Although QIF was abandoned by Quicken financial software in favor of the QFX, many other financial software packages still utilize QIF to import data from financial institutions to account registers in the software. Many banks, credit unions and other financial institutions offer QIF downloads as a convenience.
To use QIF, you must download a file from your financial institution and save it on your computer. The financial institution will have directions for how to do this if QIF is offered. You then must open your financial software and import the data into the appropriate account register, something your software will automate other than requiring you to select the file to import.
Using QIF occasionally result in duplicate transactions. If the account balance in your financial software does not match the balance your financial institution gives you, check account registers in your financial software for duplication. QIF can also be used to transfer transactions and accounts between data files. Check your financial software support documentation to determine if your software has this capability.
