Convert OFX to QBO (Web Connect) and import into Quickbooks

This tutorial shows how to convert an OFX file from your bank or credit card statement to QBO (Web Connect) and import into Quickbooks. We will use OFX2QBO utility.

Step by step instructions for Windows

Follow the steps below for the Windows version, followed by the Mac version.

Make sure you are using the latest version of OFX2QBO. Download it from the OFX2QBO download page. Start OFX2QBO and select an OFX file.

Review transactions before converting, check that dates are correct, have the correct year, deposits and withdrawals are assigned correctly.

Set INTU.BID number to match your bank or use a default value. The INTU.BID value defines the bank label shown during import. It has to be from the allowed bank. You can try to locate your bank, make sure a bank you choose supports the account type you are converting for. Keep the default value if your bank is not listed (3000-Wells Fargo or any allowed bank).

Set the Account ID (number) and the Account Type. Account ID must be all digits for Quickbooks. For multiple accounts, use a different Account ID for each account.

Currency should be USD even for non-USD accounts for Quickbooks US edition. For the Canadian edition, you can use USD and CAD. And for the UK edition, GBP currency must be set.

Click the ‘Convert’ button to create a QBO file.

Confirm the file name and location.

Import created QBO file into Quickbooks

Now the QBO file is created, let’s switch to Quickbooks and import created QBO file. Before importing a QBO file make sure to backup your data file. Click ‘File’ — ‘Back Up Company’ — ‘Create Local Backup’.

Check that account you need to import into doesn’t have the yellow strike icon. Click ‘Lists’ — ‘Charts of Accounts’.

Because if you have the icon, it means the account is online linked to direct download. You need to disconnect first to import a QBO file.

To disconnect, right-click — ‘Edit Account’.

Then click on ‘Bank Feed Settings’ and ‘Deactivate All Online Services’ first if needed. Then click ‘Save and Close’ and ‘Ok’ buttons. Check there is no yellow icon after the change. After disconnecting the account from online services, you can import a QBO file.

To import a QBO file, select ‘File’ — ‘Utilities’ — ‘Import’ — ‘Web Connect Files’, select created QBO file.

And select an existing account to import transactions. Check bank label, Account Type, Account number to select correct Account in Quickbooks. Then click the ‘Continue’ button.

Now your data is imported.

Click on ‘Transaction List’ to review transactions. Assign Vendor Records and expense/income accounts before adding transactions to the register.

‘Downloaded as’ column shows Payee names from the QBO file.

And the ‘Payee’ column is empty. It shows Vendor Records. When you choose a Vendor Record, for the Payee from the QBO file, QuickBooks will remember your choice for the next QBO import.

Once Vendor Records and Account are set, you can add transactions to the register. The rename rule creation dialog will show up after to use it for the next time.

Step by step instructions for macOS

Make sure you are using the latest version of OFX2QBO. Download it from the OFX2QBO download page. Start OFX2QBO and select an OFX file.

Review transactions before converting, check that dates are correct, have the correct year, deposits and withdrawals are assigned correctly.

Set the Account ID (number) and the Account Type. Account ID must be all digits for Quickbooks. For multiple accounts, use a different Account ID for each account.

Currency should be USD even for non-USD accounts for Quickbooks US edition. For the Canadian edition, you can use USD and CAD. And for the UK edition, GBP currency must be set.

You have to set INTU.BID number to match your bank or use a default value. The INTU.BID value defines the bank label shown during import. It has to be from the allowed bank. You can try to locate your bank, make sure a bank you choose supports the account type you are converting for. Keep the default value if your bank is not listed (3000-Wells Fargo or any allowed bank).

Click the ‘Convert’ button to create a QBO file.

Confirm the file name and location.

Import created QBO file into Quickbooks

Now the QBO file is created, let’s switch to Quickbooks and import created QBO file. Before importing a QBO file make sure that the account you need to import into doesn’t have a blue ball icon. Click ‘Lists’ — ‘Charts of Accounts’. If it has a blue ball icon it means the account is online linked to direct download. You need to disconnect first to import a QBO file.

To disconnect, right-click — ‘Edit Account’.

Then click ‘Online Settings’ and select ‘Not enabled’ and click ‘Save’.

Then click ‘Ok’. Check there is no blue ball after the change.

To import a QBO file, select ‘File’ — ‘Import’ — ‘From Web Connect’, select created QBO file.

And select an existing account to import transactions. It shows Account ID, Account Type, that you set in OFX2QBO and it offers you to choose an existing Account. Click the ‘Continue’ button.

Now your data is imported.

‘Downloaded Payee’ column shows Payee names from the QBO file. Assign Vendor Records and expense/income accounts before adding transactions to the register.

And the ‘Payee’ column is empty. It shows Vendor Records. When you choose a Vendor Record, for the Payee from the QBO file, QuickBooks will remember your choice for the next QBO import. Once Vendor Records and Account are set, you can add transactions to the register. The rename rule creation dialog will show up after to use it for the next time.

Originally published at https://www.propersoft.net.

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