Importing Bank Transactions into QuickBooks Desktop: File Types

QuickBooks Desktop has several import routes, and they are not interchangeable. Intuit’s “Import and export data in QuickBooks Desktop” page describes three families of file:

• CSV and Excel files: Intuit says to use MS Excel or .CSV files for general data transfer of lists and transactions.

• IIF files: Intuit Interchange Format files are described as handling complex data structures for both import and export. Intuit points to a separate article about exporting, importing and editing IIF files, which we did not read for this guide, so we say nothing further about IIF rules.

• Bank transactions: the page states that bank transactions are imported from Web Connect (.qbo) files, and that importing them requires you to sign in to your Intuit Account within QuickBooks Desktop.

The page does not say which file type works for which specific list or transaction, and it does not list a CSV route for bank transactions. In other words, Intuit’s own import page names Web Connect, not CSV, for bank transactions. If your bank only gives you a CSV or a PDF, that file is not a Web Connect file as it stands.

Intuit’s “Fix Web Connect import errors” page adds several concrete points:

• Web Connect only reads .qbo files, and Intuit says to download the file directly from your bank’s website, not from inside QuickBooks. Other file types will not import.

• You must be signed in to your Intuit Account within QuickBooks Desktop. If you use Advanced Mode in bank feeds, you may need to sign in or switch modes.

• Back up your company file first.

• The page lists the supported products as Premier Plus, Pro Plus, Accountant Desktop Plus, Enterprise Accountant, and Enterprise Diamond, Gold and Platinum.

The page also lists error messages you may see, such as “QuickBooks found an error. We can’t read the file [Your financial institution] sent.” Intuit says errors like these can stem from incomplete bank files, incompatible formats, or changes made by your bank.

For a Web Connect file that will not import, Intuit’s page suggests, in order:

1. Re-download the .qbo file from your bank and import it again. If the download itself fails, contact your bank.

2. Check your bank’s notifications for identity confirmations or announcements of changes. If your bank no longer uses Web Connect, Intuit says to disconnect the account.

3. Switch the Bank Feeds mode to Classic (Register) mode and import again.

4. Test the file in a new company file, using the same bank account type you use in your main file. If the transactions appear there, Intuit says the problem is in your original file rather than in the .qbo file.

Intuit also warns on the general import page that you cannot undo an import, so back up your company file before importing anything.

Based on the two Intuit pages, the file that QuickBooks Desktop expects for bank transactions is a .qbo file from your bank. A spreadsheet of your transactions is a different thing from that, and Intuit’s pages do not describe turning one into the other.

A spreadsheet is still useful for checking. Before importing anything, you can compare the opening balance, the total of money in and money out, and the closing balance of your statement against your data. For example, a synthetic month with an opening balance of 1,000.00, deposits of 2,450.00 and payments of 133.20 should close at 3,316.80.

If you are working in QuickBooks Online instead, Intuit documents a CSV upload route with set column layouts, which we cover in a separate guide.