Glossary
OFX (Open Financial Exchange)
Definition
An open standard file format for exchanging bank and investment transactions between institutions and finance software.
OFX files contain account details, transactions with unique IDs (FITID), dates, amounts, payees and a ledger balance. Version 1.x uses SGML; version 2.x uses XML.
Most accounting and personal finance tools import OFX; QuickBooks (QBO) and Quicken (QFX) use branded variants.
Related terms
- QBO (QuickBooks Web Connect)
QuickBooks' OFX-based file format for importing bank and credit card transactions.
- QFX (Quicken Financial Exchange)
Quicken's branded variant of OFX used for Web Connect downloads.
- QIF (Quicken Interchange Format)
An older plain-text format for financial transactions, still supported by some desktop finance tools.
- FITID
The unique transaction identifier inside OFX, QFX and QBO files used to prevent duplicate imports.
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