Convert QFX files for QuickBooks import

QuickBooks Desktop imports bank transactions via Web Connect, which expects .qbo files. Banks typically provide QFX downloads for Quicken users. If you're using QuickBooks but your bank only offers QFX, you need to convert the file before importing.

The conversion changes two things: it renames the file extension from .qfx to .qbo (trivial, but necessary), and more importantly, it adjusts the INTU.BID element to one that QuickBooks recognizes for your bank. Many QFX files from banks contain an INTU.BID calibrated for Quicken's institution database, not QuickBooks's.

After conversion, QuickBooks should recognize the file and offer to match it to an account. If it still shows 'bank not found', the INTU.BID needs to match the value in QuickBooks's institution list for your bank.

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QuickBooks import workflow

  1. In your bank's online portal, download the QFX file for the date range you need.
  2. Drop it into QBOConvert with → QBO selected.
  3. If your bank appears in the preset list, select it. This sets the correct INTU.BID.
  4. Download the converted .qbo file.
  5. In QuickBooks Desktop: File → Utilities → Import → Web Connect Files → select the .qbo file.
  6. QuickBooks will prompt you to select or create a matching bank account.

Questions

What QuickBooks versions does this work with?

QuickBooks Desktop (Pro, Premier, Enterprise) uses Web Connect (.qbo) import. QuickBooks Online uses a different import path — it can often import OFX or CSV directly via Banking → Upload transactions.

Does QuickBooks Online accept QBO files?

QuickBooks Online (QBO) import accepts different file formats than QuickBooks Desktop. The .qbo file format is specifically for QuickBooks Desktop's Web Connect. For QuickBooks Online, use the OFX or CSV upload via the Banking menu.

What if QuickBooks prompts 'Set Up Account' after importing?

This means the INTU.BID in the file doesn't match a known institution in QuickBooks's database. You can still complete the setup by manually matching the import to an existing account in QuickBooks. For future imports, try a different INTU.BID using the override field.

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