Update: The giveaway has ended and the winners will be announced shortly.
Note: This is a long article containing an in-depth review of the new version of Quicken. If you are just interested in the giveaway of Quicken 2010 Deluxe, scroll to the bottom of this article.
It took me a long time to warm up to Intuit Quicken. When I first saw the software in the early or mid 1990s, I wasn’t very interested. That’s not the software’s fault; at that time I most likely did not see the need for tracking money I did not have. When I finally realized I needed to build some control of my personal financial situation, I first looked for free solutions.
After several months of spending less than I was earning and tracking my progress using freeware, I evaluated Microsoft Money alongside Quicken. Money looked nice and ran smooth while Quicken was clunky and unattractive, so I stuck with Money for a few years. After some time, I came to realize that Money’s features for dealing with investments were not as comprehensive as I would like, and for some reason it interpreted the downloaded data from my 401(k) incorrectly. I decided to give Quicken another shot.
While Quicken wasn’t perfect, it worked better with the transaction data I downloaded from the banks and offered configurable reports. So I stuck with it, and I still use a desktop version of Quicken almost every day. I receive questions about why I haven’t switched to popular Web 2.0 applications like Quicken Online (review here) or Mint.com (review here). These websites offer interesting features, particularly those powered by community aggregate information, but they lack some of the basic investing functionality that I get from the desktop version of Quicken.
Quicken 2010 review, first impressions
I received Quicken 2010 Home and Business in the mail yesterday and gave it a test drive tonight.
The upgrade from Quicken 2009, including downloading updates to the software online, took about ten minutes. Tens of thousands of transaction records needed to be converted to the new version, and this took the bulk of the time for the upgrade.
After the upgrade was complete, the software brought me to Quicken.com to register. Although I am already registered at Intuit, I was required to provide my information again before using all of the software’s functionality. Although required, the registration process was quick.
I was impressed with the new version’s look and feel. The interface is redesigned to be cleaner, and switching from one page to another within the software seems to move faster. One of my biggest complaints about Quicken has been its sluggish display but this seems to be greatly improved.
Quicken 2010 opens to a new main screen with three horizontal sections. The top includes a pie chart describing your spending within categories and the middle of the screen lists your anticipated expenses.
The focus here is on your cash flow: how much is left in your spending accounts at the end of the month. Here is the top half of my screen. Click on the thumbnail to view the image full-size (and note the exceptionally large tax expense thanks to quarterly estimated payments).
The bottom section of this screen is new. According to Quicken, it would take 5 minutes to begin tracking spending goals. I began creating spending goals, which seem to form a softer style of a budget. Unfortunately, because I use sub-categories, Quicken’s “average monthly spending” in categories like “Auto,” “Dining,” and “Entertainment” were inaccurate. As a result, the “suggested monthly goals” were not appropriate. I solved this by choosing my own categories, such as “Auto:Fuel” rather than “Auto.”
After assigning several categories to watch, here are my results so far for October.
I also like the new Net Worth tab. Here is what the top half of my Net Worth page looks like.
Downloading data from banks
The “Direct Connect” feature of Quicken, in which you store your bank accounts’ passwords in the software and send Quicken on a mission to download your latest transaction data, has never run smoothly for me. In Quicken 2009, this process would occasionally lock the software, requiring me to kill the process through the Windows Task Manager. Furthermore, this downloading should be a background process. However, whenever you initiate the data update, you are preventing from performing almost every other task in the software.
Quicken 2010 has not fixed this completely. During the update process in the new version, Quicken will prevent you from moving around the software.
What to look forward to
All things considered, this seems to be a good upgrade with my limited experience so far. But like most yearly, incremental software updates, there is not a lot to justify buying the software if you already have a recent version of Quicken.
The best news from Intuit is not reflected in Quicken 2010. As a result of Intuit’s pending acquisition of Mint.com, the CEO of Mint.com, Aaron Patzer, will be leading the development of the desktop version of Quicken in addition to the online personal financial management software. I expect future versions of Quicken will look slicker and work faster as Intuit leverages the team and the talent behind Mint.com.
Latest prices for Quicken 2010 versions
Before you buy, consider trying to win the giveaway for Quicken 2010 Deluxe. Instructions for entering the giveaway are below. Free is always a better option. Also, Intuit often offers discounts. Right now the software is offered for full price only. But keep watching Consumerism Commentary to find out when new discounts are available.
If you’re a Mac user, hang on until February 2010. A new version of Quicken for Mac will be released next year, and Intuit says the will be a major upgrade from the most recent release. Alternatively, you can run software on the Mac that emulates Windows and allows you to run these updated versions of Quicken.
Giveaways
Intuit sent me two copies of Quicken 2010 Deluxe to give away to readers. Here is how you can win one of these copies. Each of the following will provide you with one chance to win, so you have a maximum of three chances.
- Leave a comment on this post.
- Become a fan of Consumerism Commentary on Facebook and let me know in your comment below.
- Mention and link to this review on Twitter. Your tweet should say:
Pls RT! Review and giveaway: Quicken 2010 from @flexo! http://bit.ly/RjD3y
You must be over 18 years old and must have an address in the United States in order to qualify. The winners will be chosen using the random number generator at random.org. Thanks and good luck! The giveaway will end Friday night, October 23, at 11:59 pm.
Update: The giveaway has ended and the winners will be announced shortly.
About the Author
{ 147 comments… read them below or add one }
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Nothing much has happenned in quicken since 2008 edition.
Thank you for reviewing the new Quicken. Sounds like a decent upgrade from the 2008 version that I’m currently using.
One feature that Quicken has never handled satisfactorily is handling non-taxable Mutual Fund mergers, where one fund becomes a slightly different one for a variety of reasons. There is a way to do this using Corporate Takeover entries but this is not obvious to most users when updating with Direct Connect. Most institutions show a remove and then an add transaction. If the user simply allows these transactions to be accepted, they lose all their cost basis calculations. It would be nice if Quicken could detect these type of entries and tell the user it suspects a Mutual fund merger so that this could be handled in the proper fashion maintaining cost basis.
I would love to win a copy of Quicken 2010… even though I still use and like MS Money. I’ll check you out on Facebook.
Thank you for your kind offer.
Last time I tried Quicken was in 06 and I couldn’t get into it. I’d love the opportunity to try again.
Thanks for the honest review. I was hoping the downloading bugs from the financial institutions were fixed. Oh well, maybe next year!
thanks
I have used Quicken for some time now and I have been very pleased with the program. The only drawback is that every 3 years or so, you need to update to the new version because your current version stops downloading from your financial institution.
Great Idea to boost visits!!
I have been using Quicken consistently since 1996, upgrading every year, except for 2009. My biggest complaint has always been that you cannot easily do a forward looking “zero based” or “envelope” budget in quicken. It seems the latest version (and possible 2009) are trying to move in that direction. My question is, can you set up Spending Goals by category groups instead of categories, to get a less granulated view of your spending patterns.
I’ve been a quicken user since the mid 90’s. Normally update once every three years. Quicken 2010 would be a year earlier than normal, but I’ll sacrifice and do it early if I win.
I’ve never used financial software before, but Quicken seems to have all the features I’d want!
I’ve been a long-term user of Quicken (since 2002) and would love to upgrade to the newest version.
Mint.com solved the biggest problem I had with desktop programs like Microsoft Money and Quicken, namely that downloading transaction data was a nightmare. I’m happy to hear that the Mint team will be working on Quicken.
I’m a Facebook fan too.
I’d love to win the Quicken 2010…if I don’t win it I will have to buy it. Based on your review I am willing to give Quicken a try although it will be difficult to part with MS Money.
Please enter me in the the drawing. I’m a Money user, but need to check out something new now that Microsoft is discontinuing it.
Thanks for the opportunity!
I also became a Facebook Fan!!!
Please enter me as well and thank you for the review. I’m a Quicken 2009 user and would very much like to upgrade (especially for free) :-).
I Win!
ADDITIONAL COMMENTS: I’ve used Quicken since DOS versions. (Before that I used Managing Your Money – which REALLY dates me!) I think there is a great difference between veteran/experienced Quicken users and the folks who started their financial management experience with something like MINT.
Quicken has its problems with constant revisions, which sometimes take away favorite features and add some that we could live without. But it does allow you to really track everything you need to know about your financial situation. You don’t have to keep track of every time you put 25 cents into a parking meter unless you want to, But I can get marvelous reports at tax time, keep track of loans and debts, investment history, and small business activities.
I’ve played with MINT and it’s fine just to see what you’ve spent and earned, but there is, so far, no way to enter check you write that have not yet cleared, so you really don’t know what your balances are when planning an expense transaction. And, if the web goes down or a cloud server loses its data, you’re up the creek, not having records on your desktop.
It’s going to be interesting to see what Mint does with Quicken in the Merger, since Mint’s leader is becoming head of the Quicken products.
Would love to have a chance of obtaining the new version of Quicken 2010 Deluxe
Great article. I have been looking for something else to manage my finances since Microsoft Money is no more, maybe I can win!!!
Also I am now a fan of Consumerism Commentary on Facebook!!
Really nice review, will deffinately be buying a money management software soon to help with my finances.
Informative article. I am a long-time Quicken user, and am anxious to try this new version.
Fan of you on Facebook
Tweeted here:
http://twitter.com/CleverGayle/status/5073981240
Thanks!
Thank you for the valuable information. I was hoping that I could use the software during the updating process with this version.
Robert
I became a fan on facebook too. Thanks for the chance.
Bob
Ahh…nice to see a mention of Managing Your Money in the comments above….takes me back a ways. I’ve been a Quicken user for years and years, and the one feature that keeps me with it is the Savings Goals. Once someone replicates that, I may be one my way out (but I hope I win the Q2010!)
Ditto on the drawing.
