If you use multiple accounting programs to keep track of your financial information, such as Quicken, you might be interested in a tool designed to help you migrate data from one format from another. As the name suggests, QIF to OFX converter can do this with Quicken Interchange files (QIF) and Open Financial Exchange files (OFX).

It's not a standalone product. Instead, it can only be used from Microsoft Excel. The current edition can be integrated with MS Excel 2016, 2013, 2010, 2007, 2003, XP (2002), 2000 and 97. During setup, you can select the Excel edition you have installed.

Once setup is over, QIF to OFX converter becomes an Excel access point. From the ribbon bar, you can import a QIF file and optionally clean up payee names if there is faulty text,

This text can be words which look like phone numbers, numbers longer than two characters, or words recognized as dates, to name some examples. If the payee is missing, the app can be asked to use the memo/description instead.

Next, you can view your transactions and associated details in an Excel sheet, and prepare them for conversion to OFX format. Besides specifying the target accounting utility (Quicken, Quickbooks, other), you can set a custom BID, export all rows or only specific ones, reverse the amount sign, and edit account info, such as nickname, type, currency, routing and account number. Advanced settings can be configured when it comes to the column titles and columns, together with types and amounts.

The Excel addin performed conversions quickly in our tests while remaining light on system resources consumption. It comes bundled with all the necessary settings for migrating accounting data from one tool to another, by turning QIF files into OFX.