Importing into Quicken with QIF files
Intuit is slowly trying to phase out the use of the QIF file format in place of a newer QFX format. QFX cannot be supported by applications such as iReconcile.
Why QFX (OFX) cannot be supported
OFX is a format for transmitting financial data. Quicken does NOT support OFX. Instead, they use a (slightly) modified version of the format they call QFX (Quicken Financial Exchange). In short, the reason why iReconcile, and other similar applications, cannot support the QFX format is because Intuit (makers of Quicken) license out a special key that must be present in the QFX file in order to import it into Quicken. This licensing is given to financial institutions (banks, etc). Since OFX and QFX are out of the question, the only option left is QIF.
Note: quicken essentials 2010 for Mac does not support QIF format.
How to import QIF into Quicken
The answer to that question depends on which OS you are running:
Quicken for Mac:
Download the .QIF file from the export email.
- Open Quicken and navigate to the account you want to import into.
- In the menus, find the option that says “Import” or “Import QIF.”
- Select the QIF file and you should be all set
- Import your QIF file into a temporary “Cash” account.
- Move the transactions into the account you want (Checking, Credit, etc.)
- Open Quicken and navigate to your temporary Cash account
- In the menus, choose the “Import” or “Import QIF” option, and select the downloaded file.
- Follow the instructions for importing.