I'm very excited to announce that Quicken has finally released a full version of their popular personal finance software for Mac. It's Quicken 2015 for Mac. Unlike past version of Quicken for Mac (i.e. Quicken Essentials), this is a full version of Quicken that includes Investment management and tracking, which is a feature that was missing for all previous versions of Quicken for Mac.
As soon as I heard about Quicken 2015 for Mac, I purchased a copy to try it out for myself. You know that I've been on a search for the best money management software options, and I've recently been a more avid user of Personal Capital than anything else. However, Quicken still serves as the backbone because it has all of my records for 10+ years.
The trouble is, as a Mac user, the only way to use a full version of Quicken was to run Windows 7 on Parallels Desktop, and then run Quicken 2013. That's what I'd been doing for the last couple of years. Relying on Personal Capital for a snapshot of my accounts, and then using Quicken 2013 on Parallels to keep really accurate records.
Let's break down Quicken 2015 for Mac, and I'll share my thoughts on it.
The Features of Quicken 2015 For Mac
Quicken for Mac 2015 is a big upgrade from Quicken Essentials. There are a lot of features here that Mac users have been waiting for. Specifically, I've been waiting for robust investment tracking, which Quicken 2015 for Mac offers:
As you can see, you can track your total portfolio, individual stocks, and breakdowns of various different accounts. If you enter your cost basis, you can also keep track of all your gains and losses. This is the best upgrade by far in Quicken 2015. Plus, just like in other versions, you can use this gain and loss data in reports to get ready for tax time – which I'm guessing will also export easily to TurboTax.
However, it also offers the usual features we've all become accustomed to with Quicken. First, you can still view all of your accounts:
And just like in previous versions of Quicken and Quicken Essentials, you can still setup budgeting options as well:
And, one of the biggest improvements over the last couple of years with Quicken has been the integration of mobile apps, which continues to get better in this version:
Transitioning Your Old Quicken Data into Quicken 2015 For Mac
One of the key benefits that Intuit hyped up about Quicken 2015 for Mac was the ability to import your past Quicken data into this new version. Check it out:
I tried converting a Quicken Essentials file, and it worked great, just like Intuit promised. However, I also tried to import my Quicken 2013 for Windows data, and it failed miserably when it imported this data. I was really disappointed with this because that is where I have all of my personal finance information stored for the past 10+ years. So, it's a very large file with a ton of data, but I was hoping Quicken 2015 for Mac would have handled it better.
What ended up happening is when I imported the Quicken 2013 file, it ended up changing accounts, not having accurate account balances, and pretty much nothing was right. As such, I was forced to perform a clean install to get accurate account data.
My Thoughts on Quicken 2015 For Mac
Overall, I would say that Quicken 2015 for Mac is a huge improvement over Quicken Essentials, but die-hard Quicken users (especially ones who love Quicken for Windows) will still be disappointed in Quicken for Mac 2015. While finally having investment tracking is huge, there are still a ton of other features missing, and even investment tracking isn't as robust as Quicken for Windows.
- Investment Tracking is a Huge Improvement that was missed in Quicken Essentials
- Better online updating and password management
- I enjoy the right hand navigation of accounts better, and the new inclusion of “Education” as an investment account choice for 529 plans
- Budgeting is easier to use than in Quicken for Windows
- Reporting is improved and feels more native to the Mac platform
- Investment tracking doesn't include asset allocation or security information like Quicken for Windows does. When clicking on a security, it opens a browser window for the data.
- Online updating doesn't include all of the same banks as Quicken for Windows – very odd but discovered that one of my investment firms isn't listed as an option in Quicken for Mac, but it is an option in Quicken for Windows 2013
- Importing of data from Windows versions of Quicken doesn't work consistently. If you have a lot of past data, you are probably better off sticking with the Windows version
- Doesn't allow paycheck tracking – I liked keeping track of my paycheck with all of the deductions, and that's not an option any longer
- No way to setup life goals or other goal tracking
- Less reporting options compared to Windows versions
If you're a die hard Quicken user, don't buy Quicken for Mac 2015. Stick with using Quicken for Windows and run it on Parallels. You'll be happier with the setup, and you won't have spent $79.99 on it. However, if you have Quicken Essentials, this is a must upgrade.
You can check out all of the specs here: Quicken 2015 for Mac.