Before going into the details of importing the IIF file in QuickBooks Online, we should first understand what the IIF file format is? So, IIF file is a text file that is used by QuickBooks software for import and export of lists and transactions.
Now if you are looking for the process steps of importing IIF files directly into QuickBooks Online, let me clear this up, that currently, it is not possible. But there are ways around it which you can use to get your data from QuickBooks desktop to Online through IIF files. So, let us look into those ways in the below section.
Alternative for Importing IIF Files Directly to QuickBooks Online
There is an alternative to this, which is you can convert your IIF file into excel or CSV format and then import the data into QuickBooks Online. You can also use third-party software for this purpose.
Conversion of IIF file into excel or CSV format
Step 1. First of all, open the IIF file into an excel sheet.
Step 2. Now right click on the name of the sheet and change the extension from the .iif to .xlsx or CSV extension.
Step 3. Now click on the Yes button when prompted and the file will be converted to excel or CSV format.
Once your IIF file is converted to excel or CSV format, you can refer to the below steps to import the data in QuickBooks Online.
Step 1. First, click on settings >Import data > bank data.
Step 2. Now click the Browse button and choose the excel or CSV format file you wish to import and then click open and then Next.
Step 3. Now select the QuickBooks account, map the fields of the file with QuickBooks fields and click on Next.
Step 4. Review the imported data and click on Next and then Yes to complete the process.
How can I Convert a Text file to an IIF file in QuickBooks?
At first click on File > Utilities,> then click on import. Now choose IIF files and select import IIF, locate the file and click OK. You will be able to see the lists and transactions once the import is successful.
Can I use QuickBooks Online and QuickBooks Desktop together in Sync?
Well, both the applications i.e., QuickBooks desktop and Online have separate platforms, so they can’t be synced, but QuickBooks Online has a desktop app, wherein you will be able to see the transactions that you entered in the web version as long as the internet is connected.
Which is better in Terms of Cost QuickBooks Online or QuickBooks Desktop?
QBO and QBDT both cater to different types of needs for example if you a lot of employees, then you will find that QB Online is more affordable than QB desktop and if you do not have multi-user frameworks, then QBDT is cheaper.
What are the Disadvantages of QuickBooks Online (if any)?
There are some areas, like regular updates leading to the need for training and retraining, lesser coverage of features when compared to QBDT, separate subscription for each company file, etc.