Import MT940 into Quicken: convert MT940 to QIF

Quicken imports QFX, QIF and CSV files. Convert your MT940 file to QIF first, then import it. Read the full Quicken 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 a QIF file

QIF is an older plain text format for transactions, with a line for each date, amount, payee, memo, check number and category. It has no transaction IDs and no currency, and every Quicken for Windows version can import it. More about QIF.

Why convert MT940 to QIF

MT940 is a bank statement format that most accounting apps don't import. QIF carries categories and works in every Quicken for Windows version, including ones too old for QFX. It has no transaction IDs, so import each period only once.

Before you import: back up Quicken

Back up your Quicken data file before you import any file, so you can restore it if the transactions come in wrong.

Step by step: convert MT940 to QIF

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 QIF settings below.
5. Click Convert, then confirm the file name and location.

Set the QIF output settings

In the QIF tab on the right sidebar, set:

• QIF target: the app and version you import into. It also sets the output date format.
• Account type: Bank for checking and savings, CCard for credit cards.
• Account name: exactly as it appears in Quicken. Quicken 2017 and earlier find the account by this name and offer to create a new one if it doesn't match.

See all QIF settings.

Import the QIF file into Quicken

QIF works in Quicken for Windows only; Quicken for Mac doesn't import it. It doesn't check for duplicates, so import each period once.

In Quicken Classic (2018 and later):

1. Click File > File Import > QIF File and select the file.
2. Select the account to import into from the drop-down list.
3. Click Import and review the transactions.

In Quicken 2005-2017 (Deluxe edition or higher):

1. Click File > File Import > QIF File, click Browse, and select the file.
2. In "Quicken account to import into", select All Accounts. The file already names the account.
3. Click Import, then Done. Review the transactions and click Accept All.

Quicken QIF questions

QFX or QIF for Quicken for Windows?

QIF when categories should come in with the transactions, or when Quicken is older than three years. QFX when the transactions should go into an account that already receives downloads and categories will be assigned by rules.

Can I import transactions into a discontinued Quicken?

Yes, as QIF. Quicken 2017 and earlier no longer accept QFX; convert the QFX or other file to QIF and import it.