This article will show you how to upload transaction data from your bank into QIF format.

If you have a Quicken, QuickBooks, or similar personal finance software program on your computer that generates transactions for you on Windows, Mac computers, or another device such as an iPhone or iPad. You can use this software to generate and export the two most common types of transaction files: QIF and OFX. Many people like to use these files because they are very compact in terms of size and they include all the necessary information about where the money is coming from. For this article, we will show you how to download the QIF file from your desktop QIF software, and then import it into QuickBooks.

This method should work for other personal finance software programs that export transactions as well, meaning you may be able to use this method for uploading transactions to TurboTax or TaxCut.

Open QIF Software and Import Data File Once your bank has sent you a copy of their financial data in the QIF format (a file that is quite small), open up your desktop Quicken or similar application. You may need to upgrade to the latest version of Quicken to be able to do this. This is because your bank's financial data will come in as a QIF file that you must convert to a QFX or OFX file. ( If the data is in CSV, then first convert CSV to QIF)

It's important that you open up the correct version of your Quicken, QuickBooks, etc. software because the import feature of the desktop software is different than what you would find in an online application. Open up the application and then go to the File menu. From here you should see an option called "Import". If you see this option, then simply select that option and follow the instructions.

If you do not see this option - or if it says "File" instead of "Import", then you have downloaded a .zip file in .rar format or some other compressed file type. You must open this file by double-clicking it. Be sure to close out all open applications on your computer before doing this so that your system doesn't get too crowded with new files.

Click on the blue bar in the top right-hand corner of your desktop app, which will bring up a menu. Select Import/Export from here, you should see your bank's name listed. Click on that option.

Now that you have opened the import feature of your desktop software, click on the QIF (if it is in CSV, then convert CSV to QIF) file that was sent to you by your bank and then follow the instructions. The information in this article will not work with this software because the import feature of it is internal to your software and doesn't allow for internet access.

Once you have opened up your desktop QIF software, double-click on the "Import" option in the menu bar and follow these steps:

The first screen will ask you for some information about where to store the data (which can be a local folder or automatically have it deleted).

The second screen will ask you if you want to have a confirmation email sent to you when the transfer is complete. If this is the first time that you are importing from this financial institution, I would recommend clicking "Yes".

The third screen will display the information you entered previously. Click on the right arrow to move forward.

The fourth screen displays details about your bank and account number, so verify that all of these details are correct. Click "Next" after reviewing it.

In the fifth step, select your transaction details like date range and amount ranges, etc. For the first screen, simply click "Next" to complete the process.

On the sixth screen, you'll have the option of naming your account or entering a number from 1-9. Since we're importing some transactions for a client, we select a number (1) and then click "Next".

In the seventh step, you need to enter in any sort of explanation about why you are importing these transactions into your Quicken software. If you don't want anything to be entered on this screen, then you can just skip this step and move forward. However, if you would like details about what these transactions are for, then click "Continue".

In the eighth step, you have the option of entering in basic bank settings. The first one is optional, but if you do want to enter this data into your Quicken software, then click "Next".

Now you're ready to begin the process of pushing some data from your bank into your Quicken software. Click "Import" to kick this process off.

Once this transfer has been completed, it is very important that you verify that all of the information was entered correctly or edited (if necessary). This is especially true if this is a large transfer, or if there are many more transfers going on at the same time. Take a few minutes to look this report over and then click "Save". Now you can go back to using your desktop Quicken application for managing your finances.

Importing Data Using OFX

The second method is importing your transaction data into QuickBooks or a similar personal finance software program using the OFX format. This method of importing bank data is mentioned less often, but it works just as well. This method can be used with Quicken software or any other application that supports the OFX file type.

Step 1: Generate your transaction file as a QFX file and email it to yourself with a different name than "QFX". This will ensure that you don't erase any data on the server.

Step 2: Generate a new OFX file by importing the transaction data in QFX format. Ensure that the "Replace existing transactions" option is turned off.

Step 3: Importing OFX information can take some time depending on how many transactions were exported. It may be helpful to import all of your transactions at once, then review the information to ensure there are no missing transactions (such as when you're pulling the data in to check for a typo).

Step 4: Deleting your QFX file from your email inbox will ensure that nobody else has access to your data. Deleting the QFX file after you've imported it into Quicken or QuickBooks will keep any others from looking at it.

The information in this article doesn't reflect a direct export of bank information but instead takes some extra steps to ensure that no one else is able to view your personal financial data. For many people, the trade-off is worth it because you can have instant access to all of the information instead of waiting for a duplicate (or worse, an incorrect) report if someone else in your office was sending or bringing back bank statements.

The Verification Process

Once you have imported your transactions in, it is a good idea to do a few more checks. If you don't, there is a chance that the system may simply not write the files properly or the import process might not be working.

If these steps do not produce positive results, then you may want to go back to step one and follow these steps again. It's possible that something could have gone wrong during your initial exports and you just didn't notice it. For this reason, I highly recommend that before sending out any QFX files for testing that you first test importing them into your own software of choice (Quicken or QuickBooks).

Step 1: Open up the QIF file that was sent to you by your bank. If any problems were found, then you have to ask if something was wrong with your original data or if there is something wrong with the way that it was exported. In my experience, most issues can be easily solved by re-exporting the file in a new format (QFX this time instead of QIF). This ensures that nothing has been corrupted during the transfer process (which is likely).

If there are any missing transactions, then try picking up your phone and calling customer service. If everything checks out on their end, then it may be time for you to move on and look at another software program for managing your financial information.

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