I first tried Quicken about 1992, and I was not impressed. It was too simple and didn’t do enough to make switching worthwhile. Around 1997, I tried it again, and it quickly became indispensable. The 1999 version was, in my estimate, just about perfect.
That was then. By 2004, the program had started to become bigger and clumsier. The 2007 version made dealing with investing accounts– formerly one of Quicken’s best features– real drudgery. I do a lot of investment accounting for my clients, and Quicken is (or at least used to be) the best program to use. When I complained to Intuit, I was told that the company’s research had shown that giving customers direct access to the ledgers caused them to make mistakes. In other words, they were protecting me from myself.
There aren’t a lot of options if you’re unhappy with Quicken, and I’m sure Intuit knows this. Says one reviwer:
The sad state of affairs is that as far as the personal finance software world is concerned Intuit is the only game in town for a comprehensive package of expense tracking, investment tracking, budgeting and planning.
In May, Intuit sunsetted their 2007 version, forcing users to upgrade to 2010. I hoped to see improvements over the 2007 version, but was sadly disappointed. Instead, Intuit has continued its quest for needless complexity. From a streamlined, responsive program, they have created what I can only describe as a real mess.
For starters, there are now seven menu areas on the screen. Yes, seven. Layered from the top are the menu bar, the button bar, the page tabs, the page view buttons, and the action buttons. At the bottom are additional screen buttons and, in the lower left corner, the account buttons. What possible use could a program have for so many menus? The result is visually complex and annoying.
Add to this that some buttons referred to in the Help database, such as the “Investment Action” button, don’t seem to exist at all, though with all those menus on the screen, who can know for sure?
Then there’s the speed of the program, or lack of it. It takes twice as long to load as the 2007 version, which was in turn slower than the 2004 version. When working across a network and entering transactions, this version pauses at the Payee field for about 10-15 seconds– even if you don’t enter any data in the field. Downloading transactions from a financial institution takes longer, and unlike the 2007 version, which allowed a user to enter data while it downloaded in the background, in 2010 you’re locked out of the program until it finishes.
Perhaps the ultimate insult is that I can’t figure out how to reconcile the cash in an investment account, and the help database says,
Reconciling your Quicken account to your broker’s statement is one way to make sure that your Quicken records are in agreement with those of your broker. But is it worth the effort?
Excuse me? Do you trust your banker or broker to accurately report every single transaction? You shouldn’t! Banks and brokerages make reporting errors all the time, and though a typical customer may only see one or two errors a year, those errors can be significant to an individual’s cash flow. Recently I’ve seen more than one instance of a big bank clearing the same check twice, and without reconciling you would never know why you’re a thousand dollars short!
But don’t try setting up a “checking account” for your brokerage account. I tried that, figuring it might let me reconcile. The program took 15 minutes to make the change, then crashed. And the result was, my brokerage account no longer shows a balance, and the associated checking account doesn’t show the source of its transactions– and I still can’t reconcile. As far as I can tell, there’s no way to undo this disaster.
The bottom line: Intuit has taken a great program and made it unusable. And it’s not the first time Intuit has done this: I gave up its Lacerte tax preparation package four years ago, and would love to find an alternative to its formerly-stellar Quickbooks. But for now, they’ve got a monopoly, and that means we’re stuck with what they give us.
Rating: F
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