Convert QFX File to QuickBooks File

Convert QFX File to QuickBooks File

QFX file is used to import transactions from bank accounts into Quicken. Transactions can be downloaded in the QFX format and imported in Quicken. However, Converting QFX file to QuickBooks file isn’t a very good idea. Users should instead download the transactions in formats supported by QuickBooks.

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 supported 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. Click on Browse and select the QBO file downloaded in Step 1.
  6. Click on Open, then Continue.
  7. When the data is successfully imported, you’ll get a confirmation message. Click on Ok.
  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. The transactions are downloaded and imported automatically into QuickBooks.

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.

Users can also import transactions from a CSV or excel file; however, this too isn’t recommended. The best way to import bank transactions into QuickBooks is via direct connect or web connect.

FAQ

 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 an year worth of transactions can be imported with direct connect.

I’ve applied for direct connect via the enrollment link. How long will the approval take?

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.