QIF vs OFX vs CSV: Bank Statement Format Comparison

QIF Format Example

!Type:Bank
D01/15/2024
T-45.99
PAmazon.com
MOnline purchase
LExpense:Shopping
^
D01/16/2024
T-5.75
PStarbucks
MCoffee
LExpense:Dining
^

Tags: D=Date, T=Transaction amount, P=Payee, M=Memo, L=Category, ^=End of record

OFX Format Example

<OFX>
  <BANKMSGSRSV1>
    <STMTTRNRS>
      <STMTRS>
        <BANKTRANLIST>
          <DTSTART>20240101</DTSTART>
          <DTEND>20240131</DTEND>
          <STMTTRN>
            <TRNTYPE>DEBIT</TRNTYPE>
            <DTPOSTED>20240115</DTPOSTED>
            <TRNAMT>-45.99</TRNAMT>
            <FITID>202401150001</FITID>
            <NAME>Amazon.com</NAME>
            <MEMO>Online purchase</MEMO>
          </STMTTRN>
        </BANKTRANLIST>
      </STMTRS>
    </STMTTRNRS>
  </BANKMSGSRSV1>
</OFX>

XML structure: Hierarchical with rich metadata (transaction type, unique ID, date ranges)

CSV Format Example

Date,Description,Amount,Category
2024-01-15,Amazon.com,-45.99,Shopping
2024-01-16,Starbucks,-5.75,Dining

Simple structure: Header row defines columns, one transaction per row, human-readable

What's the difference between QIF, OFX, and CSV formats?

QIF (Quicken Interchange Format) is Intuit's proprietary text format from the 1980s, designed specifically for Quicken. It uses simple tags (D=Date, T=Amount, P=Payee) and is human-readable but outdated.

OFX (Open Financial Exchange) is an XML-based industry standard created by Microsoft, Intuit, and Checkfree in 1997. It's used by banks for direct downloads, supports multiple accounts in one file, and includes rich metadata (transaction types, unique IDs, balances).

CSV (Comma Separated Values) is a universal text format with data in rows and columns, separated by commas. It's the simplest format, works with Excel and all accounting software, and is easiest for custom processing. Choose based on your software: Quicken=QIF/OFX, multi-platform/Excel=CSV, automatic bank feeds=OFX.

Which format is best for QuickBooks?

QuickBooks Online: Use CSV for manual imports (preferred) or OFX for automatic bank feeds. QuickBooks Online does NOT support QIF.

QuickBooks Desktop: Use QBO (QuickBooks format, derived from OFX), IIF (Intuit Interchange Format), or CSV. QBO is preferred for bank statements. Avoid QIF - it's Quicken-specific and causes import errors in QuickBooks.

Bottom line: CSV is the safest bet for manual QuickBooks imports (works with Online and Desktop). Use OFX/QBO only if setting up automatic bank connections.

Can I convert between QIF, OFX, and CSV formats?

Yes, conversion is possible in all directions, though some conversions lose data:

• QIF → CSV: Easy. Parse QIF tags, output to CSV columns. Categories preserved.
• OFX → CSV: Medium. Parse XML, extract transaction elements. Metadata (transaction IDs, types) lost.
• CSV → QIF: Easy. Map CSV columns to QIF tags. Can add categories if in CSV.
• CSV → OFX: Hard. Must generate valid XML structure with required elements. Need to create unique transaction IDs.

Use specialized conversion tools (CSV2QIF, CSV2OFX online converters) or accounting software export functions. Manual conversion is error-prone - one malformed tag/element breaks the entire file.

Is QIF still used in 2025?

Mostly deprecated. QIF is a 40-year-old format that banks have stopped offering. Here's the current status:

• Banks: No longer offer QIF downloads (replaced by OFX)
• Quicken: Still accepts QIF for backwards compatibility, but recommends OFX
• QuickBooks: Limited QIF support in Desktop, none in Online
• Modern software: Most don't support QIF at all

Recommendation: Use OFX or CSV instead. Only use QIF if you have old Quicken files that must be imported to newer software, and even then, try converting to OFX first. QIF lacks security, transaction IDs, and modern features that prevent duplicate imports.

What's the difference between OFX and QFX files?

They're the same format with different extensions:

• .ofx: Standard OFX format, works with most accounting software
• .qfx: Quicken's branded version of OFX (identical format, Quicken-specific extension)
• .qbo: QuickBooks' branded version of OFX (identical format, QuickBooks-specific extension)

All three use the same XML structure. Banks often provide .ofx (universal), while software vendors use branded extensions (.qfx/.qbo) to associate files with their applications. You can rename .qfx to .ofx (or vice versa) without changing the content - they're interchangeable.

Can Excel open QIF and OFX files?

Technically yes, but not practically:

QIF in Excel: Opens as plain text, but you'll see tags (D, T, P, ^) instead of organized data. You'd need to manually parse it or use VBA macros. Not practical for analysis.

OFX in Excel: Excel can import XML, but OFX's nested structure (BANKMSGSRSV1 → STMTTRNRS → BANKTRANLIST → STMTTRN) makes it confusing. You'll get multiple tables with cryptic column names.

Solution: Convert QIF/OFX to CSV first, then open in Excel. CSV imports cleanly with data in proper rows/columns, ready for formulas and analysis. EasyBankConvert does this automatically.

Which format preserves the most transaction detail?

OFX preserves the most data:

• Unique transaction IDs (prevents duplicate imports)
• Transaction types (DEBIT, CREDIT, CHECK, ATM, POS, etc.)
• Account metadata (routing number, account number, type)
• Balance snapshots (ledger and available balances)
• Date posted vs date processed
• Check numbers, reference numbers

QIF preserves moderate detail: Date, amount, payee, memo, category - basic transaction info but no unique IDs or types.

CSV preserves variable detail: Depends on what columns you include. Can have same data as OFX if you add custom columns, but no standard structure. Best for flexibility, not completeness.

Why do banks offer OFX but not QIF anymore?

Banks switched from QIF to OFX because OFX offers critical advantages for modern banking:

• Security: OFX can be encrypted and signed; QIF is plain text
• Standards: OFX is an open industry standard (maintained by Financial Data Exchange); QIF is Intuit's proprietary format
• Duplicate prevention: OFX includes unique transaction IDs; QIF has no IDs (same transaction imported twice creates duplicates)
• Multi-account: OFX supports multiple accounts in one file; QIF is single-account only
• Automation: OFX supports direct bank connections and automatic downloads; QIF requires manual file downloads

By 2010, virtually all US banks had switched to OFX. QIF is only maintained by Quicken for importing old files.