Quicken or Money?

Discussion in 'Professional Trading' started by theTaoTrader, Mar 7, 2003.

  1. I downloaded my monthly statements from I.B. But when I tried to open the file using Microsoft Money (version 98) I got an error message. Is is because the version is too old? If I need to buy new software, which one should I buy, Quicken or Money?
  2. MRWSM


    I have both, Quicken is best. GL
  3. fan27


    I don't know how the latest versions of quicken or money are, but when I tried both of the products a year ago, they seemed to screw up my short sale transactions. I decided to go with GTT Trade log and have not been disappointed.
  4. a5519


    Coming back to the discussion.
    Is it possible to import correctly short trades from IB into Quicken ?
    I am using Money2000 and short trades are not correctly imported.
    It's necessary to make manual corrections
  5. deepitm


    Do any of these programs handle futures?
  6. vinigar


    QUicken does not handle short sell transaction well...I wasted my money...time and effort in buying it...you just about have to do each individual transaction by hand...this has been going on for quite some time now with no help from Quicken at all....even though they have been written to by many traders....Quicken will transfer all your trades , just fine...however, once they are in there, then comes the problem of sorting out all your shorts and justifying everything....this can be a real big pain and nightmare...furthermore, Quicken will transfer all your trades into schedule D if your using Turbo Tax ( another one of their products)...one problem there is that you have to designate each trade as to whether or not it is a "Wash Sale"...this then becomes another problem which has to be handled individually....another nightmare....Lastly, if you are a true Daytrader, you have elected the Mark-to Market method for your trading....if you have done this....then you do not report your earnings or losses on your schedule D...but rather on form 4797 in conjunction with your schedule C....all you need to do is attach your trades for the year....then you do not need to worry about importing anything.
  7. Quicken Doesn't. I ended up having to enter those transactions as misc. income and expense in the brokerage account.


  8. a5519


    But it's realy strange. It seems there is no accounting/portfolio SW supported by brokers that can correctly import all trades. The demand should be remarkable. Or only few are willing to record their trades.
  9. Since GainsKeeper has been mentioned in this thread, I thought I'd post here. A new version of Money (Money 2004 Premium) apparently has GK intregrated. It's scheduled to be released Thursday (7/17).
  10. a5519


    But what is the value of GainsKeeper in Money for trading, if money can not import short sales ?
    #10     Jul 15, 2003