LedgermereQIF vs QFX vs OFX vs QBO
All four hold bank transactions, but each program accepts only some of them. Choosing the wrong one is the most common reason an import fails.
Updated 2026-10-26 · 6 min read
At a glance
| Format | What it is | Typical use |
|---|---|---|
| OFX | Open Financial Exchange, an open standard (SGML 1.x or XML 2.x) | GnuCash, Moneydance, Banktivity, Xero, many others |
| QFX | OFX with Intuit/Quicken additions (bank ID) | Quicken Web Connect |
| QBO | OFX with QuickBooks additions | QuickBooks Desktop & Online Web Connect |
| QIF | Quicken Interchange Format, older plain text, no transaction IDs | Older Quicken, Xero, Moneydance, GnuCash, data migration |
Which program accepts what
- QuickBooks Desktop: QBO only for bank transactions (Intuit: QFX and QIF won't work in Web Connect); IIF for direct register posting.
- QuickBooks Online: QBO, QFX, OFX, CSV, TXT uploads.
- Quicken for Windows: QFX; CSV in its own layout; QIF with restrictions (see below). Not OFX, not Excel, not PDF.
- Xero: OFX, QIF and CSV statement imports (no column mapping needed for OFX/QIF).
The QIF restriction in Quicken for Windows
Quicken's support page says QIF import is available only for cash, asset and liability accounts – not checking, savings or credit card. Another Quicken help page says the opposite, and long-time users import into bank accounts by adding an account header at the top of the QIF file:
!Account NMy Checking TBank ^
(TCCard for credit cards.) Back up first. QFX avoids the issue entirely.
QIF has no transaction IDs
OFX/QFX/QBO give each transaction an ID, so re-importing overlapping periods doesn't create duplicates. QIF doesn't, and its dates are ambiguous (is 03/04 March 4 or 3 April?). When converting QIF, Ledgermere infers the day/month order from the whole file and warns if it can't tell.
Converting between them
Open any of them in Ledgermere and export the one you need: QIF→QFX, QIF→OFX, OFX→QIF, QFX→QBO, OFX→QBO, or any of them to CSV/Excel. Several files can be merged per account with duplicates removed. QIF splits and categories are not carried into OFX-type files.
Try it with your own file. Ledgermere converts PDF/CSV/Excel statements, OFX/QFX/QBO, QIF, MT940, camt.053, BAI2 and Norma 43 to QBO, QFX, IIF, QuickBooks Online CSV, Xero CSV, OFX, QIF, CSV or Excel – in your browser, nothing is uploaded. The free version exports the first 20 transactions so you can test the import first; a 30-day pass is $9, lifetime $29.
Questions and answers
Is QFX better than QIF?
For importing into Quicken, yes: it has transaction IDs and matching. QIF is still useful for moving data between programs.
Can Xero import QIF?
Yes, Xero accepts OFX, QIF and CSV statement files. See Xero CSV import.
Sources and product names: Intuit help on QuickBooks Desktop Web Connect; Quicken support on QIF import (two pages that disagree); Quicken Community FAQ on QIF account headers; Xero Central bank statement import (checked 2026-10-26). QuickBooks and Quicken are trademarks of Intuit Inc. or Quicken Inc.; Xero is a trademark of Xero Limited. Ledgermere is independent and not affiliated with them.