"Account must be selected" during QIF import

Quicken shows message "Account must be selected" for a selected QIF file for the following cases:

• QIF file was not created for Quicken, please go back to CSV2QIF, PDF2QIF, Bank2QIF, OFX2QIF, QFX2QIF, QBO2QIF, FixMyQIF converter, enter/map the account name exactly as you have in Quicken, select a correct QIF target and create a new QIF file (special note for Quicken 2015, 2016 see next)
• If you are converting bank or credit card account to a QIF file and importing into Quicken 2015, Quicken 2016 for PC, you must select QIF target as "Quicken 2015-16 for PC", and you must select an account during QIF import. You have to create a proxy cash account (call it IMPORT), select it for QIF import and then move transactions from IMPORT account under another account