How to use Bank2QBO

This tutorial shows how to use Bank2QBO utility. IMPORTANT: Bank2QBO is now replaced with the Transactions app, which converts from more formats and converts to more formats.

Step by step instructions

You can download Bank2QBO at https://www.propersoft.net/products/bank2qbo

Click the ''Download'' button.

Then select Windows or macOS version to download. 

Once downloaded and installed, start Bank2QBO. Read the welcome message that provides the main points about the conversion process. 

Select a file with transactions that you would like to convert. It could be PDF bank or credit card statement, QIF or QMTF file exported from Quicken or other accounting software, OFX, QFX, QBO, STA or MT940 file downloaded from online banking. 

Review transactions before converting, make sure dates are correct, expenses are negative, and payments to the account are positive. 

Set the Account ID and Account Type. The Account ID must be digits only. You can enter the actual account number or credit card number, or a shortened number. It is important to use the same number when you convert multiple files for the same account and use a different number when you start converting for another account.

For example, let's start with the first file for a checking account. Convert the first file and use Account ID as 10000001. Then you convert a second file for the same checking account, keep the same Account ID 10000001. 

Then you start with a credit card account. For the first file for the credit card account, change the Account ID to another number, for example, 10000002. For the second file for this credit card account, keep the Account ID as 10000002.

When you start working with another account, make sure to adjust the Account Type as well.

The Account Type is important to set as Quickbooks allows you to import created QBO file for a credit card account only into a credit card account in Quickbooks and for a QBO file for a checking account, Quickbooks imports this file only in a bank account in Quickbooks.

For Quickbooks US edition, the Currency must be US Dollar, for Quickbooks Canadian edition, the Currency can be US Dollar or Canadian Dollar. 

INTU.BID value is another important parameter to set. This value defines the bank label you see during QBO file import in Quickbooks. This value does not have to match your account name in Quickbooks, but it has to be from the allowed by Quickbooks bank. Click the 'Lookup' button to see the list of banks.  

This list of banks is defined by Quickbooks. Search for your bank.  

Some users do want the name of the bank to match the bank name in Quickbooks, and you can do this by selecting the appropriate INTU.BID value. But if your bank is not listed as not allowed, you can easily use any other bank label, for example, you can use value 3000, which is Wells Fargo bank. INTU.BID value applies to the Account Type. Some INTU.BID values are allowed for certain account types only.

There are some other settings that discussed in another video, we would skip these for now as you need them only in specific situations and you know when you need to change these settings.

Set the 'Open after save' checkbox if you would like the software installed on your computer to open the created QBO file. If you have Quickbooks desktop installed, it would be Quickbooks to open this QBO file. Click the 'Convert' button. 

Confirm the filename and the file location. 

To import the created QBO file manually, in Quickbooks, click File, Utilities, Import, Web Connect Files. 

Select the created QBO file.  

And choose a new or existing account to import.  

If your account is not listed, make sure that online services are disabled for this account.  

Web Connect data has been successfully read into Quickbooks.  

Review imported transactions under the Bank Feeds in Quickbooks. Select imported bank statement and click on the 'Transaction List'. 

Match payees to vendor records.  

Assign expense/income accounts. 

And add transactions to the register.  

If you need to convert to IIF instead of  QBO (Web connect), the latest Bank2QBO version has IIF output option added merged with Bank2IIF.

This tutorial is for the latest Bank2QBO version. If you are still using version 3 and looking for the tutorial, please use this tutorial.