The video below shows how to convert a CSV file (a sample download from online banking) to the IIF format using the CSV2IIF converter.
We will use a sample.csv file. The CSV file has four transactions with properly marked column names:
It has the category, which provides expense (or income) account names
It has the Payee name column, which matching Vendor names in Quickbooks
And there is a Check column with an optional check number.
It has a simple Amount column,
The Converter recognizes this file automatically, so there is no need to remap this file.
The CSV file for the single account. All transactions are for the Checking account.
We need to set the Account Name, that will be used for an IIF file in the right-side panel, as a Checking Account Name.
If needed, on the left sidebar, there are some controls to set, to tell the Converter how your CSV file is formatted. You can set the date format, and the year if it is missing.
If this is a Credit Card file with amounts (like expenses are positive, and payments to the account are negative), you can use "change +/-" to reverse amounts.
To create complete IIF files, your CSV file must have a category column, because an IIF file requires two accounts for each transaction.
One account that is Bank or Credit Card Account Name, you can also specify a separate column, called Account Name and Map this column in the Mapping. But usually, when you download from your bank, the CSV file is for a specific account. So you set the Account Name, which you have in Quickbooks, not Account Number. The CSV file from a bank is usually will have the category missing, and you need to open a file in Excel and add the category column, enter doc expense, income Account Name and done Convert.
We will click Convert and create a sample.iif file. Now we are going to switch to Quickbooks and check Chart of Accounts, which this is a Checking Account, it does exist and if it doesn't exist when you're importing IIF file - Quickbooks will create everything, what is missing. So if your Vendor records are missing or they are not matching with what you have, then Quickbooks will create new Vendor records. If expense accounts are missing, then Quickbooks will create them.
IIF considered the low-level format of system. It means that you provide data and Quickbooks will import it. The Converter takes your data, as you provide, and formats an IIF file, what Quickbooks expects.
To import the IIF file click File - Utilities - Import - IIF Files. Before you import any IIF file, easily created by the Converter or any file, not just IIF file, make sure your backup your Quickbooks Company file: make the copy, backup, do what Quickbooks tells you to do. When you import this, something terrible could happen: it could damage your file, it could do some changes, especially IIF file, that you need to revert later. So quickly go back and make a copy before importing.
Open sample.iif file. We have this file imported as an Account Payroll. It wasn't in Quickbooks, it was in the file, so this account was created.
What happens to this type? Quickbooks tells that you must use the IIF file, general ledger Account type and then Quickbooks will look at your transactions and select transaction type for that transactions. Because it's Checking Account and the money coming out, and they supposed to be checked. That's why it's marking as CHK - Check Account. When Check Account is presented, it was used from the IIF file, those a Vendor records, Account Names: Payee, Bookstore Invoice, Accounts, Office Supplies (account number and account name are shown). But overall the file was created, and expected transactions are in the right place.