Others say...

"Intuit Stumbles on Quicken 2004"
A major player in the personal finance software arena for years, Intuit and Quicken has helped thousands keep track of their personal finances. I have been a Quicken user since the early days (Quicken 1 and 2), have upgraded to new releases over the years and have always been very satisfied with the Quicken product.

Quicken 2004 Premier changed all that.

The release of Quicken 2004 was advertised as allowing you to get instant answers to questions like "Are my investments outperforming the market?" and "What is my return for the past 1,3 and 5 years?" Unfortunately, after upgrading from Quicken 2003 to Quicken 2004 Premier, the question I was asking most was "What happened to my data?"

Quicken 2004 has corrupted my personal finance information on four separate occasions (I know, "fool me once shame on you, fool me twice, shame on me" ... I don't want to even think about "fool me four times...").

My financial books include four checking accounts, several credit card accounts, some loans, several investment accounts, and a smattering of other accounts. No account type is immune to corruption.

In my checking accounts, one major problem is that Quicken 2004 insists on making up numbers (really, really, BIG numbers, like as big as your computer can handle), creating transactions with random dates to go along with the made-up numbers, and then inserting these transactions in the register. At one time my calculated net worth was too large to display (I wish ...); another time I owed more than the United States GDP. On another occasion Quicken 2004 erased all of the transactions from one checking account, strangely keeping a balance that looked to be about right. In another account, I have been overdrawn once due to a Quicken 2004 error.

In the investment accounts Quicken 2004 decided to change the ticker symbols of some stocks in the investment accounts to unknown symbols on more than one occasion. It's not clear when this happened; it may have been during the updating process when prices are downloaded into Quicken. This caused trouble not only in evaluating the portfolio, but the reconciliations of the accounts were very challenging, because I was never sure if the difference was due to my error, or if Quicken had changed a symbol in one of the dividend re-investment transactions (which it did on two occasions).

A few of the shortcut keys that Quicken power users have grown accustomed to, no longer work in Quicken 2004 (hitting the space bar to select a check during reconciliation, for example). These are known errors and "will be fixed in the next release". At least that's what I was told when I discovered the issue in Release 1. It has not been fixed as of Release 5.

I was given the above information on one of my several attempts to get help by calling customer service. I was helped by "Jennifer", although I suspect her name was really Neeraja, or Srividya or something similar. Customer service appears to consist of very bored people, who are very far away, reading answers in OK English off of scripts to solve problems you did not call with. I was told once to reload Windows (I did not). Most of the time, I was told to run the File/File Operation/Validate option within Quicken 2004 (I did several times). I don't remember ever having to run that option on earlier versions of Quicken; I'm not sure it even was an option with Quicken 2003. On another occasion, I was questioned quite closely about the type of printer I had. Apparently, printers have become notorious corruptors of data in Quicken 2004. So, who knew? (I'm joking -- they're not). In no case, did the call to customer support solve my immediate problem.

Sending in questions via email was better in the sense that I did not receive any wrong or useless information. In fact, I received no information at all. All emails went unanswered. Bug reports are never acknowledged, but they never have been.

Running Quicken 2004 requires some serious horsepower. Intuit will tell you Quicken 2004 can run on a Pentium 200 or higher machine with 32 MB RAM and 75MB hard drive space. I originally installed Quicken 2004 on a spare Pentium 233 MHZ machine with 100MB hard drive. Big mistake. When I fired up the software, the lights in the house didn't exactly dim, but I bet they wanted to. Quicken 2004 is unbearably slow on machines below the recommended 300MHZ limit, and I wouldn't put it on anything less than 700Mhz. Quicken 2004 seems to be doing a lot of disk I/O and window rendering and all of that thrashing around costs performance points. My copy of Quicken is now installed on a Dell Dimension 4600, 2.79GHz, 512RAM, 111GB free hard drive, Windows XP Professional. As you might expect, speed is no problem.