Any improvement to Quicken’s [non-existent] integration with Excel? In 2009, when you output to Excel, you don’t get any formulas (i.e., a total in a column is just the number, not the sum of the other number). This impedes any kind of analysis or modeling in Excel.
Is there any way to import a budget that you created in Excel?
Thanks
Thanks for the review, it’s too bad Intuit has sort of slowed down in the innovation department, but maybe the Mint acquisition will help with Quicken 2011. I won’t pay to upgrade, but I’ll take a free copy any day.
Hey there! I did the facebook fan thing, the tweeter thing, and am leaving a comment to let you know that I’d love to win the copy of Quicken. My mom is actually a long-term Quicken user, and this would be a great Christmas gift for her.
I am seriously contenplating my own business and this would come in very handy..
1. I became a fan on FB
2. I tweeted the message on twitter
3. Leaving my comment on this website :)
Good luck everyone!
would love to win!!
Good article. Like your stories and this one is no exception.
Truth be told, I have nothing to say, just want to win the free copy :)
The giveaway has ended as of 11:59 PM ET and the winners will be announced shortly. Any comments below this do not qualify.
I have recorded every check I’ve written and cash spent since December of 1991, in Quicken– I have run a small business since April of 1998 and have keep all my book work in Quicken. I also manage an apartment building, and keep all my rental information in quicken. Currently I am using Quicken home and business 2003 and would love to try the new version. I download my bank accounts and paypal into my Quicken program, and would like to get a Quicken version of POS system for my store. I love Quicken and highly recommend for personal and business use!!!
Dawn…HOW are you downloading into Quicken Ho/B 2003? They don’t support downloads beyon Q1007 currently.
Hi, it’s a great article and great review. I believe that you might have missed to review a very important feature of Quicken.
As when Quicken released first few releases (1992), I have bought and happily used them, every week or other day, I input manually each transaction, which includes checks deposit, checks cashed, credit card transaction, then when I receive the statement of each bank, I do compare them. T
hen slowly after 4-5 years, banks allow their clients be able to download they online statements in Quicken or Money format, I was happied to download them each month and imported to Quicken.
If I remember correctly, started from 2002-2003, Quicken was able to download the statements/transactions directly from the banks, It put me at easy, which have saved me lots of time.
And for the past three years, Bank of America, has allowed their clients to not just download the text transaction, they do allow their clients ALSO to download the bank checks images (front and back) for each checks deposit and checks cashed. I
am still using 2006 version, 3 years ago, I have called Quicken tech-supp and expressed my request/wish/expect that Intuit improve/enhance/add the feature that could automatically download also the check images that available. I guess, maybe there are not much demand; therefore Intuit did not implement this feature.
Now a days, the storages in PC and Internet bandwidth no longer an issue. and would be great that you can review and commend it. if you add your comment in your review, I bet, Intuit will wake up their developers and marketing team.
I would not absolutely purchase another release of Quicken, just because, they have improved the cosmetic and GUI. I will wait and will upgrade every 4-5 years/releases. But, once I know they implemented that feature, I will run out buy a copy at once.
To whom that does not have Quicken yet, it’s maybe worthy to buy it, people can buy older version for much cheaper cost – unless you just upgraded or have Windows 7, then you may have to buy 2010 version.
My bookkeeping for our business would be streamlined and so much easier with Quicken 2010. Thanks for the information and drawing.
For a home business I think quicken home & business is probably fine, but for larger business you may want to look at Quickbooks which is also an intuit product.
I would surmise that your Quicken lock-ups are a system issue, not an issue with the software. A nice way to get around the data download issue is to use Scheduled Updates (found in the Online Menu > Schedule Updates). Make certain to put a check next to the Financial Institutions you want to download.
You should have a period where you can return it if you are not satisfied. I believe it is 60 days.
It would be wonderful if I could Quicken my business financial data. (pun intended) I am a Facebook Fan
What makes me nuts about Quicken (besides the hanging-on-update issue, which I get about every third or fourth update) is that the format for reports is so clunky and cannot be customized or altered in any way. One of the handiest things about Quicken is that, if you handle your categories carefully, when it comes tax time you can pop out a report of income and deductible expenses for your tax preparer (even when that’s yourself) in a matter of minutes. But the format is close to illegible, with totals at the top, no lines, no way to separate categories with spaces for readability. It’s truly infuriating and surely one of the simplest things in the world for Intuit to take care of. I hope they’re listening, because I’m not buying another upgrade (I’m at 2007) until I hear that report format can be customized! So there!
It would be nice if Intuit offers to download checks images. Let’s say I have 4 checks to deopit.
$50 from aa bb, $100 from c d, $200 from e f, and $150 from g h.
If I depotit them together in one transaction is $500.
How nice if Quicken download all the check images. and add a searchable note such as:
aa bb $50 (or just aa bb, c d , e f )
c d $100 …
so in months or years later, I can search and will be able to find aa bb or c d that I deposited.
Instead just showing a $500 transaction. who will remember from who and what.
Intuit your product is not at the dead end (like Winfax) . move on and implement it
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