There’s a growing number of financial file formats and thus a rising demand for converters between them. Financial professionals deal with multiple file types every day, but five formats dominate: QBO, OFX, QFX, QIF, and IIF. These formats determine how data moves between banks, accounting tools, and financial systems.
This guide explains what each format does, when to use each one, and how to convert between them.
Every accounting platform uses its own financial data format. QuickBooks relies on QBO and IIF, Quicken uses QFX, and older systems like GnuCash often prefer QIF.
The problem is that not all systems speak the same language. A bank might export OFX files, while your accounting software only supports QBO or IIF. When that happens, you get errors, missing data, or failed imports.
File converters solve this problem by standardizing how data is formatted. They help ensure your transactions load cleanly, regardless of the source or destination format.
Understanding Each File Format
Here is how each of the most common formats fits into current accounting workflows.
QBO (QuickBooks Web Connect)
Used by QuickBooks Desktop and Online, QBO files contain structured transaction data that can be imported into the Bank Feeds Center. Each file includes deposits, withdrawals, payees, and categories for review before posting to the ledger.
Downloaded directly from most banks
Based on the OFX standard
Usually limited to 90-day ranges for downloads
OFX (Open Financial Exchange)
OFX is the foundation format for modern accounting data exchange. It is XML-based and designed to move transaction data securely between financial institutions and software systems.
Supported by QuickBooks, Quicken, and Microsoft Money
Transfers bank, credit card, and investment data
Used worldwide for both business and personal finance
QFX (Quicken Financial Exchange)
QFX is Quicken’s customized version of OFX. The extra data fields make it compatible only with Quicken software.
Accepted by Quicken but not by other systems
Stores detailed personal finance and investment data
Commonly used for reconciling or migrating financial records
QIF (Quicken Interchange Format)
QIF is one of the oldest financial formats still in use. It allows for categories and tags that OFX-based files do not support.
Compatible with GnuCash, Moneydance, and older Quicken versions
Contains detailed transaction metadata
It can vary between software systems because of format differences
IIF (Intuit Interchange Format)
IIF was created by Intuit for QuickBooks. It allows importing and exporting of bills, invoices, journal entries, and other accounting data directly into company files.
Works with QuickBooks Desktop and related software
Commonly used for bulk data imports
Requires caution since it modifies company files directly
Common Conversions and How to Do Them
QIF to CSV
Upload your QIF files. You can add several at once.
Choose whether to merge them into one document or keep them separate.
Click Convert.
Download your CSV files.
QIF to Excel
Go to https://financefileconverter.com/qif-to-excel-converter
Upload your QIF files. You can add several at once.
Choose whether to merge them into one document or keep them separate.
Click Convert.
Download your Excel files.
QIF to PDF
Upload your QIF files. You can add several at once.
Choose whether to merge them into one document or keep them separate.
Click Convert.
Download your PDF files.
OFX to QBO
Upload your OFX files. You can add several at once.
Choose whether to merge them into one document or keep them separate.
Click Convert.
Download your QBO files.
Why More Businesses Are Converting Between Filetypes
As the world gets more globalized and connected, there’s a growing need for more robust conversion between different financial filetypes. Issues like format mismatches and currency discrepancies are common in everyday accounting workflows. Accountants are increasingly encountering these situations:
The bank provides only PDF or CSV files, but your software requires QBO or QFX.
They’re migrating from Quicken to QuickBooks and need a QFX to QBO conversion.
They receive IIF files from a client but need CSV for data review.
They want to consolidate statements from multiple banks into one ledger.
Without a reliable converter, each of these cases requires hours of manual cleanup or re-entry. And until recently, accountants had to rely on several tools or manual edits just to make one file work with another system. A single mismatch in structure, such as a missing header or date format, could stop an import completely. Unified financial file conversion tools like FinanceFileConverter.com solve that problem by handling the technical details in the background and letting users focus on the data itself.