Where OFX files come from
OFX is the open standard for financial data. Banks label it "Microsoft Money" or "OFX" in their download menus. Payment platforms, brokerages, other accounting programs and personal finance apps export it too. Because it's a standard, it's the most common way to move transactions between systems, and the most common file QuickBooks refuses, because QuickBooks wants its own flavor.
What makes a QBO different from an OFX
| Field | Generic OFX | QBO for QuickBooks |
|---|---|---|
| Version | 1.x or 2.x | 1.0.2 (SGML) |
INTU.BID | Usually missing | Required |
FI block (ORG, FID) | Optional | Expected |
| Payee name length | 32 characters (1.x) | 32 characters |
| Transaction IDs (FITID) | Required | Required, used to skip duplicates |
The converter reads the OFX, shows you the transactions, and writes a new file that meets every requirement in the right column, while keeping the original transaction IDs.
Step by step
- Drop the OFX file. The account type, period and ending balance are read from it.
- Check the transactions. If you know the statement's opening balance, enter it to confirm nothing is missing.
- Download the QBO file.
- In QuickBooks Online, use Transactions > Bank transactions > Link account > Upload from file. In QuickBooks Desktop, use File > Utilities > Import > Web Connect Files.
Not sure what's wrong with the file?
The QBO file viewer reads OFX files and lists every problem it finds, from a missing INTU.BID to duplicate transaction IDs, in plain English. It's free and doesn't change the file.