QIF2QBO: Convert QIF to QBO and import into Quickbooks

QIF2QBO: Convert QIF to QBO and import into Quickbooks

This tutorial shows how to convert QIF files to QBO (Web Connect) format and import into Quickbooks. We will use QIF2QBO utility.

Start QIF2QBO and locate your QIF file. We will use a sample QIF file for this demonstration.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 1: sample qif

Once the QIF file is loaded, review transactions, check the Dates are correct, Amounts are correct, Payee, Memo, Check number. Before converting to QBO file review the Output settings.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 2: review qif2qbo

Set INTU.BID to match your bank label. Make sure, that the bank label you have chosen allows the Account Type, you are converting for. Some banks allow all Account Types, some allow Bank accounts, some allow only Credit Cards. If your bank is not listed or not allowed, you can keep default value '3000', which allows all Account Types and this bank label is for "Wells Fargo".

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 3: INTU.BID

Check the Account Type, set the Account ID if you convert for multiple accounts. Make sure to use different Account ID for different accounts.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 4: Account Type

You can change the Currency. For QuickBooks, it has to be US Dollars. And if your accounting software imports QBO files and allow different currency, you can set it here. You can set End balance, you can set Bank ID, you can set Branch ID, you can live all this empty for QuickBooks.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 5: Currency

Click the 'Convert' button to create a QBO file.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 6: convert

You can choose the file location, you can choose the file name if required, or just confirm and create your QBO file.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 7: sample qbo

Now we switch to QuickBooks and import a QBO file. Click 'File' - 'Utilities' - 'Import' - 'Web Connect Files'. QBO files are Web Connect files.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 8: file import

Select a sample QBO file and open it. The form 'Select Bank Account' is to select the account to import into QuickBooks your QuickBooks account. In this form we can see Financial Institution, that is the bank label, Account Type and Account number, which is from the QBO file you set in QIF2QBO. In almost 99% of cases, you will use the existing QuickBooks account. If your account is not listed, it means the account is already online linked. What you have to do? We must unlink the account first we want to import.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 9: select bank account

Go to 'List' - 'Chart of Accounts'.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 10: chart of accounts

''Checking at Wells Fargo Bank'' is the account we want to import into. It has a yellow strike icon. It means it's already connected.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 11: yellow strike

We have to edit the account. You have to do it only for the first QBO file. The next QBO file will be imported into this chosen account.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 12: edit account

Go to 'Bank Feed Settings' and select 'Deactivate All Online Services'. Then click 'Save and Close'. This is only required, when you have an existing account, that is connected directly to your Bank for download or it was used to import different QBO files in the past. And therefore it's kind of Online linked and quotes, but it actually links to that specific QBO file settings.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 13: deactivate services

Now the yellow strike is gone and we go back to import a QBO file.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 14: yellow strike is gone

Click 'File' - 'Utilities' - 'Import' - 'Web Connect Files'. And then we select a QBO file again. Choose the existing account and now ''Checking at Wells Fargo Bank'' shows up. Then click the 'Continue' button.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 15: select checking

And we see that the QBO file was successfully imported.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 16: qbo file imported

Now we can review transactions again. They are under "Wells Fargo Bank" label, but they are linked to that specific account in QuickBooks you were choosing during import. So it could say "Wells Fargo" here, but you can choose any bank account. It could be from different Banks. So, again if your Bank is not allowed for the QBO file, it's still okay. To convert under "Wells Fargo" label and then choose that account in QuickBooks, but you will see it under Bank Feeds as "Wells Fargo Bank". The transactions are not yet in the register. You have to click the 'Transaction list' and you have to review transactions.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 17: transaction list

You have to select Vendor records and you have to assign expense and income accounts. It is recommended that your Vendor records have default expense or income account. Because when you choose this Vendor record, the account will be prefilled from that Vendor record. 'Downloaded As' is the Payee from the QBO file. When you choose specific Vendor record and then finish matching (QuickBooks calls this process ''matching''), QuickBooks will offer you to create renaming rules. So it can associate that specific Payee name from the QBO file to your specific Vendor record.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 18: payee

If you imported the transactions in the wrong way, you can delete them. You have to select them and then select 'Ignore'. If everything is correct, then you have to select 'Add/Approve'. You can do it only for the specific transactions, you can come back and unmatch the transactions later or you can do it all in one. And this is already the process of working with QBO files in QuickBooks.

QIF2QBO: Convert QIF to QBO and import into Quickbooks Step 19: payee

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