Can QuickBooks import an MT940 file?

No. QuickBooks does not read the MT940 SWIFT format; it imports QBO Web Connect files or CSV. To bring an MT940 in, convert it to QBO first, then import it through QuickBooks.

How do MT940 tags map into a QBO?

Tag 25 gives the account, tags 60F and 62F the balances, and each tag 61 line with its tag 86 narrative becomes an OFX transaction: the tag 61 amount and debit or credit mark set the signed amount, the tag 86 text the name and memo.

How do I import the QBO into QuickBooks?

QuickBooks Online uses Upload from file, and QuickBooks Desktop uses File, Utilities, Import, Web Connect Files. QuickBooks then reads the transactions into the account you select.

Why do businesses convert MT940 to QBO?

European banks commonly send MT940, but QuickBooks cannot read it. Converting to QBO lets a company banking in Europe import those statements into QuickBooks instead of retyping them.

Is my data kept after conversion?

No. The MT940 is processed to build the QBO file and then deleted automatically, so the account activity it contains is not retained on a server after conversion.

Convert an MT940 File to a QuickBooks QBO

TL;DR - Quick Summary

MT940 is the colon-tagged SWIFT statement European banks send, and QuickBooks cannot read it directly, only a QBO Web Connect file. Converting MT940 to QBO parses its :61: lines and :86: narratives into OFX transaction blocks, generates a FITID for each, and sets the institution headers QuickBooks accepts.

QuickBooks can't read MT940

MT940 is a compact SWIFT statement format, colon-delimited tags in plain text, that European banks commonly hand their customers. QuickBooks was built around US bank downloads and does not read MT940 at all; it takes QBO Web Connect files, or a CSV. So a business banking in Europe but keeping its books in QuickBooks hits a wall: the statement it receives and the format its software imports are different worlds. Converting the MT940 to QBO bridges them, turning the SWIFT file into the Web Connect file QuickBooks expects.

Mapping the SWIFT tags to OFX

The conversion reads MT940's tags and rebuilds them as OFX, which is what a QBO is underneath. The account comes from tag 25, the opening and closing balances from tags 60F and 62F, and each transaction from a tag 61 line paired with its tag 86 narrative. Tag 61 carries the amount and a debit or credit mark, which become the signed TRNAMT on an OFX STMTTRN, while the tag 86 text becomes the transaction's name and memo. The result is a statement QuickBooks can parse rather than a SWIFT file it rejects.

FITIDs and the institution header

A QBO needs two things MT940 does not supply. First, a FITID on every transaction, the unique id QuickBooks uses to skip duplicates; MT940's references are not reliably unique per line, so the conversion generates a stable FITID for each. Second, an institution identifier, the FID and related header a QBO carries so QuickBooks knows the source. The conversion sets these so the file presents as a proper Web Connect download, which is what gets an otherwise-foreign statement through QuickBooks's import.

Importing the QBO via Web Connect

With the QBO built, QuickBooks Online imports it through Upload from file, and QuickBooks Desktop through File, Utilities, Import, Web Connect Files. QuickBooks reads the transactions into the account you choose, using the FITIDs to avoid re-adding anything already there. Because the amounts and directions came straight from the tag 61 lines, the imported figures match the SWIFT statement, just expressed in the format QuickBooks needed to accept them.

Accuracy and privacy

Since the debit and credit marks on the tag 61 lines drive the signs in the QBO, an accurate parse matters, and every transaction is reviewable in the converter before export. The output is a standard QBO ready for Web Connect. Because the MT940 holds real account activity, the file is processed to build the QBO and then deleted automatically, with nothing kept on a server afterward.

How it works

Get the MT940: Download the MT940 SWIFT statement from your bank.
Convert to QBO: Convert the MT940 to QBO, mapping tag 61 and tag 86 into OFX transaction blocks with a generated FITID each.
Set the institution: The conversion sets the FID and institution header so QuickBooks recognizes the source.
Import into QuickBooks: Import via Upload from file in QuickBooks Online, or File, Utilities, Import, Web Connect Files in Desktop.

Comparison

Field	MT940 (SWIFT tag)	QBO (OFX)
Statement line	Tag 61 with D/C mark	STMTTRN, signed TRNAMT
Narrative	Tag 86	Name and memo
Balances	Tags 60F and 62F	Ledger balance context
Transaction ID	None reliable	Generated FITID
Institution	Tag 25 account	FID and account header

An MT940 statement converts to a QuickBooks-ready QBO in about 35 seconds. Convert your statements now.

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