Quickbooks imports transactions in original formats. Depending on the source of transactions (online banking download, accounting service export, transfer data between two computers), a specific format should be used for particular purpose.
Quickbooks file extensions to import transactions are:
.QBO (Web connect) format
.IIF (Intuit Interchange format)
.QBJ (Quickbooks Journal Entry files)
Banks and credit card companies provide QBO files to download transactions. QBO files have account details like account id, bank id, currency, ending balance and date.
QBO file have the following transaction details:
unique transaction id
Quickbooks imports .QBO files under Bank Feeds. As banks do not have specific accounting details for their clients, .QBO files do not have Categories or expense/income account details. Once transactions are imported under the Bank Feeds, Quickbooks does matching to vendor records and expense/income accounts.
Intuit developed the IIF format for its QuickBooks products and many software packages support export in this format for transactions, sale receipts, bills, invoices and other data lists. As IIF is considered a "system-level" format where data are imported directly into Quickbooks data file.
For transactions, IIF format supplies the following details:
vendor or customer[:job]
The QBJ format is a new format Quickbooks that allows import for general journal entries. Normally, you would need the Accounting edition of Quickbooks to create such files (as an accountant or bookkeeper) and send to your clients to import. There tools like CSV2QBJ that allow you create a QBJ file from an Excel spreadsheet.
Each Quickbooks journal entry contains two or lines (debit and credit) that must balance within the entry. Each line carries account, optional or manadatory name (depending on the account), class, description, document number.
QBJ format requires account numbers to be activated in your Quickbooks chart of accounts.