On the plus side, Quicken has done a nice job with the charts and reports. So, even if the numbers are wrong, they look marvelous. The screen gets real busy, though, what with the Menu Bar, the icon bar, the Quicken Home side window, the main register window, the transaction window and the maddening Inuit advertisements (`Try Turbo Tax - the #1 tax solution year after year") at the bottom, all showing up at once. Intuit will tell you that Quicken 2004 works with a Super VGA (800 x 600). It will, but the recommended 1024 x 768 with 16 bit color monitors will make your life more pleasant. Again, the numbers might be wrong, but at least you'll have a shot at seeing them.

So, what's a body to do? Well, I'm digging through my files looking for my copy of Quicken 2003. I'll revert back to that. It worked fine, no funny stuff, had almost all of the features of Quicken 2004 and it was stable. In the meantime, I'll keep watching Intuit to see if they fix the new version, and begin to understand what customer service is all about.

"Works fine for me"
With all the complaints, I was a bit reluctant to purchase the 2004 version of Quicken. However, since I was still on 2001, I decided to bite the bullet. While the interface is disappointing and there really isn't anything new or improved, the product works well. Next time I purchase an upgrade, though, I probably won't need the business portion and, seen as how Intuit never really adds any features of importance, I'll settle for Quicken basic. There's really no point is paying for stuff you can get elsewhere for free - like investment analysis.

"Try a FREE open source product before buying bugs"
Stop complaining about how the user interface has gotten cluttered with partner products and offers to try and make revenue goals and try out some simple (and complex) open source solutions before you purchase commercial bug-riddled code. Wouldn't you like to be able to talk directly to the authors and add bugs directly into a bug tracking system instead of calling off-shore support? Try a product like www.gnucash.org as it imports from Quicken QIF and Money files, has a ton of features, will run on a variety of platforms, and can be downloaded and installed for FREE. You can also browse tons of alternatives at sourceforge.net or www.dmoz.org/Home/Personal_Finance/Software. These people have built lots of quality software and they deserve a look. Support the people that take time out of their days and lives to provide quality software for you and ask nothing but feedback (or cash) in return.

"Try a FREE open source product before buying bugs"
Stop complaining about how the user interface has gotten cluttered with partner products and offers to try and make revenue goals and try out some simple (and complex) open source solutions before you purchase commercial bug-riddled code. Wouldn't you like to be able to talk directly to the authors and add bugs directly into a bug tracking system instead of calling off-shore support? Try a product like www.gnucash.org as it imports from Quicken QIF and Money files, has a ton of features, will run on a variety of platforms, and can be downloaded and installed for FREE. You can also browse tons of alternatives at sourceforge.net or www.dmoz.org/Home/Personal_Finance/Software. These people have built lots of quality software and they deserve a look. Support the people that take time out of their days and lives to provide quality software for you and ask nothing but feedback (or cash) in return.

"Rear View Mirror vs Future Looking"
I have been using Quicken since 1994. Only draw back / problem I have had with the product is its lack of "forward looking" capabilities in the area of Budgeting and Cash Forecasting. I was excited about the apparent future looking cash forecast capability of Quicken 2004 Home & Business. However, after using it / testing it extensively, I found it to be buggy. That is, it produces a result with extensive calculation errors. It was difficult to get Quicken support's attention on this matter. I finally got an answer, after attempting to get a relevant response from Quicken for better than 10 weeks, and it appears the identified bug does not have enough priority to get fixed. If there are greater problems than this one (problems which get the higher priority) I'm a bit concerned about what additional product errors are there which the user is unaware. However, my testing and detailed checking hasn't identified any additional out and out computation errors. I would advise users to check the results from the planning features carefully for reasonableness.
In summary, Quicken Home & Business 2004 seems to be ok for looking back, looking where you spent your money (rear view mirror)... but use caution when looking to the future.
Also, I found technical support much more difficult to use / to get now than it was in past years. I contacted Quicken no less than 8 times and got incorrect and / or bad information from their call center which I expect is Off shored to India based on the three phone calls I had with them. Communication was difficult and frankly two of the individuals who tried to help me didn't understand this area of Quicken at all. I was finally transferred to a very articulate English speaking support person who explained that this bug has been given a very low priority and that it is likely that this bug will not be addressed.
This review sounds more negative that I intended. On balance Quicken is a good software package. Although I am very disappointed that Quicken does not work in this area, I am not aware of any other product that provides this cash flow forecasting capability. I will continue to use Quicken because, other than this feature, I think the software works well and is among the best out there.

