Quicken for Lion: Why Does Intuit Hate Mac Users?
Posted 06/28/2011 at 1:50pm
| by Scott Rose

Quicken Essentials for Mac -- if this is a joke, we're not laughing.
(Updated on February 3, 2012: Quicken has announced that they will be bringing a Lion-compatible version of Quicken 2007 to the Mac this spring.)
We now live in the glorious age of Apple's technology renaissance when longtime-PC companies (such as AutoDesk) are actively embracing Mac OS X and iOS. But Intuit, the company behind Quicken and QuickBooks, has astonishingly decided to turn it back on Apple’s users more than ever before. Last I heard, Intuit was down to only three employees who work on the Mac product line.
Forget the fact that Intuit's Mac products have always paled in comparison to their Windows counterparts by missing most of the features that Windows users have long enjoyed. Forget the fact that Intuit has worked overtime to make sure that their Mac and Windows products would never be cross-platform compatible (this is an internal corporate rule at Intuit). Forget the fact that Intuit had already abandoned Mac users twice in the past -- first by discontinuing Quicken for Mac in 1997 and then discontinuing QuickBooks for Mac in 2003. (Mac users forgave Intuit when they came back with lackluster updates for these products years later.)
If all of this wasn't bad enough, Intuit's latest assault on Mac users is that Quicken 2007 for Mac will not run under Apple's newest operating system, Lion (Mac OS 10.7), and they have no plans on updating this product for Lion compatibility. So if you buy a new Mac in late 2011, or if you upgrade your Mac to Lion, you won't even be able to launch Quicken anymore. I have confirmed this information with two different Intuit representatives, who told me that Quicken for Mac has reached "end of life," meaning that there will be no future updates to this product. Considering that Intuit last updated this product almost 5 years ago -- in August 2006 -- I guess we all should've seen this coming.
Recent comments from Intuit’s Aaron Patzer have given false hope to Mac users, but read them closely to really understand what he is saying: Intuit has had five years to develop a new version of Quicken, but they are not working on any new Quicken releases for Mac users, and they are not certain if this mythical Rosetta patch will ever come to market.
But the real problem here isn't Intuit's disgusting treatment of Mac users; it's that until recently, Intuit has held a complete monopoly on the personal finance software market for Mac, so Mac users had no other viable personal financial management products to choose from. At least with the business-oriented QuickBooks, Mac users could always switch to the highly superior AccountEdge, but when it came to personal finance management, Quicken 2007 was pathetically still the best, most full-featured choice.
Luckily, Mac users have at least 2 viable alternatives to choose from:
See Finance was the only personal finance program that could successfully import my 22 years worth of Quicken data, and it seems to offer the vast majority of features that Quicken 2007 had. See Finance also adds the ability to natively handle foreign currencies, it offers a very large amount of customization in its preferences, and its tech support team is extremely responsive. However, it still hasn’t reached version 1.0 yet, and it shows in a few ways: it can’t print checks, link transfers between accounts, or delay a scheduled transaction. And its user interface is somewhat clunky and confusing. But See Finance is accurate and dependable, and the See Finance users with whom I've spoken to absolutely love the product. See Finance is a very strong alternative for Mac users.
iBank 4 is trying hard to be the de facto Quicken replacement for Mac users, but in my personal opinion (which may differ from the opinion of the Mac|Life editors), it fails. On the surface, iBank seems to offer most of the features that Quicken 2007 had and its interface is beautiful. But once you actually start using the app on a daily basis, you might be as frustrated as I am about how it functions. After trying this app for 6 months, I have discovered dozens of bugs in the product, which I have reported to technical support to no avail. And, regarding their technical support: the company often takes 4-6 weeks to respond to inquiries. If you take a look at the frustrated users on their forums, you will see that the same complaints keep arising with the product yet the company has failed to address many of them in the product for years! Out of the many bugs that I have reported in this product, these are just a few of iBank’s bigger problems, bugs, and missing features:
- Downloading transactions from Fidelity Bank investment accounts no longer works… it always yields ZERO transactions waiting to be downloaded.
- Importing QIF files from iPhone apps doesn't work as expected (it always marks every imported transaction as cleared).
- Setting up fixed-rate auto loans or home loans is broken (it can't figure out principal and interest payments properly).
- Reporting is terrible (it lacks almost all of the customization capabilities that Quicken offered).
- You can't view upcoming scheduled transactions (you can only view "all" scheduled transactions, not just the "upcoming" ones).
- There is no support for bill pay or class support.
