Quicken Interchange Format (QIF) was phased out as an import option with the release of Quicken 2005. Intuit, Quicken's parent company, opted to move to the Open Financial Exchange (OFX) format, which made it possible to download financial information directly from a wider range of financial institutions without the need for conversion. Since this process is mainly related to information produced outside of Quicken, Intuit did not include a native conversion application. However, many third-party solutions are available to help convert QIF to OFX in cases where you need to update old data or your financial institution only offers QIF downloads.
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Download and install the QIF conversion tool from Big Red Consulting (see Resources). A fully functional free trial is available. The tool is designed to lets users convert any QIF in a few simple clicks. Launch the program and select the QIF data file you want to convert. The tool automatically creates a spreadsheet to let you review the data. Once you confirm that the data is displayed correctly, a few more clicks allow you to choose which program you will use to import the finished OFX file and assign the details of the financial institution that produced the data for record keeping purposes. Both Windows and Mac are supported.
Download and install the iCreate OFX Basic FX converter (see Resources). In addition to simple QIF-to-OFX conversions, this tool also supports CSV conversions and a QIF reader to display the data before completing the conversion. Though two versions of the program are offered, only the slightly higher priced "FX" version supports QIF-to-OFX conversion options. As of June 2011, no free trials are offered for users who prefer to try the software before making the final purchase decision.
Download and install QIF2QFX from Propersoft (see Resources). This simple utility application lets you view the QIF data inside of the application instead of exporting it into a spreadsheet. The program is also flexible. You can choose to create the QFX file from a few selected transactions, or combine multiple QIF files into a single QFX file for one time import. This is an ideal solution for Quicken users since QFX is the Quicken equivalent to OFX. Advanced users also have the option to automate batch processing and other functions from the command line. The company does not offer a free trial and the program only supports Windows XP, Vista and 7.
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