Microsoft will shut down its Microsoft Money application on June 30, but users will be able to move their financial data to Intuit's Quicken, according to a deal worked out between the two companies. Microsoft Money has been in use for 17 years, but faces a marketplace increasingly crowded with personal finance software released by banks, financial services companies and Websites.
has reached an arrangement with Intuit
that allows users of the soon-to-shut-down Microsoft Money application to port
their financial data over to Intuit's Quicken, a similar financial management
announced that Money will no longer be offered after June 30,
users have been
voicing concern to eWEEK that their Money data, some of which extends back for years,
would be lost, although Microsoft announced plans to support online services
for active customers through "at least" January 2011.
After that date, Money will no longer support online quotes or direct online
banking, and users will need to manually update tax rates via rate schedules on
the IRS Website.
However, an unsupported
copy of the program could exist indefinitely on a PC well into the future.
Products affected by the Microsoft Money shutdown are Microsoft Money
Essentials, Microsoft Money Plus Deluxe, Microsoft Money Plus Premium and
Microsoft Money Plus Home & Businesses.
In the interim, Microsoft has made a deal with Intuit, which produces
Quicken, a similar financial management software tool for individuals and small
"We're working with Intuit to help develop a file conversion process
that will help Money customers more easily convert their existing data files to
Quicken," a Microsoft spokesperson told eWEEK on June 22. "Both
Intuit and Microsoft hope this will be ready to go for the new release of
Quicken this fall."
"Quicken has a permanent home for MS Money users," reconfirmed a
spokesperson for Intuit, who suggested that a conversion tool for porting Money
data would likely be finished by the release of Quicken 2010. A FAQ dealing
with conversion issues can be found at this site.
Quicken is also offering discounts for MS Money users, including $20 savings
on Quicken Deluxe and $30 savings on Quicken Premier.
However, those wishing to reinstall Microsoft Money on a new PC in the
future will need to keep the original installation CD or original setup program
received when the application was purchased online; in addition, Money will
need to be installed on that new PC before Jan. 31, 2011. Microsoft's own FAQ concerning
Money's termination can be found here.
Microsoft has attributed the shutdown of Money Plus to a dip in demand
following an increased amount of personal finance management software being
offered by banks, brokerage firms and Websites. The application joined other
applications, including Encarta encyclopedia software, which Microsoft has recently
announced would be shut down in the near term.
Money Plus was first launched 17 years ago. In its absence, Microsoft will
focus on building on and promoting its MSN
Money Website, which offers a combination of personal finance information and