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Capital according to has $19 billion of equity capital under management. Just to give you perspective, Quicken in 2015 generated under $51 million in revenue for Intuit.
Unfortunately terms of the sale were not disclosed. If I were willing to make a guestimate, I would guess Quicken sold for around $200–300 million and hope certainly for under $500 million. Especially with a YoY declining revenue base.
With the sale of Quicken, it’s akin to the old house that needs upgrading to modern standards. Quicken needs a new kitchen, bathrooms, central air and upgraded boiler – in other words a complete gutjob. Putting new vinyl siding might make it look nice if H.I.G.
Is looking for a quick sale, but the issues will shine through when you do an inspection. For at least the past 5–6 years Quicken has been piecemealed together, and this is what led them to where they are now.
I’m glad we know at least at some level the fate of Quicken, but of course new questions pop up. What new functionality will be added if any? What I constantly hear in my head is a song from the band The Who. “Meet the new boss.
Same as the old boss.” – The Who From CEO on down, many of the existing management and employees will remain at Quicken, though the CEO did promise additional head count, especially for programmers. Quicken is definitely in need of fresh blood to improve functionality and increase reliability. The question I have is: Was Quicken’s degradation caused by a lack of funding H.I.G.
Promises to bring on board, or was it simply staleness from within the organization? What I can say from my discussion with CEO Eric Dunn is Quicken does have a longstanding commitment to maintain the online connectivity with financial firms, and integration with TurboTax. So you have no fear that these features will discontinue any time soon. Worst case, there are competing technologies like Yodlee that could replace Intuit’s infrastructure. Part of the announcement of the new company was improvements in. “In addition to the investment news today, Quicken is also announcing a new, free budgeting feature for its Quicken 2016 for Mac customers.
The next monthly product release will include Quicken’s 12-Month Budget tool, which is the top feature requested by Mac users. The new feature makes it easy for consumers to set a budget, track progress, and analyze “what if” scenarios. It also provides the flexibility to account for monthly and annual expenses, giving customers a flexible, comprehensive view of their spending.” Eric did state they are committed to improving the Macintosh version to make it more equivalent to the Windows version.
So this is good news for Mac users. When speaking with the CEO, he was tightlipped about other new functionality. I hope the new entity does right with the disfranchised Quicken user base.
Otherwise, as I this will be a slow, long and painful death for Quicken users. As for me personally, I have moved on from.
Unless Quicken adds additional functionality that’s missing, I’m not sure if I will switch back. I’m sure the same question remains for other customers who have already left.
Here’s a breakdown of by features: Feature Recommended Service Budgeting Bill Pay Investment Tracking Bill Management Retirement Planning, Tax Reporting Transaction Reconciliation Now that we know the buyer of Quicken, what is your take on the matter? This new company that took over Quicken is GREEDY.Best way to put it and they wont let us use our purchase in peace they keep tacking on banners or extra steps to take to enter in a transaction and they wont take down that large banner that says You are missing out cause you wont renew!!!!! I was told I didn’t have to if I didn’t use the online features. They have become an annoyance and I am leaving them after 32 years of business and many purchases.
So sad that INTUIT sold out on Quicken It USE to be my favorite program now just a thorn in my side! It’s been over a year and not much new on the Quicken front. Today I installed the R13 update to Quicken 2015. It looks like for the time spent I got a new login screen and a couple of other very minor changes that are not tax-related. Everything else appears to address issues with the tax features. I should mention that an hour later I received a “welcome” email indicating I had signed up to receive alerts.
Yeah, I did – like two years ago. They’ve never worked properly. Maybe now they will. Quicken as a local application needs to die. Move it to the cloud like every other modern piece of software. There is no need for separate Windows and Mac applications sitting on a local computer. Work out the security issues and data structure implications and get it done.
And, as much as some might hate me for saying it, go to a subscription model and drop all this versioning stuff and annoying upgrade ads. That’s the only way I can figure Quicken has a chance to survive and even thrive, and my guess is that is exactly what H.I.G. Was thinking when they bought it. Like many users I have used Quicken since the days of installing with 3.5 disks. I have been using Home and Business since it became available.
I am currently using Home&Business 2017. Most of it I like. Invoicing, multiple accounts creation. The biggest problem I have with it, is online transaction downloads. Online account updating. I am constantly having to reset my online accounts in Quicken. Transactions are unreliably downloaded and are never current.
Many times, not current for weeks. On occasion, I have had to delete the entire credit card accounts and re-establish them to get transaction updates to keep current. I also have Mint, Personal Capitol, and YNAB. They do a very good job of communicating with the bank servers. Why can’t Quicken do the same?
This particular problem has been going on for a many years and versions now. I have spent all day researching and trying other replacements for Quicken desktop that I have been using since 1985!! Nothing else works. Personal Capital has no reports!!
It has no sub-categories. It has no “memo” line. It has no Split transactions.
It will only do dollars. I do not understand the high ratings you give it? Are you getting a share of the management fees? Mint doesn’t let you edit categories or follow investments. I’ve found nothing that comes close to doing what Quicken does. I also like having my data to myself, not all online in one place. I keep regular backups in my G-drive in case of PC failure.
So, after a day of trying Moneydance and Personal Capital and CountAbout, I’m sticking with Quicken. I am using quicken 2006 personal plus still!! It’s a pain in the proverbial. I have to run windows xp on parallels on my mac. Now with the latest Sierra update the mouse is not moving round the quicken program properly anymore. So I’ve bought Quicken for mac 2017 based on the positive reviews on amazon.
Had to get a workaround as my bank doesn’t offer qfx files!! I’ve tried YNAB, didn’t like it at all. I track multiple accounts, shares, multi currency, the lot, so a lot of the alternatives out there just don’t have all the features I need. Quicken 2006 is still a better option.
