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New File: 1st Transaction Download

Starting a new QMac file next week for 2021.
Can I limit my initial brokerage transaction download to account balances only? In other words, no transactions prior to 1/1/21.

Best Answer

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    Yes, you can run Quicken 2020 and Quicken 2015 on the same machine, even simultaneously. The data files are completely separate.

    However, you may want to bring the 2015 data files into the current 2020 format, because Quicken 2015 likely won't run too much longer as Apple keeps updating macOS; moving your data into Quicken 2020 insures you'll always be able to access the older data. You can still have two data files; jus name them so you don't get confused, like "Our Quicken Finances" for your new, live data file and "Historical Quicken Data" for the old data.

    In terms of downloads, it varies by each financial institution. In the vast majority of cases, it will download the past 90 days of transactions. But it's simple to delete all the ones you don't want -- even all of them -- and to make a balance adjustment for your 1/1/21 balance, so you can move forward.

    That's fine for bank accounts and credit card accounts, but investments accounts are a bit more complicated, since the history of your investment purchases matters. You can still delete old transactions, but you will need to do "Add Shares" transactions to populate your Quicken brokerage account with the share amounts of each security to match your real-world account. Unless you can get your exact costs basis from your brokerages as of 1/1/21 to use in your adjustment entries, you may not be able to use Quicken to accurately calculate your future realized gains, but many people just use what the brokerage reports rather than Quicken for tax purposes.
    Quicken Mac Subscription • Quicken user since 1993

Answers

  • RickO
    RickO SuperUser, Mac Beta Beta
    No you can't.

    But why do you want to start a new file. QMac is not designed to be used this way. It is designed to perform well with all historical transactions intact.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Eastwayroad
    Eastwayroad Member ✭✭
    > @RickO said:
    > No you can't.
    >
    > But why do you want to start a new file. QMac is not designed to be used this way. It is designed to perform well with all historical transactions intact.

    I should clarify. My wife has been running QMac 2015, manually entering transactions. Lot's of mistakes, no reconciliations ever. Constantly having to make adjustments.

    She wants a clean start-over with the latest version of Q but to retain the older data completely separate for reference. I will set her up for transaction downloads from her brokerage so going forward all will be more or less automated.

    -Will new version of QMac allow for a separate installation without merging with the older software?
    -When an online transaction update is first performed for an account can you set how far back in time data downloaded?
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    Yes, you can run Quicken 2020 and Quicken 2015 on the same machine, even simultaneously. The data files are completely separate.

    However, you may want to bring the 2015 data files into the current 2020 format, because Quicken 2015 likely won't run too much longer as Apple keeps updating macOS; moving your data into Quicken 2020 insures you'll always be able to access the older data. You can still have two data files; jus name them so you don't get confused, like "Our Quicken Finances" for your new, live data file and "Historical Quicken Data" for the old data.

    In terms of downloads, it varies by each financial institution. In the vast majority of cases, it will download the past 90 days of transactions. But it's simple to delete all the ones you don't want -- even all of them -- and to make a balance adjustment for your 1/1/21 balance, so you can move forward.

    That's fine for bank accounts and credit card accounts, but investments accounts are a bit more complicated, since the history of your investment purchases matters. You can still delete old transactions, but you will need to do "Add Shares" transactions to populate your Quicken brokerage account with the share amounts of each security to match your real-world account. Unless you can get your exact costs basis from your brokerages as of 1/1/21 to use in your adjustment entries, you may not be able to use Quicken to accurately calculate your future realized gains, but many people just use what the brokerage reports rather than Quicken for tax purposes.
    Quicken Mac Subscription • Quicken user since 1993
  • Eastwayroad
    Eastwayroad Member ✭✭
    Answered my questions. Thanks very much.
This discussion has been closed.