Convert QFX to QBO

Before going into the central topic of this article, such as the conversion from QFX to QBO, let's first understand what these two formats are about.

However, it is good to know that QuickBooks does not support direct import of QFX files, as Intuit charges banks for the feature of exporting financial data in the QBO web connection format.

If your bank doesn't pay this fee, you can't download your financial data directly into QuickBooks.

QFX

The QFX extension files are part of the Quicken financial software and basically save the financial data imported into the software.

These QFX files are classified as proprietary data files and contain account balances, transactions, discounts, and other information recorded in a standardized format.

They are generated by various financial institutions, banks, credit card issuers, however, this format is not free, in fact, for its use you have to pay a license fee.

In essence, the QFX file is a communication 'Interface' between financial institutions and Quicken Software.

They use Quicken's Web Connect function, you can download it from the internet but the user has to log in to be able to manually download a QFX file and import it into Quicken.

QBO

QBO files are files used by QuickBooks, a derivation of the Quicken program used for SMEs and for personal finance.

It contains an electronic statement downloaded from an online account with which bank statements obtained online are imported and synchronized on a local computer.

Importantly, QBO files are not saved on your local machine because Quickbooks Online is fully cloud-based.

Convert QFX to QBO

Now without further ado, we will show you how to convert QFX files to QBO.

The simplest is doing an import into QuickBooks

Go to Quickbooks Online to import a QFX file and click on 'Banking'.
Select the account where you want to import the data.
Look for the 'File Upload' button and click on it.
Look for the 'Browse' button and click on it.
Select a QFX file, It does not matter if it is a file created by your banking institution, or converted from another format.
Then click 'Open' and 'Next'.
Review the QFX file.
Select the account and then click 'Next'.
Finally press Let's go.