help?
I had Quicken 2004 also. I couldn’t use it with my new Vista laptop. I haven’t yet found an alternative with which I am happy, so I have rather lost track of my finances. It annoys me the way software companies change operating systems and then leave their users high and dry.
I had the same problem with the Quicken XG 2004 version sent to me by Intuit when they stopped support in the UK.
I copied the Quicken folder and all sub folders from my XP PC to my Vista laptop. I then installed Quicken from the CD as normal and it has been working fine ever since.
Hope this helps.
John Ludholf
I have tried to repeat you rapproach to getting Quicken to work on Vista but without success. Can you elaborate on your technique…was it the Quicken folder in Program Files that you copied across or just the data files?
Martin Cotton
I had the same problem with my new Vista laptop today. After finding John’s solution above I went back and tried it. The failed Quicken install was still there. I deleted all files in the Programs/Quicken folder and copied the entire contents of my old laptop QWSE folder into this now empty Quicken folder on the new machine. Then clicked on the Quicken 2004 icon my failed install had left on the desktop and it worked! So thank you ver y much John, stumbling on your answer after trawling many other places has worked for me.
We need a Quicken user club to keep it going in the decades to come as Microsoft keep trying to kill us of and Intuit ignore us.
I have noted the comments above on newer versions of Quicken. I have been running Quicken 2001 Deluxe for years on Windows XP and have a huge amount of data tracked within it. I was able to update share prices automatically up until the end of last year. This facility is not available now. Do the later versions 2002 or 2004 provide online downloads?
Help appreciated, thanks.
Ian.
I am struggling to import QIF files downloaded from my First Direct account. Quicken 2004 doesn’t read the information. I was able to do this until a few months ago so what has changed? Any help very gratefully received. Many thanks.
I am in the same situation. New computer running Vista and Quicken 4.0 won’t load. Tried re-loading it and still same problem. So I tried Richard Thorley’s technique above and seems to have done the trick.
After trying to load Quicken (and in my case trying to re-load it)
Delete everything in the Quicken folder in Program files, but leave the folder
Copy everything in the Quicken folder in my old computer onto a memory stick and then copy it into the empty Quicken folder on the new computer.
Then just double click on the Quicken Icon left from the failed load on the new computer
And it works.
I’m going to be careful for a few days to make sure I don’t have any instability or crashes, before swearing that it worked fine.
Ted
On Vista, you can install Quicken in XP compatibility mode. This way, you should be lucky and find that Quicken will install. However, Quicken will not load in Windows 7, (not in the Windows 7 home version) The more expensive versions do have the compatibility mode included.
Hope this helps someone
I have been a Quicken addict for ages; in 2006 I decided to update and bought a secondhand copy of Quicken 2002 delux. Unfortunately this was a US version and although it can handle transactions in GBP the accounts (carried over from my old version of Quicken) have ended up in dollars. No real problem. I have just loaded Windows 7 Home Edition (64 bit) in a new partition on my PC and Quicken 2002 installed OK. My Quicken data folder is still where it was when I was using XP Pro (not in the program folder or in “My Documents”).
I have been a loyal user of Quicken since 1995 and it has proved its worth during these difficult times. I just installed Win 7(64 bit) Ultimate on my laptop and the 2002 version installed without any drama and appears to be functioning perfectly. There was no need to use compatibility modes or other tricks to fool the system. I then restored the data from my backup file, via usb. As I write, all appears to well.
Perhaps someone can advise whether it is still possible to upgrade my existing version to the delux version as the link to the intuit webpage offers no help?
We’ve got our LIVE(!) quicken data on a file accessed by both an XP(SP3) and a Windows7 (Release candidate build 7100 version – on which it runs as Administrator with Compatibility set to XP.SP3). So far we have had no problems EXCEPT that it look like there’s a problem with REPORTS | Customise | Accounts …. marking them ‘in’ or ‘out’ for inclusion.
…
Any observations on this? -Angus
Angus,
I tried to replicate your problems by customising the included/excluded accounts in the reports function. So far, Quicken behaved as expected and correctly updated the reports. I am not an expert by any means but wonder whether the problem is being experienced on both your XP & Win 7 PCs. If on both, then perhaps the program files are corrupted. Alternatively, if it applies only to the Win 7, have you tried running it without using the compatibility mode set to XP.SP3?
To emphasise the point in my original post, I did absolutely nothing to modify the installation and (fingers crossed) all is still well. Indeed, the second account (standard user) on my laptop seems to behave properly – even without administrator privileges.
Nigel
I have been using Quicken 2004 XG on Win XP. I recently bought a new PC with Windows 7 Pro and the Quicken 2004 XG installed without any issues and works perfectly.
I wanted to try a newer version of the software and tried the latest US version. Unfortunately, it would not convert the UK data file.
I the downloaded the trial of the Australian version of Quicken 2010. This converted the data without any issues and works well. It is designed for Windows 7 and is a much fresher interface with better reports, etc. Now if only I could actually buy this! I can download a trial but cannot buy it from the website, and cannot find any other resellers. It seems that Intuit do not want UK users to be able to upgrade!
