This video is to explains how to convert to the QIF format.
We will use the Bank2QIF converter for this example, but this video applies to all 2QIF converters, such as CS2QIF, PDF2QIF, Bank2QIF, QFX2QIF, and others.
When you have a 2QIF converter: on this right panel, there is a QIF Tab. When you create a QIF file the information from the transaction part will go to the QIF file.
But there are also things, that apply to the QIF file itself. And one of these things is Account Name.
The Account Name is for certain QIF targets, like Quicken 2014 or Quicken 2005, or Quicken 2007 for Mac. You need to provide the Account Name to be exactly matching what you have at Quicken. This allows you to enter this.
And you have to select the Account Type to be used and especially important if you use investment transactions for the investment Account Type.
You can specify the QIF Target. So, what happens with the QIF with in a really old format? Many different software packages were developed and use in this format. They all interpret that format differently or little not compatible with the specific accounting software. So, you could use Bank2QIF to make your QIF file importable. So, let's say, you've got your QIF file from your bank and it's not imported into Quicken. You can use Bank2QIF utility to make your QIF file importable for your specific software, listed here, as you can see there's quite a lot of them and they're all a little different small specific details that make your import process break or not for that specific software.
The QIF format does not provide a strict format for dates. Even accounting software expects dates to be in a different format and depending, like for which country used this software, which computer settings you have on your system, like what date format you have. If it's not Quicken - you pretty much have control how you want dates. If it's Microsoft Money or others, you can set the date format, as month/day/year or day/month/year, and so on. If it is Quicken - date format should be MM/DD'YYYY.
Other settings, that you can set - is how long you want your Name, your Memo, and Category to be. These are settings for Quicken. If you set longer than these settings your QIF file will not import. When you start the software for the first time, you see some numbers here and these numbers are default numbers for Quicken, but some other software, let's say, YNAB - could import much longer Payee names and it will not complain. So, you can set it longer if you have longer Payee names.
Another setting is 'Mark all transactions as cleared'. Some users prefer transactions to be cleared, as soon as they are imported, some users prefer - not to be cleared.
'Checks to print' - what it will do: it will put the word 'Print' in a check number column. So, when you prepare such checks and then upload them, and then you just say to Quicken 'Print' - it will look for all transactions with the word 'Print' and will start printing those, if they meant to be print on a cheque paper, on a check template on your printer. Once they printed - the Check numbers will be assigned, as they are printed, and this word 'Print' becomes a certain Check number.