Quicken Online users will have no choice but to migrate their personal financial data to Mint.com as of Aug. 29. On that date, no one will be able to sign in at Quicken Online. Intuit, the makers of Quicken, purchased mint.com last year for $170 million. In February, Intuit sent a message to Quicken Online users that their account histories and connections would be “migrated seamlessly” to the Mint budgeting site. It turns out that because the programs were written on different software platforms, users must transfer their accounts themselves. The Quicken Online to Mint migration has proven to be troublesome and inconvenient.
Intuit’s ‘boneheaded move’
The Quicken Online to Mint migration was a surprise for a lot of Quicken users. Many thought the transition would be made automatically. But a Tech Crunch report said Intuit later decided that the complexity of merging the two platforms precluded achieving the transition with “elegance or accuracy.” The possibility for error would give Quicken Online users inaccurate personal financial data in Mint. They would have to double-check and manually correct the errors and omissions. Because of these complications, Tech Crunch called Intuit’s policy a “boneheaded move” and said that Intuit should have given Quicken Online users until the end of the year to move or spend more time figuring out how to import their accounts to Mint.
Budgeting site alternatives
Intuit will delete all Quicken Online account information from its servers Aug. 29. Users who want a record of their transactions must export the data to a file before the site is shut down. The New York Daily News said that Quicken Online users who don’t want to migrate to Mint have options for their personal financial data. Intuit is using the Quicken Online to Mint migration to promote Quicken desktop products as an alternative, but they’re not free. The Intuit desktop products cost between about $50 and $90. A basic Quickbooks Online account starts at $120 a year. For users who want to quit using Intuit because of the inconvenience, other online budgeting sites include GnuCash.ort, HelloWallet.com and Yodlee.com.
Intuit flunks accounting
People are discovering there isn’t an easy path for the Quicken Online to Mint migration. Jonathon Blum at The Street said Mint and Quicken Online just don’t get along. Because of the different software platforms, Quicken Online data doesn’t flow directly into Mint. Instead, data must be imported like it would from any other bank or credit card account. In the process, descriptions of business transactions in Quicken Online accounts get lost on about half of the entries moved to Mint. An Intuit representative said that the migration system made data converted from Quicken Online to Mint ledgers 90 percent accurate. Blum said that 90 percent is a B in grade school and an F in accounting.