Manufacturer: Intuit

System Requirements:

Computer: Macintosh with PowerPC processor Operating System: Mac OS 9.2.2 or later; built for Mac OS X (version 10.1.4 or later)
Memory: 128 MB installed RAM
Hard Disk Space: 75 MB free disk space required for installation; total size of installed files is 60 MB
Monitor: Color monitor with at least 800x600 resolution and 256 colors
CD-ROM Drive: Double speed or faster
Internet Connection: 56 Kbps or faster modem required to access online features; tested with Microsoft Internet Explorer 5

Quicken 2003 has arrived, not with the roar it once had, but with a quiet whimper. Quicken has been the premier financial management tool for so long, most people aren't even aware of competitive programs. That being said, this year's version of Quicken has only minor functional improvements.

Quicken 2003 maintains the ease of use of its previous incarnations. It easily allows you to manage multiple checking, savings, money market and credit card accounts, pay bills, manage investment portfolios as well as assist with tax preparation and retirement. This version comes in two flavors, one for installation on machines running OS 9.2.2 or later and one for OS X (10.1.4 or later). Internet access is required for all online features. The new installation will backup your previous data file so it can still be used with your older version of Quicken, if necessary.

Getting Online Data (click to enlarge)

At its simplest, Quicken is an electronic checkbook replacement. One can easily write checks (either paper or online) and reconcile balances. When the program is started, or anytime thereafter, the user can easily setup an online account with your existing bank. Quicken supports online access to most large multinational and local banks. Quicken works with more than 1,200 financial institutions, so yours is probably listed. After setting up online access to your financial institution, it is a simple matter to download all completed transactions on a monthly (or more often) basis. Once a check has been paid by your bank, a record of that transaction will automatically be downloaded to your computer with a click of the "Get Online Data" button [see picture]. With the information now on your computer, you can easily reconcile one or more accounts.

One of my personal quibbles with all versions of Quicken that I have used (including this one), is the way paid checks show up in your register once downloaded. If you use one of the traditional paper checks issued by your bank, the payee in the electronic register show up only as "Customer Check," albeit with the appropriate check number. In order to fully utilize the power of Quicken, you now have to change the payee information on that check. This is reasonably well handled in the program by utilizing the Quickfill Transactions window. In that window, which is customizable, is a list of all of the different payees that the user has entered. The Quickfill feature can also record whether a transaction should be recorded as a deposit or withdrawal, as well as to what category (household expenses, auto, childcare, etc.) the transaction belongs. Memos on checks can also be quickly added and customized.

Writing Checks Made Easy (click to enlarge)

To avoid having to go through the above steps during reconciliation, Quicken offers the ability to write and send checks online. A click of the "Write Checks" command brings up a simulation of a check [see picture] into which all appropriate information is entered. If you have written a check to the payee before, this will appear in the Quickfill window and only the first few letters of the payee's information have to be entered before the full name will appear on the screen. Memos and categories can likewise be entered quickly. Quicken has the capability, if this has been set up with your financial institution or other online bill paying service, to then send the check electronically to any individual, store or institution. The check can be paid immediately or at a scheduled time, enabling you to set up recurring payments (like the mortgage) easily. As mentioned above, a check sent electronically comes through in the downloaded transactions register fully filled out with the name of the payee and its category as well as any memo you may have previously made when writing out the check. Any payment and/or category can be assigned a tax-related flag; when preparing taxes in TurboTax, all tax-related items in your Quicken data will automatically be imported. Alternatively, at year end, a tax-related report can be generated and printed and sent to your accountant.

As in previous versions, Quicken aims to help you in your financial planning. Included are calculators for retirement and college planning, as well as one to determine if refinancing your mortgage makes sense. Its reporting and graphing capabilities remain strong as does its ability to manage a budget that you set up. It has multiple links to its web site, most of whose features are still available to anyone even without the program.

Some of the improvements made to the program in this incarnation include scheduled automatic updating of information about investments and for accounts that have been set up for online access. This feature is useful for extremely organized individuals who do their banking at the same time each week or month. Although I am using Quicken on a Mac running System 9, I did install it on a G3 Powerbook running System X. It it a native Aqua application and looks somewhat more sleek than the OS 9 version. Speed and functionality are essentially equal in both operating environments.

Although I did not install or use the Quicken for Windows application, the Mac version (from a review of the Quicken.com site) lacks several features present in the Windows version. Quicken for Windows sports a Home and Business version, unavailable for Macintosh users. Only five companies support online brokerage transactions for the Mac versus over 70 for users of the Windows version.

Although Quicken 2003 is a great program and useful for the majority of Mac users, buying yearly upgrades is not usually necessary. The incremental improvements in this version do not justify the upgrade price. However, if you have never bought Quicken, the $59.95 price direct at quicken.com can have you on your way to electronically managing your finances.