Set parameters to convert to the QFX format - ProperSoft

Set parameters to convert to the QFX format

This video is to show how to convert to the QFX format.

This video is applicable to all 2QFX converters, such as Bank2QFX, CSV2QFX, PDF2QFX, and others. This video is applicable to both: macOS and Windows versions of all (each conversion software). So what are the QFX files? QFX files are Web Connect files and you would import them into Quicken or other accounting software. QFX files are extended OFX files, so Quicken marks them as OFX files. But don't be confused Quicken QFX files are not OFX files. Quicken will not import OFX files, it will import only QFX files, which is shown here. There are also QXF files, which are not the transaction files and Quicken will not import them as transaction files, also to transfer data between one Quicken to another.

Set parameters to convert to the QFX format Step 1: main menu

So, the right format is QFX, it is also called Web Connect, they are not OFX files. So QFX files have certain attributes, that related to the whole QFX file. So, you have the transaction data here, but you also have the additional attributes, that come with the QFX file.

Set parameters to convert to the QFX format Step 2: transaction data

One of those attributes is Account ID. It has to be digits only number. And when you import such QFX file, Quicken looks at that number and asks you to select the Account in Quicken. Once you select that Account in Quicken, then Quicken remembers this Account ID for the next QFX import. So, when you start converting for a different account, make sure to change this Account ID to different Account ID, so Quicken will see different Account ID on that import, and see that it's not associated yet and ask you to select a new account or existing account, and Quicken, where to import this data. If you keep it unchanged and start working on the second account, then Quicken will keep importing data into account you choose for the first time.

Set parameters to convert to the QFX format Step 3: Account ID

The next thing is the Account Type. There are several Account Types you can choose and make sure that you choose the correct Account Type.

Set parameters to convert to the QFX format Step 4: Account Type

The next option is Currency. So, Currency is really important for Quicken. It must be US dollars for US edition and for the Canadian edition could be US dollars or Canadian dollars. Some other software, like YNAB or other packages, can import many other currencies and respect that currency, that specific software, but it's not in Quicken case.

Set parameters to convert to the QFX format Step 5: Currency

And there are also things, like Bank ID, Branch ID, that you can set if your accounting software requires, but they will not be used for Quicken.

Set parameters to convert to the QFX format Step 6: Bank ID, Branch ID

But this last one, Bank INTU.BID is really important, it has to be from the allowed bank, so Quicken can import it. When you click the 'Lookup' button,

Set parameters to convert to the QFX format Step 7: Lookup

you can see the numbers for those banks and you see some banks are not allowed, so this number is not allowed.

Set parameters to convert to the QFX format Step 8: not allowed

You can choose any bank, any value, as long, as it's allowed, so you have a Checking account here, Checking Account Type, then choose any bank.

Set parameters to convert to the QFX format Step 9: Checking

You can look for your bank, let's say if your bank - "Capital One". You see so many of them, some are not allowed, some allowed for Credit Card only, so you can choose this one - "Capital One 360" (01236), which allows Checking Account. Make sure to choose allowed bank label.

Set parameters to convert to the QFX format Step 10: Capital One

The next thing is Balance. Quicken calculates Balance, based on transactions that imported, but you can set this Balance if you need to.

Set parameters to convert to the QFX format Step 11: Balance

These settings are for more advanced usage, for more specific cases (you can watch the separate video, that talks about each of those parameters) and you can pretty much ignore them if you don't need to use them, you can leave them as is.

Set parameters to convert to the QFX format Step 12: another settings

The last thing is Target. There are not many choices, but there are specific choices, that you need to use. If you want to use it for NetSuite, then you have to use this option - 'NetSuite', if you use it for Quicken, then you have to use this option - 'Quicken 2018-2020'. If you import it into other software, you have to use this option - 'Regular QFX - it provides more, let's say, longer Payee names or longer Memo.

Set parameters to convert to the QFX format Step 13: Target

A Regular QFX file can store up to 255 Memo when Quicken Memo is limited but choose based on what your accounting software is before clicking the 'Convert' button.

Set parameters to convert to the QFX format Step 14: Convert

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