Lion fatally mauls Quicken for Mac

In February Apple killed support for Rosetta in Mac OS 10.7/Lion and aftershocks are starting to ripple through the Mac community as we approach the imminent release of Apple’s next-generation operating system.

Rosetta was built to run PowerPC code on Intel Macs and it was intended to bridge a gap until software developers could make their code Intel-native. Most Mac developers invested in porting their applications to Intel, but some huge software monoliths — like Intuit — chose to bank extra profits instead of investing in their own code.

As a result, Quicken 2005, 2006 and 2007 for Mac will not work with Lion when it ships in the next several days. According to the Intuit FAQ on the issue:

Currently, Quicken for Mac 2005, 2006 or 2007 will not work on Lion… Quicken for Mac 2005, 2006 and 2007 were originally built for the older PowerPC architecture, and were able to run on newer Intel-based Macs due to an Apple technology called Rosetta. As of Mac OS X 10.7, Apple has discontinued support for Rosetta.

Intuit points out that Quicken Essentials will work with Lion, but since it’s a subset of Quicken, it won’t likely work for many die-hard Quicken users.

A thread on the MacRumors forums asks for suggestions for a Lion-compatible personal finance application for the Mac and some of the names that frequently come up include:

  • – Web-only
  • Moneydance
  • Checkbook Pro
  • iBank
  • iCash
  • SEE Finance
  • YNAB (You Need A Budget)
  • Liquid Ledger
  • Fortora Fresh Finance

One commenter ended their post with:

I really, really hate you, Intuit.

I asked a friend (and 20-year Quicken veteran) for his analysis of the post-Quicken Mac software landscape and frankly, it’s a little bleak. While he had high hopes for the self-proclaimed Quicken-killer (a.k.a. iBank) the reality was something different, entirely.

The iBank site has user forum that is generally favorable, but not entirely so. I’ve been using it today and ready to trash it. Says it will import all Quicken for Mac, but it garbled it pretty badly. Handling loans is useless, in my opinion re., principal and interest splits.

All security transactions data [buy/sell, etc] was not transferred over in a fashion to match Quicken’s Security Details — a gold mine for investment performance, like IRR calculations over any time frame.  Read: how did one do during and since the crash, when price is not the only consideration for performance.

Quicken was great in following these and adjusting cost basis when applicable for reinvested dividends. 25 years of data is available in a heart beat for multiple report options.  Quicken for Mac budgeting was not as sharp as newer products, but it excels at cash flow and recurrent transaction regardless of the interval or frequency. Unforunately, Quicken for Mac had it last version dated 2007.

For my use, iBank is definitely a “Quicken Killer,” but rather a wannabee that I’ll soon forget. Even changing a reconciled entry or modifying an account type subject to an automatic lock down by iBank is not possible. For me, it’s forgetaboutit.

Are you a Quicken/Mac user? What are you going to use when Lion roars into town?

Read the original post on The Apple Core Blog RSS | ZDNet

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