 

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What our customer's say!

"junk", My program i bought does not update my information. I have tried for three months to get some support. No one i have contacted speaks good english. I am stuck with a product that is garbage.

"support", The support of this product is very poor. The first question from the company is about the customer's credit card number even if the product was just bought and it does not do what is described in the manual. I was trying to point out the problem with the program and the standard answer was: "Our product is flawless; the problem is with you". I am familiar with financial programs and accounting but after trying to use the program for two weeks I gave up and decided to return it.

"Perfect for home based consulting business", I have a simple home-based consulting business with 2 employees and a small number of customers. Quicken Home & Business is the perfect accounting system for me. I was a financial officer for several companies and have used several high end systems. This is the easiest and most efficient accounting system ever made - an excellent product. If it covers your needs, you should consider yourself lucky.

Here are some highlights and pointers:

1. Data entry is extremely fast. As soon as you start typing, Quicken guesses what you are going to enter and fills it in for you. Check book entries are effortless. This is the most important feature of any accounting system because sole proprietors should not waste time with data entry.
2. Credit card transactions are automatic. Get yourself a separate credit card for business transactions and download directly into Quicken. I have used 4 different cards and the best integration is the with Quicken Master Card. It also earns you about 1% in airline awards or gift certificates. Just click on "one step update" and you have all new transactions ready to review.
3. Bank reconciliation is completely done for you. You never need to go through a bank statement again, matching up transactions. Quicken "one step update" downloads new transactions and finds the corresponding entry in your check register. You just confirm or add if it is a new transaction. When the monthly statement comes, you enter the ending balance and Quicken figures out which transactions cleared. You rarely need to even look at the bank statement.
4. Reporting is simple. Just choose from dozens of pre-designed reports and make small adjustments if needed. You can also export any report to modify it in Excel or Word if you prefer.
5. Invoicing is simple and quick. Just create descriptions for each service you offer and invoicing is a snap. Quicken tracks which invoices have been printed and tracks receivables effortlessly.
6. Tax reporting is easy. You can instantly produce a Schedule C and if you also purchase TurboTax (which I highly recommend), you can import data directly into your tax forms.
7. Manage cash between multiple bank accounts. If you choose a bank that is supported by Quicken, you can easily move funds between checking and savings.

A few pointers for using the product.
1. Don't confuse this product with other Quicken products such as Quicken Deluxe or Quicken Premier.
2. Intuit also produces QuickBooks, which is not a product I recommend. If you need the power of QuickBooks, there are other applications available that may be better.
3. Don't combine your personal and business financial data in one file. Quicken recommends you do this but you definitely should not. Instead, set up your personal Quicken file first. Then from the main menu, select File/New/New Quicken File. It is very easy to switch between your personal file and your business file and you will not have any problems with reports, tax forms etc. if you keep them totally separate. You do not need to purchase additional software licenses to have multiple files. I have 3 businesses and one personal file on my copy of Quicken Home & Business.
4. Create a liability account called "owners draw". Quicken does not explain this well, but this will become your owners equity account on your balance sheet. When you draw funds from the business (unless you do it through payroll), you assign the check or transfer to "owners draw" and this will accumulate on your balance sheet to show the true net worth or your business.

"I wish that I read the reviews first", I tried to install this program a couple of days ago and was prompted to uninstall the previous version (Quicken 2002 Deluxe). I chose to do so. At the end of the installation process, I got the error message "Your program files may have been damaged. You will need to reinstall Quicken." I uninstalled using Add/Remove Programs and reinstalled with exactly the same result.

At that stage, having looked in vain for help on the Intuit site -- the solution to this error message did not work for me -- I went elsewhere and found dozens of negative reviews. Intuit seem to have hit rock bottom with this product.

