[Update: Intuit released a Lion-compatible update of Quicken 2007. You can buy it here. Quicken 2007 can import data files from Quicken 2005-2007 as well as Quicken Essentials. They have a helpful FAQ page.]
Intuit recently announced that it plans to release an update to Quicken 2007 that will make it compatible with Mac OS X 10.7, aka Lion. This news is a big relief to a number of my clients who have intentionally held off on updating to Lion. Those clients use Quicken 2007 and migrating to another application is not a simple task. iBank and Quicken Essentials are two applications that users could consider as a replacement, but an update to Quicken 2007 simplifies the entire situation.
When Lion was released in July 2011, Tidbits had an article talking about finding a replacement for Quicken. One colleague switched to iBank but due to differences in how iBank handles investment accounts, he spent many hours cleaning up his Quicken data after it was imported into iBank and needed assistance repeatedly from iBank’s tech support staff. A few of my clients who used only the account registers and reporting features in Quicken were able to use Quicken Essentials. Quicken Essentials for Mac was released in 2010. It is not really an update for Quicken 2007 users. Instead, you could think of it as a successor to Quicken 2007, but one that lacks some of Quicken 2007′s features. As its name implies, it is a bare-bones financial management application. It is enough for some, but not for all, Quicken 2007 users. Thus, the announcement of this Quicken 2007 update is welcome news.
Intuit indicates that this Lion-compatible update will be available “soon.” Elsewhere, I’ve read that it’ll be early-spring 2012. Users will be able to update their Quicken 2005, 2006 and 2007 data files into this updated version of Quicken 2007. Please read Intuit’s note about this update as well as Tidbit’s article about this Quicken update if you’d like more information.