Why convert QFX instead of downloading CSV?
Not every bank offers a CSV download, and when they do, it's often less complete than the Quicken file. A QFX download usually carries the bank's unique transaction ID for every row, separate payee and memo fields, check numbers and the official ledger balance at the end of the period. Converting the QFX keeps all of that, laid out in clean columns.
It's also useful when you inherit a client's archive of Quicken downloads and need to rebuild their books in QuickBooks Online, Xero or Wave without installing Quicken.
Converting a folder of old Quicken downloads
- Convert each QFX file here and download it as the generic CSV. Keep the Transaction ID column.
- Combine them with Merge CSV files, oldest first.
- If downloads overlap, for example two "last 90 days" files taken a month apart, look for repeated Transaction IDs. The same ID means the same bank transaction.
- Convert the final file to the layout your accounting software expects, or import the CSV directly.
Reading the results
The summary above the table shows the account type and the last four digits of the account number when the bank includes them, the statement period, money in, money out and the ending balance reported by the bank. If the ending balance is negative on a credit card, that's the amount owed, which is how card issuers report it in QFX files.
Transactions are listed in date order. Where the bank provides both a payee and a memo, the payee becomes the description and the memo appears underneath it, so details like reference numbers aren't lost.
Importing the CSV into accounting software
- QuickBooks Online: choose the 3-column or 4-column QuickBooks CSV, then use Upload from file in Bank transactions. Files over 350 KB need to be split first.
- Xero: choose Xero CSV and use Import a statement on the bank account.
- Wave: choose Wave CSV and use Upload a bank statement from the Transactions page.
If you'd rather import a Web Connect file into QuickBooks Desktop, converting QFX to QBO keeps the bank's transaction IDs, which helps QuickBooks avoid duplicates on later imports.