So I decided to go back to using Quicken 2002, but of course it had been uninstalled and I can't find my original CD. So I chose to use the Windows XP System Restore function to roll back the clock. But although Quicken 2002 reappeared, my Quicken file no longer seems to work properly. The screen freezes and flashes when I switch from one account to another.

I called Intuit this morning and described my scenario. They offered to replace my Quicken 2002 at a total cost of $20 plus. It would take them two days to get it out of the warehouse and a further 7-10 days for shipping. Shouldn't they provide a free downgrade when their buggy software doesn't work?

"I have been very impressed with this software.", This is first time I have used Quicken, and I am impressed with the sophistication of the software. It is very cool. Balancing my check book is easier then I thought, as well as, updating my investment portfilio. I did have to upgrade to a preffered online bank account to get automatic updates though. That cost about $3/month, but worth it. For my bank, online bill pay is another $3 more for 10 bills per month. Some investment accounts will not download to your quicken but the quotes will. Also, you definetly need to read Quicken 2004 for Dummies. It can take about 20 some hours to learn the majority of the programs with the book. I wouldn't even try without it. Once you learn it, if you have the time, it is worth it. At least so far for me. I just put in about 20 plus hours with it so far, and I haven't done too much on the business side, such as payroll. Good luck.



 
Read this reviews before You buy...

"Beware invalid tax data", I made the mistake of upgrading to 2004 BEFORE competing my year-end tax planning and 2003 tax returns.

The first issue was that all transactions with return of capital (often happens if you own mortgage-backed bonds) were imported incorrectly. The basis was not reduced and tax reports show bogus losses. The workaround is to manually delete the transactions and reenter them in 2004. I figure this will take me about 4 hours.

My second issue currently has no solution. Zero coupon bonds and bonds purchased at a discount require that the basis be adjusted upward to account for taxable interest not actually received. In old versions this was accomplished by doing a return of capital transaction with a negative amount which thus increased the basis. The 2004 instructions still tell you to do it this way and it works OK until you sell the bond. Then, all the additions to capital are mysteriously changed to reductions resulting in a bogus gain. In addition, the detail view for the bond shows 0 bonds in the account (correct after selling them all) but with a positive basis and an unrealized loss since the bonds are now worthless. What a mess! No known workaround.

Other than these issues the program seems OK and at least one bug from 2003 has finally been fixed. I'm not sure whether I'll persevere with it or switch back.

"This new Quicken gets better and better as I used it more", I also wrote a review under the Quicken 2004 Deluxe section but this is actually the version I am using so I wanted to make a few more comments to help out anyone looking to upgrade from earlier versions. The 2004 Premier Home & Business version is basically the same as the Deluxe version but has some more business and stock features added. As I said in my other review about Deluxe 2004 the new 2004 interface does take some getting used to but as you use it more you should find it to be actually a much more efficient program to use. I zip in and out of the program quicker and I spend much less time trying to get things done. For example the online account updating is far more stable and easier to use than my experience with previous versions. I went all out and I simply upgraded to the 2004 version without uninsalling my Quicken 2002 Home & Business version as some other reviewers have done. After several months of using the new 2004 version I honestly have not had a single problem with it. Since I have read so many incredibly negative reviews of the new 2004 version let me repeat one more time that I have not had a single problem with this program since installing it. The only thing I found that annoys me was that several simple features or options are missing in 2004 version that existed in 2002 such as being able to turn of the opening tune without turning off all the sounds and being able to have a different color for each of the accounts. On the posative side the 2004 opens up quickly and instantly and the online one step update works perfectly for me.

