How to open QIF file in Excel?

QIF file is a text file that is generated by Quicken financial software. It is used for storing financial data in a text format that can be easily opened by other programs.

More about QIF extension

They are used for transferring data between different Quicken data files, or from a certain financial institution’s website (bank, for example) to Quicken software.

This file extension was developed by Intuit, an American business that specializes in financial software. The file extension is supported by the majority of accounting and financial software.

Here is an example of how a .QIF file should look:

There are a few methods that we are going to cover. We will recommend the one that we think is the best.

Excel method

You can open a QIF (Quicken Interchange Format) file in Excel by following these steps:

1. Open Microsoft Excel.
2. Click on the "File" tab on the top left corner.
3. Click on "Open" from the menu.
4. Select the location where your QIF file is saved.
5. Change the "Files of Type" option to "All Files".
6. Select the QIF file you want to open and click "Open".
7. Excel will prompt you to choose the file type. Choose "Text Files" and click "Next".
8. In the next window, choose "Delimited" and click "Next".
9. Check the box for "Comma" and uncheck all other delimiters, then click "Next".
10. Choose the column data format as "Text" and click "Finish".

Your QIF file should now be open in Excel. However, please note that QIF files may not be compatible with all versions of Excel, and the formatting of the data may be lost or altered when opening in Excel.

Quicken method

The first method that we are going to cover is done with Quicken, a personal finance management tool that was developed by Quicken Inc. It was formerly a part of Inuit Inc. which we already mentioned in this article.

This method is not affordable at all, unless you already have Quicken downloaded on your computer. The cheapest plan that it offers is $35,99 a year, so if you want to avoid spending money, then this method is not for you.

Quicken has a feature that allows you to convert the .QIF file to an Excel compatible file extension. It is a very simple process that we are going to show you.

To convert the .QIF file, all you have to do is:

1. Launch Quicken
2. Navigate to the "File" tab
3. Then select "Open"
4. Find the file that you want to convert
5. Go ahead and navigate to the "File" tab again
6. Then select "Export"
7. And click "QIF File"
8. Navigate through the windows, you will have some settings that you need to setup
9. Then select the data type to be converted to the Excel format
10. Select "Export Data" , "To Excel Compatible Format" and then click "Export"

That is how you do it. Then you will just have to open the file in Excel and that’s it. It is not hard, but neither is it affordable.

QIF2CSV Converter method

To convert your file by this method, you will need to download the QIF2CSV converter. You can find it on their official website. Be careful, and don’t download everything you see. Make sure it’s the official website.

This program is simple and easy to use, it will get your job done without any issues. It will give you a free trial where you can convert up to 10 files. Once you pay and register, you will have unlimited service, and it is significantly cheaper than Quicken. 

Here is the step-by-step process:

1. Once you are in the program, select the QIF file that you want to convert
2. You will be able to select the file extension that you want it to be in
3. Select the Excel file extension
4. Click "Convert"

That is how you do it, then you will just have to find the file that you converted.

Here is how the QIF2CSV converter should look:

Conclusion

This will be useful if your bank reports are given in the .QIF file extension. You can now easily convert it to Excel and have the report on your worksheet.

If none of these methods that we mentioned work, you should check if you have the right file. There is a possibility that you misread something, or confused it with something else.

If that isn’t the case, your file is probably corrupt, and you should then seek help from the site where you downloaded it.