What are financial formats for QuickBooks accounting software?
QuickBooks Compatible Financial Formats
QuickBooks is one of the many accounting software that is available in both the online and desktop versions. It has eased the burden of many businesses across the world by automating the process of financial tasks that not only saves them money and efforts of manually completing financial transactions and activities but also helps to reduce the scope of errors as found by manual interference in the recording of financial transactions. The software also supports interchange and integration with banks and other software to optimize productivity by transferring information without much hassle. For this import and export of data compatible financial formats are required. Any issue with any of the financial formats can be sorted by calling on the QuickBooks customer team that will directly connect the user with an experienced and certified QuickBooks expert.
QBO format
The format compatible with net connection is QBO that is generally used in case of credit / debit and bank-related tasks for their bookkeeping activities. For the purpose of online banking activities most of the bank corporations allow compatibility with QBO format. There are banks that provide information in QBO format for latest 90 days and beyond that the format for information exchange is done in PDF or CSV format files. The QuickBooks accounting software basically imports details like transactions in form of Statements for the detailed categorization and review. To take an example – once the user has downloaded the QBO format file forwarded by the bank they tally the information stored inside by matching the name of vendor and the payee or the transaction detail with the corresponding expense or income account. Once the process is completed, the software stores the information for future use.
QIF Format – Quicken Interchange Format
This format is basically used for the purpose of importing or exporting information and transactions details between software. Most of the accounting software like QuickBooks supports this format for purpose of interchanging details between Quicken and accounting software. It consists of special features like tagging and different categories which is not available with QBO financial format. Initially a superior format for transferring data, it ended up with few glitches that affected its compatibility with many accounting software and systems. If the user faces any issue transferring data to their QB Premier Software, they can call on the toll free QuickBooks Premier Support number for instant resolution.
IIF Format – Intuit Interchange Format
This software was mainly incepted for the purpose of many QuickBooks software that was later on adept in integrating with other accounting software as well to easily interchange details of business’ finances like bills, sales and sale order receipts, invoices, cash and credit transactions etc. without any hassle. This format is categorized as the System Level data as the information is automatically transferred into the data file of the software. Thus it is recommended to have a backup copy of this format file.
QBJ Format – QuickBooks Journal Format
One of the most recently incepted financial formats, QBJ is perfect for information dealing with journal entries. It helps to keep track of all the details regarding audit records of all journal entry files. The only glitch is that the files are not recorded as fast as they are with Excel. The format, however, is technically more popular, innovative and advance than QBO format with additional features of allowing user to create multiple credits and debit lines, assigning classes and accounts without any limit faced with QBO format when dealing with banking transactions.
Before locking down on any one financial format, it is recommended for the user to check whether the chosen format functions correctly with the software. For any issue with these financial formats when employing them with QuickBooks Pro, user can directly connect with QuickBooks experts.
