Starting with Quicken 2006 certain account types (checking, savings, credit cards, 401(k) and brokerage accounts) can no longer accept a QIF file for import. The following steps allow you to work around this limitation using a temporary holding account.
Downloading Bank Data
The first step in the process is to download your bank data. When doing so make sure to download the file as the "QIF" format.
The following is from US Bank and show this operation.
* Of course if your bank supports the download of "QFX" data directly then this may be imported via the "Web Connect" feature directly.
Create a Temporary "Asset" Account
In order to import the data we need to create an account that allows QIF data to be imported. Think of this account as a temporary holding account or sandbox that can be used to import this data. The data will only exist in this account for the purposes of importing the data.
- Click the "Add Account" button in the Quicken bar and select the "This account is not held at a financial institution" option.
- Click the "Next" button
- For the account type, select "Asset" account
- Click the "Next" button
- Give your account a descriptive name such as "Temp - Checking" so you will be able to easily identify what this account is used for.
- For the statement data and balance page, simply accept the defaults. These will not be relevant for the importing of data.
- Click the "Next" button to create the account.
- Next we want to remove the single "Opening Balance" transaction that was created for this account. Right click on it as "Delete" the transaction.
After this you should have a clean, transaction free Asset account.
Importing Transaction Data
Next we need to import the transaction data from the bank into the temporary asset account we just created.
- Select "File > Import > QIF File" from the Quicken menu
- Select the file you downloaded from your bank as the file to import
- As the account to import into, select the newly created temporary asset account.
- Leave all other options as default.
- Click the "Next" button to import your transactions.
Cleaning Up the Transactions
before you continue, use this time to assign the proper Payee names and Categories to your transactions.
Moving the Transactions
Next we need to get the transactions from your Temp account to your Checking account.
- Select all of the transactions in the Temp account by first selecting the last transaction and using the standard "Shift + Select" method, select the first transaction in the list.
- While all transactions are selected, right click on one and select the "Move Transaction(s)" option from the menu.
- Next you will be prompted for the account you wish you move it to, select the proper checking account where this data was downloaded from.
All transactions will now be moved into your checking account, where they belong. Additionally the Temp account should now show a zero balance and no transactions in it, making it available for future use to import more data.
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