Microsoft Money Sunset Edition imports OFX, QIF files. It also imports QBO and QFX files. There are some differences between QIF and OFX import (see below), but overall either QIF or OFX are fine to use for import.
Use the ProperConvert app to convert your transaction files to required by your accounting software file format.
OFX files are Open Financial Exchange files. This is a preferred format for Xero as transactions are presented only in one way.
OFX format has the transaction ID (reference ID) when QIF does not. Reference ID (when supplied by your bank) allows you to skip already imported transactions.
ProperSoft converters support reference ID and if not supplied, generate it to be unique to guarantee the import for all transactions.
OFX files should be created differently for different software (Microsoft Money for Us, non-US, old Microsoft Money 99, 2000, and also other software like Sage).
QIF format supported by Xero. Make sure to use the expected date format (based on your country settings). When you use 2QIF converter, select QIF target as "MS Money or other" and set the expected output date format:
QIF import somewhat better when using “Recover accounts” instead of “Downloaded statements”.
QBO and QFX files are extended OFX files. As MS Money follows the OFX specification, it should import QBO and QFX files as OFX files. To import a QFX or QBO file, try the following in MS Money: