Moneyspire allows you to import transactions from your online banking service and/or another financial software application so that you don't have to manually input them. Please note that this feature is different from Moneyspire Connect (which allows you to connect directly to your financial institution from inside Moneyspire).
To Import Transactions From Your Financial Institution
- Login to your online banking website.
- Download your transaction information to a 'OFX', 'QFX', 'QIF' or 'CSV' file. Most banks support these formats, please consult your financial institution's customer service department for assistance if you are having difficulty downloading the file. Some banks may label OFX/QFX files as "Quicken" or "Microsoft Money" instead. And some banks may label CSV files as Excel instead.
- In Moneyspire, open the account you want to import the transactions to, and then select the File > Import OFX/QFX, File > Import QIF or File > Import CSV menu option depending on what type of file you have downloaded.
- Then select the file you just downloaded from your financial institution and follow the onscreen instructions.
*Whenever possible, it is recommended that you download your data exclusively in the OFX/QFX format, because it is a more modern format than QIF is. However, using QIF is just fine if that is the only format your bank supports.
*When you first import data from your financial institution, you will most likely have an incorrect balance because your financial institution usually does not include your entire transaction history from the past. To fix this, edit the account (from the Tools > Accounts menu option) and set the Initial Balance field to the difference between your account's actual balance and the balance that is reported in the program. This will then update your account's balance to the accurate value.
To Import Transactions From Another Financial Software Application
- Launch the other financial software.
- Export your desired data to a QIF file(s), QMTF file(s) or CSV file(s) (usually via the File > Export menu).
- In Moneyspire, select the File > Import QIF, File > Import QMTF or File > Import CSV menu option, depending on what kind of file you are importing.
- Then select the file you just exported from the other financial software application and follow the onscreen instructions.
*For best results when importing QIF/QMTF data from another financial software application, instruct the financial software application to export all data possible (i.e. all your accounts, categories, etc.) to a single QIF/QMTF file, if possible.
*QIF/QMTF import results will vary depending on the quality of the exported QIF/QMTF file from your financial software application. If you are having difficulties, please contact us and we will do our best to assist you.
- When you import transactions from your online banking service, the categories will be blank because it is more than likely that your transactions will be uncategorized. Because of this, Moneyspire will allow you to specify Import Filters during the import process, which allows you to automatically specify categories by using keywords (in addition to specifying payees). For example, you can configure it to set the category to "Automobile:Fuel" and to set the payee to "Chevron" if a transaction contains the text "Chevron" or "Gas".
- Some financial software applications will export all your accounts to a single QIF/QMTF file, while others may export only a single account to a single QIF/QMTF file. So depending on your financial software application, you may have to do multiple exports/imports to transfer all your data to Moneyspire. In addition, some financial software applications do not export specific account information, so you may have to manually add your accounts before importing transactions to them. *If your financial software application does not export multiple accounts to a single QIF/QMTF file, for best results you should manually add your account structure before performing an import.
- Some financial software applications do not export category details (such as whether the category is an expense or income category). In this case, Moneyspire will default all the imported categories to expense. Because of this, you should go through your category list after the import process and set the appropriate income categories if needed.
- Since QIF/QMTF files do not store currency information, all imported accounts will default to the local currency. If you have any foreign accounts, you will have to edit them and set the appropriate currencies after the import process is completed. In addition, since QIF/QMTF files do not contain rate information, any transfers between foreign accounts will not be imported correctly; The result of the import will be that you will be left with two transactions for each foreign account transfer, and the transactions will be without exchange rates. To remedy the situation, you will have to delete the duplicate transactions, and then edit the remaining transactions and set the appropriate rates.