What is the difference between using QIF or QFX format to import data?

QIF is an older format and is accepted on all versions of Quicken for Windows (other than the Starter Editions), and on Quicken for Mac 2007. QFX is accepted by both Quicken for Windows and Quicken for Mac, so long as they have not expired (Quicken expires the capability to download or import QFX files after 3 years).

QFX format is easier to work with, but QFX does not import categories or tags. QIF does import categories, tags, and also cash accounts, but is harder to use.

QFX import prevents duplicate imports, while QIF format does not. QIF import also requires more clicks, and imported transactions can be invisible if you have incorrect Quicken settings.

So unless you need categories, tags, or cash accounts, we recommend use you QFX format.