Microsoft 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 tool.
Since Microsoft 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 businesses.
"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 market news.