Quicken Essentials for Mac is Intuit's upgrade from Quicken Mac 2007. Although Quicken Essentials' interface is more Mac-like compared to previous versions of this personal finance software, it lacks some of the features offered in those earlier versions.
Great for Financial Basics:
Response, Interface and Set Up
Quicken Essentials was very responsive, screens opened when called and data updated quickly. Everything in the software is bright and colorful, from the overview screen to spending category selection in the budget. This aspect of the software makes it really enjoyable to use. Pie charts and bar graphs are used to convey information at a glance. Click on these graphics to drill down and see the transactions or accounts that make up the graph. The visuals are nicely done and never pokey, with boxes that flip open with options to be chosen.Getting set up is relatively fast, but depends on how many financial accounts you plan to track. I set up an investment account, checking account and three credit cards in about eight minutes. I'm not sure why, but if you don't have an Intuit account (usually created when ordering software or participating in user forums) you are required to create one before you can add your financial accounts. Speaking of adding accounts, the three credit cards I set up are all at one financial institution and quicken Essentials recognized this so transactions for all cards were downloaded at once. Often, I would have to establish each of these accounts separately in the personal finance software.
Account balances are found by clicking on Account Summary in the left toolbar, and account registers are accessed by clicking on the accounts listed in the same toolbar. To find a list of payees, categories, and tags, click on Window on the top toolbar.
Account Registers and Transactions
Account registers look like what is found in other personal finance software. Transactions can't be added directly into the register as in Quicken for Windows, instead you must click on the New button in the toolbar at the bottom of the register. Creating a split transaction is a two step process, which seemed odd: first click the New button, then click split on the bottom toolbar. Create a scheduled transaction from that toolbar as well.Downloading account transactions is a fast and smooth process. To save time, Quicken Essentials will automatically apply spending categories and tags to downloaded transactions based on previously entered transactions that were entered previously. If you don't want the automatic categorization, turn it off in the preferences. Also in the preferences, you can tell Quicken to automatically assign a category or tag if it can't automatically categorize transactions, but I recommend selecting the Do Nothing option. Then, after transactions are downloaded, scan the register for uncategorized transactions so you can properly categorize them. In the future, Quicken Essentials use that category for similar transactions.
Quicken Essentials has the attachments feature found in the Windows version. Using it is easy enough, but I was confused that there was no icon for the feature on the register toolbar or from a line in the register itself. To attach an image to a transaction, click on Transactions from the top toolbar, then select Add Attachment.
Security
Also found under the preferences is the option to set a password to protect your Quicken data file. I recommend setting a password to keep your financial information secure and since Quicken Essentials stores user names and passwords for banking and other financial accounts. Remember, the password is only secure as you make it.Reports
Quicken Essentials comes with six reports which are listed on the left toolbar, with very basic customization options. If you used Quicken for Windows or are a financial report hound, you're not going to be happy. Options included the ability to select accounts, categories and tags to include in the reports and there is a selectable date range. There is no budget report that shows month to month budgeted amounts compared to actual spending. The only budget report is the visual bar graph available in the budget feature.The Budget Tool
Setting up the budget is easy in Quicken Essentials. When you first open the budget feature, spending goals per expense category are recommended based on a three-month average of your downloaded transactions. You can change the goal amounts and add goals for that the automatic budget doesn't pick up, or remove categories you don't want to track. That's about all there is to budgeting in Quicken Essentials. As noted above, there is no comprehensive budget reporting. If keeping a more detailed budget is important to you, try iBank 4, You Need A Budget or MoneyWell.Converting Data
Quicken essentials has a conversion feature for data from Quicken for Windows, Microsoft Money and older Quicken Mac versions. The conversions work reliably and require that you export data first. Quicken Essentials has a limited number of reports and does not have a regular investment account register, so some of this information won't transfer over.Income Taxes
Early reviews of Quicken Essentials indicated that the software could not export data to TurboTax. At the time I tested the software, it could export data for use in any tax software that supported the TXF file format (I believe all do). To export data to tax software, spending categories are, from the category set up, assigned to tax line items found on IRS tax schedules and forms used at your tax return. It is critical that these assignments are made properly. At the end of the year, click on Tax Schedule found in the toolbar under Reports, then select Export Taxes. This produces a TXF data file, which is then imported into tax software when prompted for this information in the tax interview.Notable Features
- Slick user interface with crisp graphics.
- The all your accounts in one place.
- Easy to use.
- Easy access to Quicken Live Community for help.
- Comprehensive help manual (PDF).
Weaknesses
- Budget feature is overly simplified and there is no planned vs. budgeted spending report other than what you see for any given month but the bar graph in the Budget feature.
- No individual transaction support for investments, although account totals update.
- No Quicken Bill Pay.
- No mobile app or integration with Mint.com.
Bottom Line on Quicken Essentials
The great thing about this personal finance software is that it has speedy downloads from a huge selection of financial institutions, and it actually looks and behaves like a Mac application, unlike earlier versions. Unfortunately, Quicken Essentials also lacks some of the features previous version users counted on in Quicken Mac, but Intuit is still supporting Quicken Mac 2007. If you need the bill pay, investment and other features in Quicken Mac, you should probably keep using it and wait for Quicken Essentials features to expand before you switch.If you are a Quicken Windows user who has switched to a Mac, you are unlikely to be satisfied with Quicken Essentials, which doesn't have business features, a lifetime planner, integration with rental property, a more sophisticated budget, a debt reduction or tax planner. You could, however, use software to run Windows on your Mac and use Quicken for Windows.
If you're looking for reliable but simple personal finance software for your Mac, then you will probably like using Quicken Essentials. The software retails for $50 but there are some great Quicken Essentials for Mac deals to be found online.
