OFX vs QBO vs IIF: Choose the Right Import File
Select the format for the destination's import workflow, not for the filename that looks most familiar. OFX, QBO, and IIF are not interchangeable instructions to your accounting software. The practical distinction is whether you are importing statement activity for review or creating accounting records.
A converter can generate a format without proving that a particular application will accept the resulting file. Check the product, edition, country, account type, and importer before preparing a large batch.
Start with the destination
| Destination and task | Practical starting point |
|---|---|
| Xero statement lines | Bank-native OFX where available; reviewed CSV is another route |
| QuickBooks Online bank transactions | Bank QBO or reviewed CSV; native statement upload may also be available |
| QuickBooks Desktop Bank Feeds | Bank-provided QBO through Web Connect |
| QuickBooks Desktop lists or accounting transactions | IIF only with a deliberate mapping and backup workflow |
Xero's US documentation recommends OFX and also lists QFX, QIF, PDF, CSV, and QuickBooks formats.[2] Intuit's Online guide names QBO, QFX, and CSV transaction lists and supports PDF/image statement uploads.[3] Desktop's Web Connect instructions use a bank-provided .QBO file.[6]
These are different supported routes, not a promise that one generated file works in every product. In particular, do not treat IIF as the QuickBooks Online bank-upload format.
OFX and QBO: statement-import routes
Use a bank-native export when it supplies the right account and period. Preserve it unchanged until the application preview shows a reason to investigate it. An export may already contain the account details and transaction identifiers needed by that bank-import workflow.
For Xero, a native OFX download avoids rebuilding a CSV when the bank provides the supported file.[2] For Desktop Web Connect, follow the documented QBO workflow rather than merely renaming an OFX file.[6] Changing the extension does not transform the contents or validate financial-institution metadata.
If a generated accounting file is rejected, keep the error and source file, check the destination's requirements, and investigate the account metadata. Do not invent institution codes or modify amounts to bypass rejection. A reviewed CSV may be the clearer alternative when the destination supports column mapping.
IIF: a different level of responsibility
Intuit documents IIF for importing Desktop lists and transactions, and advises backing up the company file first. Its guide also notes that imported transactions are not automatically linked: an invoice and payment still need the appropriate linking workflow.[5]
Use IIF only when you understand which accounts and transaction types the file will create. A bank statement says money moved; it does not, on its own, determine the correct expense account, tax treatment, or invoice allocation. Review any generated category or account names against your chart of accounts.
Try a reviewed sample in a suitable test company or restored backup before a live import. Do not assume a successful file read means the intended ledger entries were created. Compare the affected accounts and transactions, then decide whether to proceed.
Worked example: illustrative 42.50 purchase
Suppose a checking statement shows a 42.50 office-supplies payment on September 3, 2026. A statement-import CSV could represent that movement as:
Date,Description,Amount
09/03/2026,Office supplies,-42.50
In a bank-review workflow, match it to an existing 42.50 expense if that expense is already recorded. Creating another expense would duplicate the bookkeeping even though only one statement line was imported.
For a deliberate ledger import, the intended illustrative effect is a 42.50 increase in the chosen expense account and a 42.50 decrease in checking. Those entries balance, but the statement alone does not validate the category. This is an accounting explanation, not a ready-to-import IIF file.
Export only after checking the mapping
Verify dates, signed amounts, account selection, currency, period coverage, and overlap before importing any format. Keep source files and an import log so errors can be investigated without repeated uploads.
Follow the dedicated Xero guide or QuickBooks Online guide for their review steps. If you need extraction first, open the converter and choose an available export for the actual destination; inspect it before using it.
Official sources
[2] Xero Central: About manually importing bank transactions (US).
[3] Intuit: Manually upload transactions into QuickBooks Online.
[5] Intuit: Export, import, and edit IIF files.
[6] Intuit: Set up or edit Desktop accounts for Bank Feeds.