This tutorial shows how to convert a transactions file to IIF format. We will use Bank2IIF utility.
See below steps for the Windows version, followed by the Mac version.
Make sure you are using the latest version of Bank2IIF. Download it from the Bank2IIF download page. Start Bank2IIF and select a transactions file (it could be QBO file, OFX file, QFX file, QIF file or PDF file).
Review transactions before converting, check that dates are correct, have correct year, deposits and withdrawals are in correct places.
Enter the main Account Name.
To match the bank account in Quickbooks.
Map payee or payer names to Vendor or Customer names in Quickbooks. In our case, we have three expense transactions (requires Vendor to be assigned) and one income transaction (requires Customer to be assigned). Bookstore Invoice, Gas Company, Hydro, and Microsoft are Payee names.
Let's say for 'Bookstore Invoice' we have Vendor name 'Indigo'.
Click on 'Payee/Categories' Tab. For 'Input Payee' enter the name in 'Output Payee' column, as you have in Quickbooks (for 'Bookstore Invoice' enter 'Indigo'). Everything else you can leave empty because the converter will not change it.
The name was changed.
Let's check Customer name (in our case 'Microsoft') in Quickbooks. If you don't have the same name in Quickbooks, you can add it here.
Map categories or payee names to expense account names in Quickbooks. In our case, we have four categories: Office Supplies, Utilities, Utilities and Payroll.
Click 'Lists' - 'Chart of Accounts'.
We have 'Utilities' (Expense), which is matching.
We have 'Office Supplies' (Expense).
For 'Payroll' - Income category. Let's say it should be 'Consulting Income'.
Click on 'Payee/Categories' Tab. For 'Input Category' (Payroll) enter the name in 'Output Category' column (Consulting Income).
Now we have all teens in the right order. Make sure all accounts, vendors and customers exist in Quickbooks.
Click 'Convert' button to create an IIF file.
Confirm the file name and location.
Now the IIF file is created, let's switch to Quickbooks and import created IIF file. Make sure to backup your Quickbooks data file, before any IIF import. Click 'File' - 'Utilities' - 'Import' - 'IIF Files'. Locate the IIF file you've just created.
Done! Transactions are imported.
Review transactions in Quickbooks after importing. Click 'Lists' - 'Chart of Accounts' - 'Wells Fargo' .