Open QFX File

QIF and QFX

QIF

Quicken Interchange Format (QIF) is a file type and open specification for information exchange and work to read and write financial data coming from banking institutions.

QIF files are ASCII text files that can be easily read by other programs, including text editors.

QFX

The QFX extension files are part of the Quicken financial software that save the financial data imported into the software. Therefore these files are considered data files.

It includes account balances, transactions, discounts and more information that is recorded in a standardized format.

The QFX format is Quicken's proprietary format, although it is similar to the open OFX format.

What is the difference between using the QIF or QFX format?

There are a number of differences between the QIF and QFX formats, ranging from the time they have been used to the functions that these files have.

For example, QIF is an older format than QFX, and is supported by all versions of Quicken for Windows, and also by Quicken for Mac 2007.

On the other hand, QFX is accepted by both Quicken for Windows and Quicken for Mac, but always considering that Quicken has a license expiration time set at 36 months, after that time Quicken will not be able to download QFX files.

Another important difference is that QIF if you work with categories, labels and also cash accounts, however it is more difficult to use.

In this case, it is easier to work with the QFX format, but QFX does not import categories or labels.

With QFX files duplicate imports are avoided, while with QIF format not. Importing QIF also requires more steps, and imported transactions can be a cumbersome process, making them invisible in case of incorrect Quicken settings.

So unless you need to import categories, labels, or cash accounts, we recommend that you use the QFX format.