How to Use Bank2QFX - ProperSoft

How to Use Bank2QFX

This tutorial shows how to use Bank2QFX utility. IMPORTANT: Bank2QFX is now replaced with the Transactions app, which converts from more formats and converts to more formats.

Step by step instructions

You can download Bank2QFX at https://www.propersoft.net/products/bank2qfx

Click the 'Download' button.

Bank2QFX Step 1: Download

And then select Windows or macOS version to download.

Bank2QFX Step 2: Windows or macOS version

Once downloaded and installed, start Bank2QFX. Read the welcome message that provides main points about the conversion process.

Bank2QFX Step 3: Welcome message

Select a file with transactions that you would like to convert. It could be PDF bank or credit card statement, QIF or QMTF file exported from Quicken or other accounting software, OFX, QFX, QBO, STA or MT940 file downloaded from online banking.

Bank2QFX Step 4: Select a file

Review transactions before converting, make sure dates are correct, expenses are negative, and payments to the account are positive.

Bank2QFX Step 5: Review transactions

Set the account ID and account type. The account ID must be digits only. You can enter the actual account number or credit card number, or a shortened number. It is important to use the same number when you convert multiple files for the same account and use a different number when you start converting for another account.

For example, let's start with the first file for a checking account. Convert the first file and use account id as 10000001. Then you convert a second file for the same checking account, keep the same account id 10000001.

Bank2QFX Step 6: Checking Account type

Then you start with a credit card account. For the first file for the credit card account, change the account id to another number, for example, 10000002. For the second file for this credit card account, keep the account id as 10000002.

Bank2QFX Step 7: Creditcard Account type

When you start working with another account, make sure to adjust the account type as well.

The account type is important to set as Quicken allows you to import created QFX file for a credit card account only into credit card account in Quicken and for a QFX file for a checking account, Quicken imports this file only in a bank account.

For Quicken US edition, the currency must be US Dollar, for Quicken Canadian edition, the currency can be US Dollar or Canadian Dollar.

Bank2QFX Step 8: Currency

INTU.BID value is another important parameter to set. This value defines the bank label you see during QFX file import in Quicken. This value does not have to match your account name in Quicken, but it has to be from allowed by Quicken bank.

Some users do want the name of the bank to match the bank name in Quicken, and you can do this by selecting the appropriate INTU.BID value. But if your bank is not listed on not allowed, you can easily use any other bank label.

INTU.BID value applies to the account type. Some INTU.BID values are allowed for certain account types only.

Click the 'Lookup' button to see the list of banks.

Bank2QFX Step 9: Lookup

Search for your bank.

Bank2QFX Step 10: Search for your bank

There are some other settings that discussed in another video, I would skip these for now as you need them only in specific situations and you know when you need to change these settings.

Bank2QFX Step 11: Other settings

Set the “Open after save” checkbox if you would like the software installed on your computer to open the created QFX file. If you have Quicken installed, it would be Quicken to open this QFX file.

Bank2QFX Step 12: Open after save

Click the 'Convert' button.

Bank2QFX Step 13: Convert

And confirm the filename and the file location.

Bank2QFX Step 14: Confirm the filename

To import the created QFX file manually, in Quicken, click File, File Import, Web Connect file.

Bank2QFX Step 15: Import the created QFX file

Select the created QFX file.

Bank2QFX Step 16: Select the created QFX file

And now we select 'Create a new account' or 'Link to an existing account'. Click the 'Import' button.

Bank2QFX Step 17: Select the created QFX file

Transactions are imported and ready for review. Click the 'Accept All' button to add them to the register.

Bank2QFX Step 18: Select the created QFX file

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