Convert QFX File to QuickBooks File

Convert QFX File to QuickBooks File

Convert QFX to QBO when you want to move all transaction data from QFX into QuickBooks. You can use the QBO conversion tool to easily switch between currencies and change the design of your transactions. QFX to QBO Convert can likewise be used to import financial transactions into QuickBooks, which doesn’t typically peruse speculation accounts.

Learn How to Convert QFX vs QBO

While the QFX file is used to import transactions into Quicken, the QBO format is used to import transactions into QuickBooks. Both the formats are Helpdesked by most financial institutions. We recommend that you download the bank transactions in QBO format if you wish to import them in QuickBooks.

Also Read: QuickBooks Desktop 2021 Migration Policy

Import Bank Transactions into QuickBooks

We’re going to download the transactions in the.QBO format through the web connect feature. The QBO file will then be imported into QuickBooks.

To import bank transactions into QuickBooks, follow the steps provided below:

  1. Visit your bank’s website and download the transactions in the QBO format.
  2. Launch QuickBooks Desktop.
  3. From the File menu, select Utilities.
  4. Click on Import, then Web Connect Files.
  5. Double-click on the file downloaded in Step 1 to open it in QuickBooks.
  6. Click on Open, then Continue.
  7. When importing data, you will get a confirmation message. Click on Ok to proceed.
  8. Visit the Bank Feed Center in QuickBooks to view the imported transactions.

Instead of converting QFX file to a QuickBooks file, users can directly import the data into QuickBooks. Direct connect is yet another option available to users. Through this feature, users can connect their bank account with QuickBooks. QuickBooks generates all transactions automatically and imports them.

Read This: Transfer Data from QuickBooks Desktop Pro 2015 to QB Online

To set up direct connect in QuickBooks, follow the steps provided below:

  1. From the Banking Menu, select Bank Feeds.
  2. Click on Set up Bank Feeds for an account.
  3. Enter the Bank’s name and select the Bank.
  4. Click on the Enrollment Site link and apply for Direct Connect.
  5. Once you’re approved for direct connect by the bank, click on Continue.
  6. Enter authentication details and click on Connect.
  7. Select the Bank account.
  8. Click on Finish.

To Running QFX to QBO Conversion

  • If you are using Windows or Mac OS X, use the “convert QFX to QBO” icon.
  • Now get it done with the Hit “QFX to QBO” conversion button. If you want to proceed, go to the pop-up window and click on the start menu and click on it.

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How to Save the QFX to QBO Conversion file?

After QFX to QBO Convert is complete, consider saving the log data to a record. Select the Save Log button. This will raise a File Save discourse. Choose a record name and select Save. To clear the log data select the Clear Log button.

The information above will help to figure out how to convert a QFX file into a QBO file. It’s an easy process and should be done within seconds.

FAQ’s

Should I import via Web Connect or Direct Connect?

To import through Direct Connect, you’ll have to link your bank account with QuickBooks. However, if that isn’t your preference, then you can always rely on Web Connect. Further, with Webconnect, you can download as many transactions as possible; whereas, only a year’s worth of transactions can be imported with direct connect.

The approval time depends on the bank. You may have to provide them with additional details and authenticate the direct connect. However, the complete process doesn’t take more than a day or two.