If you use Quicken and try to import a bank or credit-card statement, you'll quickly discover there isn't one Quicken import format — there are three: QIF, QFX (Web Connect), and Direct Connect. Which one you should use depends on your Quicken version, how the file was created, and how much manual mapping you're willing to do.
This guide clears it up: what each format is, why they exist, and how to pick the right one when you convert a PDF statement.
The three formats in one paragraph each
QIF (Quicken Interchange Format)
The oldest format, dating to the early '90s. Plain text, one record per transaction, terminated by ^. Universal — every version of Quicken can read it, and every third-party tool (Moneydance, GnuCash, MoneyDance, YNAB in some versions) supports it too. The tradeoff: modern Quicken versions on Windows import QIF only into cash or asset accounts, not directly into bank or credit-card accounts. Quicken Mac supports QIF import to any account type.
QFX (Quicken Web Connect)
The modern format. Structurally it's OFX (Open Financial Exchange) with two Intuit-specific headers (INTU.BID and <FI>) that tell Quicken this file is authorized for Web Connect import. Every recent Quicken version supports QFX. This is what most banks provide when you click “Download to Quicken” on their website.
Direct Connect
Not a file format — a live connection. Quicken talks to your bank's OFX server directly and pulls transactions. It requires an agreement between your bank and Intuit, and most banks charge Intuit for it (which is why some banks removed Direct Connect support). Not relevant if you're importing from a converted PDF.
So which should I use?
Simple decision tree:
- Recent Quicken for Windows: Use QFX. It imports directly into whichever bank or credit-card account you specify.
- Quicken for Mac (any version): QFX also works and is the recommended choice. QIF also works and can be a fallback if QFX gives you trouble.
- Older Quicken (2010 or earlier):Try QIF first — QFX didn't exist before around 2005 and was patchily supported for years after.
- Moneydance, GnuCash, YNAB (older), other tools: QIF is the near-universal option. QFX support varies.
The QIF vs QFX quirk that trips people up
On modern Quicken for Windows, QIF cannot be imported into a bank or credit-card account. Intuit deliberately restricted this in the 2005 update. If you try, Quicken silently imports the file into a cash account you didn't intend, or refuses entirely.
This is why QFX exists — to be the format Quicken accepts for the account types most people actually use. If you have a converted PDF and Quicken is refusing your import, it's almost always this issue. Switch to QFX and try again.
How to import a QFX file
- In Quicken: File → File Import → Web Connect File.
- Pick the .qfx file you downloaded.
- Quicken asks which account to import into. Pick the correct one — usually the credit card or bank account this statement belongs to.
- Confirm. Transactions land in the register.
How to import a QIF file
- In Quicken: File → File Import → QIF File.
- Pick the .qif file. On Mac and older Windows versions you'll be able to choose the destination account; on modern Windows, it'll import into a cash/asset account you may need to reassign manually.
- Verify the transactions imported with correct signs.
How our converter handles this
The converter exports both formats. When you upload a PDF statement, the results tabs include both Quicken (QIF) and Quicken (QFX).
Try QFX first.It's the format most modern Quicken versions expect. If it doesn't import cleanly, the QIF is there as a fallback — try that next.
Both formats correctly apply the sign convention: credit-card statements flip signs (purchases become negative, in line with the accounting standard Quicken uses internally), while bank/checking statements keep their signs as-is(deposits positive, withdrawals negative — which matches Quicken's expected input for a bank account).
One more thing: the account-type wrapper
Both QIF and QFX have to declare what type of account the file is for, right at the top. Our converter sets:
!Type:CCard(in QIF) or the OFX credit-card wrapper (in QFX) for credit-card statements!Type:Bank(in QIF) or the OFX bank wrapper (in QFX) for checking/savings/payment platform statements
If you see Quicken refusing to import into your credit-card account specifically, the account-type wrapper is usually the culprit. Our converter picks the right one based on what it detected in the PDF — no manual setting needed.
Bottom line
Try QFX first. Use QIF only if QFX doesn't work in your setup. And don't rely on Direct Connect for anything — it's a legacy connection type that's being phased out.