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Quicken Essentials for Mac now available


After a four year absence, the next version of Quicken for the Mac is here. It's called Quicken Essentials for Mac and is a ground up Cocoa rewrite. I've been using the program for a few weeks now. Is it worth the wait? Well that depends what you need in your financial software.

When I interviewed Aaron Patzer, VP/GM of Intuit's Personal Finance Group, he was quick to point out that it's called Quicken Essentials for a reason: "It's called Essentials because it's what we consider to be essential for most users - about 80% of users. We went to people's homes and watched them use it. The majority of them just want to know: How much do I have? How much do I owe? How much do I spend on gas and food? How many times do I go to this restaurant? How many times do I go to Starbucks? What investments do I have? Let me set a budget to control my spending."

If an easy overview of your financial life is the goal Intuit had in mind, they've outdone themselves. The first thing you'll notice is the completely redesigned interface. Gone is the horrible toolbar navigation with multiple windows. Quicken Essentials has got that familiar streamlined iTunes/iLife look and feel with all your accounts, reports, budgets, and tools nicely displayed in a source list. Its single window interface makes it easy for the user to get a complete snapshot of all their finances. The interactive pie charts are snappy and responsive, and the built-in reports make it easy to view your checking, savings, and investing accounts.
Perhaps the most standout feature of this revamp is the improved categorization that takes a ton of work off the plate of the user. The guys at Quicken have developed a learning algorithm for Quicken Online that allows users to self-tag, with the Quicken Online software remembering those tags and then applying them to other people's data. The more people who use it, the smarter the tagging gets. In my tests, the automatic categorizing/tagging works exceedingly well. Though Quicken Essentials takes a lot of cues from Mint.com, it's method of categorization is different (and superior). Mint obtains its categorization by performing a relatively simple Yellow Pages look-up. Later in the year Intuit will be combining the two approaches and hopes to achieve 95% categorization accuracy (Intuit bought Mint in 2009).

Out of the box, Quicken Essentials supports 12,000 US and Canadian banks. That will grow to 16,000 banks in the next 2-3 months. That's full coverage of every credit union and bank in the US. Transferring and converting your data from Quicken for Windows to Quicken Essentials worked pretty well in my tests. I just saved a copy of my Quicken for Windows file, moved it to my Mac, and double-clicked on it. All my data was easily imported without any errors. Keep in mind that I was only working with two years of Quicken data though. Quicken Essentials allows for conversion from previous Mac programs, Quicken for Windows 2007+, and the now defunct Microsoft Money.

If you're like me and just want a simple program to view all your financial accounts, see where your money is going, and keep track of balances and upcoming bills, I highly recommend Quicken Essentials. If, however, you're a Quicken power user who needs investing and planning tools, investment buy and sell tracking, TurboTax integration, or in-app bill pay, then QEM is not for you. Think of this edition of Quicken Essentials as iPhoto for your finances. It presents a snapshot of your finances and transactions in a simple to use interface. If you need more than that, it's best to look at iBank or Quicken Premier for Windows running under VMWare Fusion or Parallels.

Quicken Essentials for the Mac goes on sale today for $69 and requires Mac OS X 10.5 or 10.6, an Intel-based Mac, and 1GB of hard disk space.

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After a four year absence, the next version of Quicken for the Mac is here. It's called Quicken Essentials for Mac and is a ground up...
 

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Jamie

Little did I know how much is missing:
- no support of transactions for investment accounts
- no reporting, I need to do a simple report for one category and I can't
- A pain migrating. You need a windows system to export the QFX file.
I am probably going to return it and run the windows version on vmware.

March 18 2010 at 3:16 AM Report abuse rate up rate down Reply
Mike

You can't print checks with Essentials for Mac! nuff said.

