Before you install the latest version of your favorite personal financial software or switch to another software altogether, be sure to secure your data. Although the upgrade or install process normally goes off without a problem, glitches aren't unheard of.
1. Back Up!
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The first and most important thing you need to do when installing new software or an upgrade is to back up your data.
Before you attempt to back up data, determine where you'll store the data file. Use a USB drive, CD or DVD or other removable media for safe storage. Or, send the data file to an online back up service (my favorite is Dropbox).
How to Back Up
If you're using removable media, plug the USB in or insert the disk before backing up. Then click File on the upper left in the financial software and look for a back up command or file operations, then select the back up option.
When the software asks where to store the file, select the drive letter for the media. If you're using online backup, either select the folder the backup service placed on your computer or save the data file to your desktop and move it to the service after backing up. The software will walk you through the entire procedure.
If you can't determine how to back up data using these instructions, check the help documentation for your software.
This is just the first step. Read on before installing your new financial software.
Before you attempt to back up data, determine where you'll store the data file. Use a USB drive, CD or DVD or other removable media for safe storage. Or, send the data file to an online back up service (my favorite is Dropbox).
How to Back Up
If you're using removable media, plug the USB in or insert the disk before backing up. Then click File on the upper left in the financial software and look for a back up command or file operations, then select the back up option.
When the software asks where to store the file, select the drive letter for the media. If you're using online backup, either select the folder the backup service placed on your computer or save the data file to your desktop and move it to the service after backing up. The software will walk you through the entire procedure.
If you can't determine how to back up data using these instructions, check the help documentation for your software.
This is just the first step. Read on before installing your new financial software.
2. Export a Copy of the Data
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Having the backup file ensures that your current software can open and read that data if needed later (you'll learn more about this in the next step). If you're upgrading to a new version of the current software, chances are that the new version will also be able to restore and read this file. But, if you are installing software from a different company (moving from Quicken to Moneydance, for example) or your current software is more than two versions behind your new upgrade, you also need to make a copy of your data file, or export the data.
The backup is a necessary layer of security, but if the new software can't restore from that file, it can probably import data from a copy of your data file. If you're upgrading current software the data will likely be converted during the install, but you still need a copy in case data gets corrupted while installing an upgrade, which happens infrequently but is not unheard of.
How to Copy or Export the Data File
Copy your data file to a USB drive or removable media, or to an online service. From within your current software, click on File on the upper left, then select export data or copy, or you may have to drill down further into a menu like file operations or something similar. If you have the option of both copying and exporting, it will take just a couple of minutes to do both, but go with the export if you have to do just one.
Alternatively, you can use Windows Explorer or the Mac Finder to create a copy of the data file. You will need to know where to find the file on your computer to do this. In Windows, use Explorer or click on My Computer to copy the data file(s) to a USB drive or other media. On a Mac, copy data files using Finder windows.
If you can't determine how to make a copy of the data file using these instructions, check the help documentation for your software.
The backup is a necessary layer of security, but if the new software can't restore from that file, it can probably import data from a copy of your data file. If you're upgrading current software the data will likely be converted during the install, but you still need a copy in case data gets corrupted while installing an upgrade, which happens infrequently but is not unheard of.
How to Copy or Export the Data File
Copy your data file to a USB drive or removable media, or to an online service. From within your current software, click on File on the upper left, then select export data or copy, or you may have to drill down further into a menu like file operations or something similar. If you have the option of both copying and exporting, it will take just a couple of minutes to do both, but go with the export if you have to do just one.
Alternatively, you can use Windows Explorer or the Mac Finder to create a copy of the data file. You will need to know where to find the file on your computer to do this. In Windows, use Explorer or click on My Computer to copy the data file(s) to a USB drive or other media. On a Mac, copy data files using Finder windows.
If you can't determine how to make a copy of the data file using these instructions, check the help documentation for your software.
3. Compare Reports
iBank Account Balances on Net Worth Report
IGG Software
After working with the data files and before installing the software, it's vital that you go into the existing financial software and create and print reports that show the balance of each account you track. These reports might be called a register report or account overview. To keep a register report shorter, select a date range that fits on one page, even if it's just the last week. You won't need to see transactions, just register or account balances.
After you've printed out account balances, you're ready to install the new software or the upgrade:
After you've printed out account balances, you're ready to install the new software or the upgrade:
- Install the software upgrade. The new software should find your current data file and convert it for use with the new version, but if it doesn't, you've safeguarded your data. If the data didn't convert, try importing the exported data file after the install is complete. Contact support for the new software if this doesn't work and read the tips at the bottom of this step.
- Run the same type of reports that were printed from the old software and compare the account balances. If everything matches up, you are ready to use your new software. Save the data backup and copy that you made earlier just in case you decide to revert back to the old software.
- If the numbers on the reports do not match, contact tech support for the new financial software by clicking on Help in the software or looking for a link to help or support on the website for the new software.