AS
I am a big fan of quicken as well but my copy dates back to the early version 4 pre 2000, at the moment I cannot load it on to windows 7, is there no fix or will I have to buy a later version? Your comments would be appreciated.
Arthur
Have just apparently succesfully installed Quicken 2004 on Windows7 Home using method
described in above thread re Vista from Ted and Richard. Deleted and copied files as described
and opened straight away from desktop icon. Time will tell but so far so good, ..thanks for posting T&R
I have just installed Quicken 2004 on a Windows 7 machine. The initial installation did not install properly as two files apparently were not found.
After uninstalling it and re-installing it in Windows XP SP2 Compatibility Mode, it appears to have installed correctly.
For the last couple of weeks I have been running the installation in parallel with my installation on an older XP computer. So far everything (including reports etc) is functioning properly. Only time will tell!
Hello, I’m a major major dummy so apologies….if I am a brand new Quicken user and purchase the latest (US) version, will it work fine in the UK? Am I right in thinking that all the problems experienced above are due to long term use and loads of data stored in older versions? So that if I start from scratch with 2010 it will cope with £ and I’ll be able to download all my accounts directly?
Many thanks,
Mrs M
I’ve been a user of Quicken for many years. The latest version I have is Quicken HG. I have 13 years of financial records on Quicken that I really don’t want to lose. My current installation has developed a couple of glitches so I would like to reinstall the programme. I’d also like to install it on my lap top so that I can access my records when I’m travelling.
The problem I am facing is that after I install the software it asks for an Activation Key. Intuit say they no longer support Quicken so they can’t supply me with this. Any ideas on what I can do?
If I have to change to new personal finance software does anyone know of something into which I can import my 13 years of records?
Hi Bryan
Thanks for your comment and question.
Personal Accountz may be what you need and you can export your Quicken data using the same steps that we have described in that article.
This is a link to our review of Personal Accountz
I am also a long term user of Quicken in the UK disgruntled at the lack of newer versions since 2004.
But, the answer is now at hand.
Install Quicken 2010 select multi currency option and change base currency to £. Quicken will not allow European QDF files to be imported. There is however a cunning plan. Install Microsoft Money and import your current Quicken 2004 file. Then import your Money file into Quicken 2010. Some minor adjustments may be necessary but minutes later all singing and dancing.
You will not be able to register or use the internet options but I am always a bit nervous using this anyway.
Its been working faultlessly for several days now and seems to function all OK
I was a long term user of Quicken UK since 1994. For the last 4 years i have been stuck on 2004 version. I became increasingly twichy about being stuck unable to use this legacy software in the future. Fortunately like Ken I have been able to upgrade to Quicken 2010 US. First I downloaded the MS money trial which allows you to import Quicken data, I then installed Quicken 2010 which allowed me to install the MS Money Data. The transfer went well with very few discrepencies. I did need to track down a few errors and also rebuild my category list (MS money only allows 2 levels), I also needed to remove the linked cash accounts that MS Money added to my investment accounts, which involved unticking a box in the ‘edit account’ tab.
The greatest difficulty was getting hold of the US version in the first place.
Hi, I have read your comments with great interest. I have been using various versions of
Quicken since 1992 and have loads of transactions that I do not want to lose. I am currently
using Quicken 2004 and have just purchased a new laptop running Windows 7. When I first
purchased the new machine, it was delivered running Windows 7 Home Edition. I couldn’t
install Quicken 2004. Having talked to Microsoft, I was told that if I upgraded to Premium
Edition, I could run it in XP Mode. I purchased the upgrade and with Microsoft’s help
Quicken 2004, successfully installed and I have used it for 3 weeks with no hassle. My
biggest problem is trying to backup my data. I had no problem on my old machine, but now
using a pen drive as my storage media, I am repeatedly told no backup directory exists, or
unable to write to the drive. I don’t want to run the risk of daily entering information but not
able to backup incase I lose everything. Are you able to suggest anything to help please.
Thanks, Martyn.
To follow on from Ken & Mrs Milk
I purchased Quicken 2010 and by downloading the MS Money trial (like Ken) succesfully imported my old UK Money file.
However as Quicken is not supported in the UK, you cannot download transactions from UK banks into Quicken direct. Quicken uses its own .QFX files. Quicken’s website suggests that it accepts OFX (which many UK banks use) but this is misleading and it certainly does not!
I’m not prepared to manually enter my transactions. If anyone has a workaround, the software might be worth importing from the US (from EBay – it’s dead easy) but from where I’m sitting its a waste of money.
I am using Quicken 98, with which I am quite happy, but now find I need to use it both on Windows XP (home) and Windows 7. It is fine on XP, but will not install on Windows 7. Is there something I can do, or is there an alternative product which will operate on both systems. I have tried Microsoft Money, but I am not happy with it.
I have been using Quicken deluxe 202 since it was released. I have used it on XP, Vista 32 and 64 Bit. I am now using it on Windows 7 Pro 64 bit. It has loaded every time without a hitch and i have had no problem on backing up to a usb memory stick.