- No keyboard shortcuts throughout most of the program... you are forced to use the mouse everywhere.
- iBank cannot handle all scheduled transactions properly... it often creeps the date forward by one day from month-to-month, depending on the month.
- If you password-protect your file, iBank takes an increasingly long time to open your file. Eventually, you'll be waiting 2 minutes just for your file to open.
- Technical support responses are very slow.
What about the other personal finance products that claim to be Mac-compatible? There are no other viable alternatives for Mac users. Here's why:
Moneydance is a cross-platform product that has its roots in Windows, and it shows by its ugly Java-based interface. Java is no longer installed by default in Lion, which may be a problem for some Mac users who are trying to use Moneydance. More importantly, Moneydance was unable to import my 22-year history of Quicken data; it yields wildly inaccurate account balances and thousands of erroneous transactions after performing an import. Their friendly and responsive technical support department told me that they DO NOT SUPPORT the importing of any data from Quicken for Mac. They told me that they would NOT be able to help me import any of my data into the product. They told me that I should either start from scratch with a clean slate, or manually scroll through 22 years of data to try to figure out where the problems are. Highly unlikely. Given Moneydance's aversion to Mac users, this is one product that Mac users should avoid.
Quicken for Windows is something that many Mac users are eyeing, to run in a virtual environment on their Macs (such as Parallels or VMWare Fusion). Even if you can stomach the idea of running Windows on your Mac, you'll still be out of luck. Readers have alerted me that Quicken for Windows is NOT a viable option for Mac users. Quicken for Windows WILL NOT IMPORT any investment information from Quicken for Mac. It also will NOT import online bank account information, securities, loans, reminders, scheduled transactions, memorized transactions, calendar events, reports, or budgets. Given that Intuit actually created both Quicken for Mac and Quicken for Windows, this just underscores Intuit's complete inability to create software that actually works for any consumers. It is my personal opinion that all Mac users should permanently ban ALL Intuit products from entering their households or their friends' households.
Mint.com is getting a lot of attention because of their high advertising budget, but mint.com is not truly a personal finance manager -- it simply downloads your transactions automatically from your banks in a read-only format, designed for you to simply view your information. You can’t add new transactions, edit transactions, reconcile accounts, track investments, schedule payments, nothing. These horrible deficiencies are probably to be expected, though, since mint.com is yet another product released by the horrible Intuit company.
Last year, Intuit disgustingly threw a bone to starving Mac customers in the form of Quicken Essentials for Mac, one of the worst reviewed software products that I have ever seen. Essentials is missing 90 percent of the features that people actually need in a personal finance program, and almost all of the features that were available in Quicken 2007 for Mac. Plus, the same Intuit representatives mentioned above expressed doubt to me that Quicken Essentials for Mac would even be continued due to lackluster sales. Not to mention that Intuit has ignored iOS altogether. Luckily, I have been using the absolutely outstanding Pocket Money for iPhone, which lets me manually import transactions from my iPhone into Quicken 2007 using SyncDocs.
So my initial question remains:
1. Why does Intuit hate Mac users so much? Is it because of Intuit's deep relationship with Microsoft? It seems very logical, although it's almost too easy to pass the blame entirely onto another company. The most likely answer is that Intuit feels they don't have to lift a finger for Mac users because they hold a monopoly position and they make billions of dollars every year selling their tax software. Many years before QuickBooks was resurrected for the Mac in 2006, a smug Intuit employee at Macworld Expo told me, “We don’t need to update QuickBooks, because it’s still the No. 1 best-selling accounting package for Mac. Mac users still purchase it, even without any new updates.” Seems like their attitude hasn’t changed much.
Which brings me to my second question:
2. What can Mac users switch to instead of Quicken? Until recently, I hadn't found any viable alternatives for Mac OS X. But now, Mac users have 2 great products to choose from: iBank and See Finance. I will personally be using iBank, but I know many See Finance users who are extremely happy and highly satisfied with See Finance.
Which leads to my final question:
3. Why didn't Apple save us? Apple makes world-class, award-winning software, so why didn't they put together the talent to create an amazing personal financial solution? Why didn't Apple simply take the lead in this market? Yes, it is a huge relief that 2 third-party developers have stepped up to the plate to deliver alternatives to Mac users, but why did Apple allow their own Mac users to get placed in this precarious position to begin with? It's a sad state of affairs when Apple itself undermines the entire Mac platform.
If you've abandoned Quicken for another Mac-friendly solution that's working for you, we'd love to hear about it in the comments.