QFX file: what it is and how to open or import one

A QFX file (.qfx) is the bank transaction file Quicken imports through Web Connect. Quicken says QFX stands for Quicken File eXchange and that many bank websites use it to send information to Quicken (Quicken↗ (opens in a new tab)). To see what a file contains, open it in the free QFX viewer; to check its structure, use the file validator.

What a QFX file is#

Quicken often calls the use of QFX files to transfer information Web Connect or Quicken WebConnect (Quicken↗ (opens in a new tab)). Quicken's pages label the Windows menu item differently: one says Quicken Transfer Format (.QFX) File, while Quicken's Windows import page↗ (opens in a new tab) says File Import, then Web Connect File. Choose the Web Connect (.QFX) option, not a Quicken transfer (.QXF) import.

Intuit describes Web Connect as a download that begins in online banking: you download a .qbo file for QuickBooks or a .qfx file for Quicken and import it (Intuit↗ (opens in a new tab)). Intuit also says Web Connect is tied to a contracted Intuit BID (Branding ID). For the QuickBooks version of the file, see QBO file.

FileInfo, a secondary source, describes QFX as similar to the OFX format but proprietary to Quicken (FileInfo↗ (opens in a new tab)). OFX itself is covered in OFX file.

What is inside#

FileInfo describes QFX as similar to OFX. The OFX specification defines these transaction fields (OFX specification↗ (opens in a new tab)). Each transaction has a posting date (DTPOSTED) and an amount (TRNAMT) signed from the customer's point of view, so a credit card purchase is negative and a payment is positive.

Each transaction also carries an ID (FITID). The specification says its primary purpose is to let software detect duplicates, and that it must be unique within an account. A ledger balance block (LEDGERBAL) gives a balance amount and the date it applies to.

How to import a QFX file into Quicken#

Quicken for Windows. After the download, go to File, then File Import, then Web Connect File (Quicken↗ (opens in a new tab)). The file is recognisable by the .QFX extension in its name.

Quicken for Mac. Go to File, then Import, then Bank or Brokerage File (OFX, QFX) (Quicken↗ (opens in a new tab)). Quicken for Mac warns that if the account already has transactions, you should not import the same dates again, otherwise you will have duplicate transactions.

Quicken also says only a QFX file lets you download transactions for checking, savings, credit card, brokerage or retirement accounts through Web Connect; QIF files will not work (Quicken↗ (opens in a new tab)).

Other programs read QFX too. Intuit's US help says QuickBooks Online accepts a QFX upload of 350 KB or less (Intuit↗ (opens in a new tab)). Xero imports QFX files, but recommends OFX where the bank offers it (Xero Central↗ (opens in a new tab)).

Why Quicken may refuse a QFX file#

Quicken says Web Connect files need access to online services so it can validate the file and its transactions (Quicken↗ (opens in a new tab)). Your bank must support Quicken Web Connect downloads. If the bank no longer does, the file cannot be authorized when you import it.

Quicken also states:

"Quicken does not support QFX files created by third-party conversion software (such as PDF-to-QFX conversion)."

It adds that if a converted file does not open, it will be unable to assist. That covers QFX files made from PDF statements, including those from StatementLoom. If Quicken shows a message about verifying the financial institution, see QuickBooks unable to verify the financial institution, which also covers Quicken's version of the message.

How to open or check a QFX file#

Xero describes OFX, QFX and QuickBooks files as text file formats (Xero Central↗ (opens in a new tab)). For a readable view:

• The QFX viewer shows the account, period, ledger balance and a table of transactions with date, type, name, memo and amount.
• OFX to CSV turns the file into a spreadsheet with one row per transaction and the FITID kept.
• The validator checks the header, sign-on, statement and account blocks, ledger balance, and each transaction's date, amount, type and ID.

These tools read the file in memory and do not keep it.

The CSV fallback#

Quicken for Windows can import transactions from a CSV file: go to File, then File Import, then Banking Transactions, then From (.CSV) File (Quicken↗ (opens in a new tab)). Dates must follow the mm/dd/yyyy format.

Unlike QFX imports, CSV imports do not check for or match existing transactions. Every row is added, so importing the same file twice creates duplicates. Review the register after each import.

On a Mac, Quicken lists its CSV import as Mint.com File (CSV), and importing a CSV always creates a new account with the file's name; it cannot add to an existing account (Quicken↗ (opens in a new tab)).

Getting a QFX file from a PDF statement#

When the bank only gives you a PDF, StatementLoom can build a QFX file from it (PDF to QFX). It reads text PDF statements, not scans, and checks that the opening balance plus every transaction equals the closing balance before it allows a download. QFX downloads need a free account. Given Quicken's statement on converted files, keep the CSV route in mind: the free converter downloads CSV without an account, with MM/DD/YYYY dates for USD statements.

Sources#

• Quicken: Importing files from your bank↗ (opens in a new tab)
• Intuit: Web Connect and other connectivity types↗ (opens in a new tab)
• FileInfo: .QFX file extension↗ (opens in a new tab)
• FDX: OFX Banking Specification 2.3↗ (opens in a new tab)
• Quicken: How do I import data into Quicken for Windows?↗ (opens in a new tab)
• Quicken: Downloading transactions (Mac)↗ (opens in a new tab)
• Quicken: Web Connect troubleshooting↗ (opens in a new tab)
• Intuit: Manually upload transactions into QuickBooks Online↗ (opens in a new tab)
• Xero Central: Import an OFX, QFX or QuickBooks bank statement↗ (opens in a new tab)
• Quicken: Import transactions from a CSV file↗ (opens in a new tab)
• Quicken: How do I import a CSV file into Quicken for Mac?↗ (opens in a new tab)