What is a QIF file?
QIF — Quicken Interchange Format — is a plain-text way of describing transactions. Instead of columns it uses tagged lines: a date, a payee, an amount, and an optional category per transaction, in a file you can read in a text editor.
What is inside
- A date for each transaction, in the order the entries appear.
- A payee or memo — for a converted statement, the description the bank printed.
- An amount, positive or negative depending on the direction of the money.
- Optionally a category and a split — fields a statement does not print, so a converted statement leaves them empty.
What it leaves out
QIF has no account structure. It describes transactions, not the account they belong to, and it carries no balances — so a reader cannot tell from the file alone which statement it came from.
That simplicity is why it is still around, and also why converting a statement to QIFis straightforward: there is very little to map.
Frequently asked questions
Is QIF still used?
Yes, mainly by Quicken and by people moving data between desktop finance programs. It is an old format that refuses to die because nothing replaced it for that job.
Can Excel open a QIF file?
It opens it as text rather than as a table — QIF is tagged lines, not columns. Convert to CSV if you want a spreadsheet.
Does a QIF file contain categories?
It can. Categories are optional fields, and a statement does not print them, so a converted statement leaves the category field empty for you to fill in.
What is the difference between QIF and OFX?
QIF is flat and simple with no account information. OFX is structured and carries account details and balances as well as transactions.
Is my file kept?
No. The file is used only to produce the converted copy and is deleted right after.