My recommendation is that you back up all your Quicken data files on a separate disk before you do anything. It does take time to adjust to the look and feel of the new interface but I really like it now that I am used to it. For your reference I am using Windows XP Pro SP1 with all the Microsoft online updates installed. If you are using an earlier version of Windows you might want to test 2004 out before you completely migrate it. If not running Windows XP you will want to make sure 2004 works ok for you since some other reviewers have said they experienced some issues. When Intuit adds those extra features I liked in 2002 I will be happy to give it a 5 out of 5 star rating. Finally, I highly recommend you give this new 2004 product a try regardless of what you have read by some of the other reviewers. Just back all your data files up and make sure you have your previous Quicken version disks if for some reason you decide you want to reinstall your older version.

"OK product, but beware of support", I've been using Quicken since 1994, and have upgraded every few years when useful features are added. I recently purchase 2004 "home and business" because I am starting my own business and needed the business functionality. As a small independent computer consultant, it seemed a perfect match feature-wise (or so I thought). As a very adept computer user, I haven't had the issues with the changing interface over the years that some have, and generally the product works pretty well for me for my *personal* finances.

HOWEVER: there are two big caveats.

First, Intuit's support is really quite ghastly. I am a computer professional- my business is troubleshooting computer problems for other people, and I often end up speaking with tech support. I recently encountered a problem with Quicken that I needed support for, and had to call their "live" support number. The only good news is that I didn't get charged, most likely because I had a "real" issue and wasn't just asking to be walked through something that's covered in the online help. Don't get me wrong- nobody should pay $1.95 / minute for that service.

But even as a really expert user, I was very quickly frustrated with the support staff. First of all, Intuit seems to have "offshored" their level 1 support to India, at least during the times I called. At least, that is my impression, based on the fact that the agent I spoke with wasn't certain whether the state of Virginia was abbreviated "VI" or "VA", and her english was just marginally sufficient to be doing this job. The biggest impact is that the staff know *nothing* other than what is covered in the support knowledge base you can search on the company website. If you have a *real* problem like I did that isn't covered by that material, you will be forced to go through very time-consuming scripted troubleshooting (re-install the software several times), and then most likely be punted to someone else (it's Microsoft's fault), or finally escalated to "tier two" support. "Tier two" is so backed up that up-front, they tell you it takes *two weeks* to respond to requests. That's what they told me four week ago, and I've yet to hear from them.

OK, offshored L1 tech support is becoming more common in the industry, but failing to follow up on escalated support is absolutely, completely, wildly unacceptable. Unprecedented, in my experience with computer products.

Second: Beyond the support issue, the business features are just plain broken. As another review has mentioned, the reports are totally bogus and don't follow accounting standards. Another problem I'm having is related to receiving customer payments... When you enter payments in Quicken, they are shown as individual deposits in your bank account register. However, since I typically deposit several payments at once, the bank enters it as a single deposit in my account. Quicken doesn't know how to handle this... which I found out the hard way.

If I manually match the individual customer payment entries against the single downloaded deposit, Quicken consolidates all of them as a "split" into the bank's single deposit entry, which I initially thought was clever. Unfortunately, Quicken also (without telling you) blows away all records of the payments in your accounts receivable (without asking), so suddenly every invoice is marked as unpaid, and the check numbers associated with the payments are lost. I had to restore from a backup to set things straight after reconciling a number of deposits without discovering what was happening. To me, this indicates to me that nobody at Intuit has actually tested this program with real-life use.

So my advice is: beware. The software is OK for personal finances, but you're pretty much on your own if you have any problems, and the business features are completely FUBAR. I'm switching to something else for my business ASAP.

"Not Worth The Upgrade", I am a heavy user of Quicken, both for home and business. I have found no discernable improvement in Quicken 2004 over Quicken 2003. The screens look a bit different, but they didn't bother to fix any of the bugs or flaws. For example, the business statement facility still has almost no customization available. You can't track the performance of non-investment accounts, such as CDs or interest-bearing checking accounts.

Advertisements are still present on almost every screen and still annoying. Don't waste your money unless you have an ancient version.

"Works just fine", OK the front end is a little busy and yeah there are some prominent financial institutions not recognized (CapitalOne and Bank of America) but I've had no problems with bugs or crashes. After an install on a W98se box, that was flawless, I immediately downloaded the latest update and patches. What can I say? It works just fine.

 
 
 

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