Import MT940 into QuickBooks Online: convert MT940 to OFX

QuickBooks Online imports OFX, QBO and CSV files. Convert your MT940 file to OFX first, then import it. Read the full QuickBooks Online import guide.

What is an MT940 file

MT940 is a SWIFT bank statement format used mostly by European and business banks. It has dates, amounts and the opening and closing balance, which give you a total to check against. The description is often one long field, so check that the payee and memo came out readably after conversion.

What is an OFX file

OFX (Open Financial Exchange) is a standard format for bank data. Many accounting apps import it. It holds the date, amount, payee, memo, check number and a transaction ID, along with the account ID and type. More about OFX.

Why convert MT940 to OFX

MT940 is a bank statement format that most accounting apps don't import. OFX is the most widely accepted bank format, with named fields and a transaction ID on each row, so an app can skip rows it already has.

Before you import: check the account in QuickBooks Online

QuickBooks Online keeps your data online, so there is no company file to back up. Check that the account exists under Banking and look at what is already imported for this period.

Step by step: convert MT940 to OFX

1. Download, install and start ProperConvert. The trial is free.
2. Open your MT940 file.
3. Review the transactions to see how the app read your file. Check that the dates are correct, and that expenses are negative and deposits (payments to the account) are positive. The "Change +/-" button reverses the signs for the whole file, for bank and credit card accounts alike.
4. Set the OFX settings below.
5. Click Convert, then confirm the file name and location.

Set the OFX output settings

In the QBO/QFX/OFX tab on the right sidebar, set the file type to OFX and select OFX Quickbooks Online as the OFX target, then set:

• Account ID: digits only. Use the same number for every file of one account and a different number for each account.
• Account type: it must match the account you import into.

See all OFX settings.

Import the OFX file into QuickBooks Online

1. Sign in to QuickBooks Online and click Banking.
2. Select the account you want to import into, then click File upload.
3. Click Browse, select the OFX file, click Open, then Next.
4. Check what QuickBooks read from the file: the file name, account ID, account type and date range.
5. Select the QuickBooks account to import into and click Next.
6. Click Let's go! to finish.
7. Open the For Review tab, select a payee, confirm the category and click Add for each transaction.

See the QuickBooks Online import guide for more.

QuickBooks Online OFX questions

Why use OFX instead of CSV?

From a CSV, QuickBooks Online reads only the date, the amount and one description. From OFX it also reads the payee, memo and check number, and uses the transaction ID to skip transactions that were already imported.

Does a QBO file mean QuickBooks Online?

No. A .qbo file is a Web Connect file, and both QuickBooks Desktop and QuickBooks Online import it.

Does QuickBooks Online import IIF?

No. IIF is a QuickBooks Desktop format.