I can’t even import my 20 years of data over from quicken as the file is locked due to the quicken being an nz version. Spent a lot of hours looking for an alternative. Might just find a simple cashbook software and track my investments on a spreadsheet.
The sale of Quicken by Intuit is welcomed by me. I am a longtime user of Quicken since 1991 when data was put on diskettes.
So you can imagine the size of my data file now (actually I will tell you – 129MB and I don’t use images or receipts). Unlike what was recommended by Quicken, I did not summarize/consolidate my data every year to shrink the data size because I wanted to have the large data history for searches. I have been totally discouraged by the terrible quality of the product the last few years.
Many times the tech support reps would tell me my data file was too large. Not the right answer!
I would call in to get support and they would promise me a fix and every year that I would get updates, the quality got worse. Some bugs have been there for years. I was considering moving on to another product but which one could import all my historical data and make good use of it? A few months ago when I called in for support, I finally got a hint that something was changing – the support team were not from India it seemed and they knew more about the product. Recently, I became part of the beta team testing out Quicken 2016 product fixes and later 2017 because I thought testing the product with my large data file would be helpful.
I can say so far I am impressed with the intent of the developers appearing to desire to not only fix the problems but deliver enhancements. It looks like the culture has finally changed. I am finally thinking that I won’t have to move on if they truly keep going their current direction.
I am going to give them a little more time now. I am finally optimistic.
By The Reconcile: Checking window is basically just two lists: one of account withdrawals and one of account deposits. The window also displays some extra information at the bottom: the Cleared Balance (which is your account balance including only those transactions that you or Quicken have marked as cleared), the Statement Ending balance, and the Difference between these two figures. Marking cleared checks and deposits You need to tell Quicken which deposits and checks have cleared at the bank. (Refer to your bank statement for this information.) To do so, follow these steps:. Identify the first deposit that has cleared. Just leaf through the bank statement and find the first deposit listed. Mark the first cleared deposit as cleared.
Scroll through the transactions listed in the right column of the Reconcile: Checking window, find the deposit, and then mark it as cleared by clicking it. Quicken places a check mark in front of the deposit and updates the cleared statement balance. Record any cleared but missing deposits. If you can’t find a deposit, you haven’t entered it in the Quicken register yet. Return to the Quicken register by clicking the Edit button and then enter the deposit in the register in the usual way — but type c (for cleared) in the Clr column. This mark identifies the deposit as one that’s already cleared at the bank.
To return to the Reconcile: Checking window, click the Return to Reconcile button. Repeat Steps 1–3 for all deposits listed on the bank statement.
Identify the first check or other withdrawal that has cleared. No sweat, right?
Just find the first check or withdrawal listed on the bank statement. Mark the first cleared check or other withdrawal as cleared. Scroll through the transactions listed in the left column of the Reconcile: Checking window, find the first check, and select it to mark it as having cleared the bank. Quicken inserts a check mark to label this transaction as cleared and updates the Cleared Balance. Record any missing but cleared checks or withdrawals. If you can’t find a check or withdrawal — guess what?
— you haven’t entered it in the Quicken register yet. Display the Quicken register by clicking the Edit button. Then enter the check or withdrawal in the register. Be sure to type c (for cleared) in the Clr column to identify this check or withdrawal as one that’s already cleared the bank. To return to the Reconcile: Checking window, click the Return to Reconcile button. Repeat Steps 5–7 for withdrawals listed on the bank statement.
Making sure that the difference equals zero After you mark all the cleared checks and deposits, the difference between the cleared balance for the account and the bank statement’s ending balance should equal zero. The figure shows a Reconcile: Checking window in which everything is hunky-dory, and life is grand.
If the difference does equal zero, you’re done. Just click the Done button to tell Quicken that you’re done. Quicken displays a congratulatory message telling you how proud it is of you; then it asks whether you want to print a Reconciliation report. As part of the finishing-up process, Quicken changes all the cs to Rs. There’s no great magic in this transformation.
Quicken makes the changes to identify the transactions that have already been reconciled. Can’t decide whether to print the Reconciliation report?
Unless you’re a business bookkeeper or an accountant reconciling a bank account for someone else — your employer or a client, for example — you don’t need to print the Reconciliation report. All printing does is prove that you reconciled the account. (Basically, this proof is the reason you should print the report if you are a bookkeeper or an accountant; the person for whom you’re reconciling the account will know that you did your job and will have a piece of paper to come back to later if he or she has questions.) If the difference doesn’t equal zero, you have a problem.
If you click Done, Quicken displays a message box that provides some cursory explanations as to why your account doesn’t balance. Then, if you indicate that you want to soldier on anyway, Quicken displays the Adjust Balance dialog box. This dialog box tells you, in effect, that you can force the two amounts to agree by clicking the Adjust button.
Forcing the two amounts to agree isn’t a very good idea. To do so, Quicken adds a cleared and reconciled transaction equal to the difference. If you want to reconcile later without saving your unfinished work, click Cancel in the Reconcile: Checking window and then click Yes when Quicken asks you whether you really want to quit without saving your work. The next time you click the Reconcile button, you’ll have to start over from scratch. If you can’t get your account to reconcile but want to save your work, click the Finish Later button. Quicken leaves your reconciliation work basically half done. The transactions that you marked as cleared still show c in the Clr field, and you still have an unexplainable difference between the bank statement and your register.
Either way, postponing a reconciliation and not choosing to adjust the bank account balance is usually the best approach because it enables you to locate and correct problems. Then you can restart the reconciliation and finish your work. (You restart a reconciliation in the same way that you originate one.).
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