QBO vs OFX vs QFX: Which Bank File Format Do You Need?

5 min read · Updated October 29, 2026 · By the StatementCheap team

Your bank's download page offers a list of formats: QBO, QFX, OFX, CSV, maybe QIF. They look similar and they're related, but picking the wrong one is the most common reason an import fails. Here's what each format is, which software reads it, and how to choose.

The short answer

OFX: the open standard

OFX (Open Financial Exchange) was announced in 1997 by Microsoft, Intuit and CheckFree as a common way for banks to send financial data to software. Since 2019 the specification has been managed by the Financial Data Exchange (FDX) consortium.

An OFX file is plain text. Inside, each transaction sits in a block with tags such as <DTPOSTED> for the date, <TRNAMT> for the signed amount, <NAME> or <MEMO> for the description, and <FITID>, a unique transaction ID. The FITID is what lets software recognize a transaction it has already imported, so re-importing the same file shouldn't double your data.

The file also carries the statement's ending balance and the account type, which is why accounting software can tell a checking account from a credit card.

QBO and QFX: Intuit's versions of OFX

QBO and QFX are both built on OFX. The main difference is who they're for. QBO files are "Web Connect" files for QuickBooks. QFX files are Web Connect files for Quicken. Both add Intuit-specific fields, such as an <INTU.BID> bank identifier, so the software can tie the file to a financial institution.

Because of those extra fields, renaming a .ofx file to .qbo is not a reliable fix. Ask your bank for the right format, or convert to it properly.

What each program actually accepts

QuickBooks Desktop

Intuit's help is direct: the file you download from your bank should be a .qbo file, "the only type Web Connect can read." To import it, go to Banking > Bank Feeds > Import Web Connect Files, select the .qbo file, then choose an existing QuickBooks account or create a new one. Intuit also says that importing .qbo files requires you to be signed in to your Intuit Account within QuickBooks Desktop.

QuickBooks Online

QuickBooks Online is more flexible. Its Upload from file option accepts .csv, .txt, .qbo and .ofx transaction files, Intuit's article also mentions QFX, and Intuit recommends QBO. It can also read a PDF or image of a statement directly. We cover that in importing PDF statements into QuickBooks Online.

Quicken for Windows

Quicken imports Web Connect files from File > File Import > Web Connect File, and it recognizes them by the .QFX extension. Quicken's own support page says it cannot import Excel, QuickBooks, PDF or OFX files. So for Quicken, QFX is the format to ask for. Quicken checks the institution information in a QFX file, so test a small file before you import a year of history.

Xero

Xero's help center has an article titled "Import an OFX, QFX or QuickBooks bank statement," so Xero takes all three. It also imports CSV, and in its CSV article Xero suggests using OFX, QFX or QuickBooks files when your bank offers them. If you're working from a PDF, see Xero's CSV import format.

Where CSV fits

CSV isn't a banking standard. It's just rows and columns. That's its strength and its weakness. You can open it in Excel, fix a description, delete a duplicate, and see exactly what will be imported. But the receiving software has to be told which column is the date and which is the amount, and every app has its own rules. QuickBooks Online wants 3 columns (Date, Description, Amount) or 4 (Date, Description, Credit, Debit). Xero needs at least Date and Amount. QuickBooks Desktop doesn't import bank transactions from a CSV at all; it needs a QBO.

How to choose

• QuickBooks Desktop: QBO. Nothing else imports into the bank register through Web Connect.
• QuickBooks Online: QBO if you trust the data as is. CSV if you want to edit first.
• Quicken: QFX.
• Xero: OFX or QFX if available, otherwise a Xero-formatted CSV.
• Excel or Google Sheets: CSV or XLSX.
• Not sure yet: keep a CSV or Excel copy as your record, then create the import format you need.

Can you convert between them?

Yes, with care. They all describe the same thing: a list of dated, signed transactions for one account. Converting means rewriting that list in the target structure, adding the fields the target software expects, and giving each transaction a stable ID so duplicates are caught later. A CSV can become a QBO, and a PDF statement can become any of them once the transactions are extracted. What a conversion can't do is add information the source never had. If your CSV has no payee column, the QBO won't have payees either.

Common import errors

If a Desktop import fails, Intuit's troubleshooting steps start with backing up your company file, then trying the import in Classic (Register) mode or in a test company file to see whether the problem is the file or the company data.

Getting these files from a PDF

Banks only produce QBO, QFX and OFX for recent activity, and some only offer them for certain account types. If all you have is a PDF statement, you need to convert it. StatementCheap reads PDF bank and credit card statements and exports QBO, OFX/QFX, Xero CSV, CSV and Excel. It checks every conversion against the statement's opening and closing balances before you download. Try 5 pages a day free with no sign-up, or see PDF to QBO and pricing. Start converting.