Need to import bank or credit card transactions in a QIF file into Xero, Sage One or other OFX importing software or online service, but cannot seem to make it work? The problem is that your bank only provides transactions in a format that Xero, Sage One or other OFX importing software or online service cannot read.
The Solution: try ProperConvert app. It can convert your transactions from QIF to OFX format.
This tutorial shows how to convert a QIF file from your bank or credit card statement to the OFX format and import into Quickbooks Online or another accounting software supporting OFX import.
Use the ProperConvert app to convert QIF to OFX. Other formats are supported as well.
Start the app and a QIF file to convert.
Set the OFX Target to match your accounting software or use 'Regular OFX' as the default setting.
Set the Account ID (number) and the Account Type. For multiple accounts, use a different Account ID for each account.
Set 'Open after conversion' to open application handling converted files to start import right after the conversion.
Click the 'Convert' button to create an OFX file.
Confirm the file name and location.
Now the OFX file is created, let's switch to Quickbooks Online and import created OFX file. Look for 'Banking' and click on it.
And then select the account you want to import your data into.
Click the 'File Upload' button. In your accounting software, look for 'Import a statement', 'Upload a bank file', or similar links to upload created OFX file.
Then click 'Browse' to locate your OFX file. And click 'Next'.
Then select an account in Quickbooks to import and click 'Next'.
Once the transactions are imported, you can review, categorize them under the account and add them to the register.
Select Payee (Vendor Records) and Category (expense/income accounts).
See this as a video: