Switching from Ibank to MD
Fuad Akperov
via web
Hello,
I am currently user of Ibank4 and reporting tool is very weak. I am
looking for another app (something like Microsoft Money, Quicken,
but unfortunately they are all working on Windows). I found MD very
interesting in terms of reports, but I need an assistance to
migrate my data from Ibank to MD (correctly). I tried to make
import of QIF file, but some transactions are not migrated. Some
accounts in another currency differ from base currency show its
balances in base currency (for example, in Ibank "BANK EUR" and
balance in EUR, after migration in MD "BAK EUR, but balance already
in CHF, which is base currency). MD applies base currency to all
accounts in foreign currency. How to make it in proper way?
Hope for your assistance
Thanks and
Best regards
Fuad
Support Staff 2 Posted by Ethan Tupelo on 07 Feb, 2012 07:56 PM
Hello Fuad,
When you are setting up your initial accounts, you need to make sure that you are correctly setting the base currency for that particular account. If you click on Account -> New Account from the menu bar and select the type of account you want to set up, note in the following window that there is a field at about the middle of the window for "currency type". This needs to be set correctly when the account is set up, as there is no way to change this once an account is created. At this point, I would recommend deleting the existing incorrect accounts, setting them up correctly, and reimporting the data, or perhaps simply creating an entirely new Moneydance data file to set everything up correctly from the start and reimport all data at once.
Also, in case you haven't seen it, we have detailed instructions for a successful import at this link. Those instructions say they are for importing from Quicken, but they are really about starting from a QIF file from any program, so just ignore the references to Quicken.
Please let me know if I can be of further assistance,
Ethan Tupelo
Moneydance Support
Ethan Tupelo closed this discussion on 07 Feb, 2012 07:56 PM.
Fuad Akperov re-opened this discussion on 09 Feb, 2012 03:35 PM
3 Posted by Fuad Akperov on 09 Feb, 2012 03:35 PM
Dear Ethan,
Thanks for your feedback and instruction.
I would like to share with my experience after following your instruction.
As I understood there is no possibility to import all accounts with its own settings (for example currency) at once. I need to import one account by one (I have them more than 20). So, I imported one account (Bank CHF) denominated in CHF. Importing process was passed correctly. All transactions and outstanding balance is correct. However there were imported other accounts which were connected to Bank CHF (double entry) which is ok, but MD assigned to them all account:
1.1. type "Bank" which is in some cases are incorrect
1.2. currency type CHF, where there were accounts denominated in other currency. For example,
Dr. Bank USD-1100
Cr. Bank CHF-1000
As results I can not change the type of the account and currency.
Can you help me with this ?
Thanks and looking forward for your soonest feedback
Best regards
Fuad
Support Staff 4 Posted by Ben Spencer on 09 Feb, 2012 11:10 PM
You should not export each account to its own QIF file. You should export all of the ibank data to a single QIF file.
Then you need to import this single QIF file into Moneydance twice. First to import the accounts and second to import the transactions. There are instructions here:
http://help.infinitekind.com/kb/importing-from-quicken-or-ms-money/...
Since you have transfer between accounts that are in different currencies you will get a duplicate for each transfer that needs to be manually deleted.
Sincerely
Ben Spencer
Moneydance Support