March 15 2010 at 2:38 PM Report abuse rate up rate down Reply
Rich Cook

I agree this is too expensive, and I'm disappointed at the lack of stock tracking and other features that were in Q2005. Nonetheless, I bought this and am sticking with it because it does integrate with my banks in a better fashion, and because the GUI is pretty good. How well does iBank integrate with the various banks out there? Most of my time in the software is entering data, and the analysis that I use it for is nominal. I do wish the other features were there, but other tools are no better.
I guess I can look at iBank again, but last I used it, it could not import my data successfully. I guess I could just move forward with it and use Quicken for my historical data before now, but that seems a PITA.
I tried MoneyDance and that was a terrible experience. The GUI is from hell, typical of Java-based software on Mac, and the promise of fast development cycles was BS. They never updated it while I owned and used it.
I think Quicken would do well to make data more export-friendly. Then users could supplement Quicken with other tools. I hate Intuit and I hope a worthy competitor really springs up. Until then, Quicken Essentials for me is like democracy: it's the worst tool for the job you could imagine, except for all the others.
They are charging a premium because Mac is a small market with deep pockets. The profit margin is the only thing that makes it worth developing for Mac, I'm guessing.

March 14 2010 at 10:54 AM Report abuse rate up rate down Reply
Scott Houseman

I couldn't have been more disgusted with this program. After seemingly a hundred years of waiting for an update to the marginally usable Quicken for Mac, this thing won't even print checks! How "essential" is that? It is obvious that Intuit has turned their back on Mac users. Other developers, PLEASE take this opportunity to write a new financial management app for Mac users. This is ridiculous.

March 09 2010 at 7:20 AM Report abuse rate up rate down Reply
hans

I am been a long term Quicken user currently was using Quicken 2007. Whenever an upgrade was available I order immediately. It took me just one day of misery to ask for a refund when it comes to Quicken Essentials. First the conversion process crashed twice before I got it to work. Next my totals on a majority of accounts were way off. Next and more importantly I learned that Essentials does not offer a direct pay option with Quickenbillpay or allow you to print checks. Why would they create a new product and launch and with something that is going backwards. Don't go through the headache avoid this product.

March 07 2010 at 10:58 PM Report abuse rate up rate down Reply
garyspeechley

I left Quicken (running under CrossOver) for iBank. I have my accounts with me on my iPhone and can keep on top of transactions quickly and easily - even while I'm out shopping. I can quickly synchronise transactions to iBank on my iMac at home - and it worked flawlessly while I was travelling overseas. From what I've read so far, there's nothing to entice me back to Quicken. My Australian version of Quicken Personal Plus on Windows wouldn't even allow me to perform a fundamental function such as export my transactions to QIF. I'm not sure what the "Plus" meant for the version I purchased. I was happy to draw a line in the sand over Quicken and move on with my life.

February 28 2010 at 4:45 PM Report abuse rate up rate down Reply
Tom Boucher

i got my money back from them pretty fast. I have high hopes for this application really, but for now, iBank it is.

February 27 2010 at 3:14 PM Report abuse rate up rate down Reply
Tom Boucher

So Far:

1) MS Money Import exploded spectacularly, I went from having money in the bank to owing the bank almost $20,000. Granted, I've got years of transactions in MS Money but come on.

2) Can't add an account if the bank doesn't have online support. Uhm, what?

3) It downloads accounts as part of setting up from scratch. Multiple of the things are interconnected transfers. Can edit one side to be the transfer but then it leaves the untransfer edited in the other account. Where's the review transaction button? I can't find it.

iBank worked much better than this. I'm thinking even with my issues with iBank, this while a good first attempt is not $70 worth of software, especially with teh two key missing features of online bill pay & investment tracking.

February 26 2010 at 12:58 PM Report abuse rate up rate down Reply
Kelmon

Just for my information, this software is basically US/CA-only, yes? If so, does anyone know of any good banking software that works in the UK?

February 26 2010 at 6:03 AM Report abuse rate up rate down Reply
Matt

I gotta say - they're missing features that 99% of the population uses. I upgraded and it lost all of my transfer data. After spending about an hour per month trying to reconcile it - it still shows me as "spending money" on transfers. This new software is a pile of crap. Back to Quicken 2007 for me. For $60 it had better not be this feature lacking.

February 26 2010 at 2:14 AM Report abuse rate up rate down Reply
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