When dealing with real bank accounts it is often much faster to download the transactions from your online banking and import them into MoneyWiz. This can save you a great deal of time especially if you are not entering your transactions on a daily basis, but you prefer to update your finances less often.
MoneyWiz allows you to import bank statements in the three most popular formats OFX (Open Financial Exchange), QIF (Quicken Interchange Format) and CSV (comma-separated values). It is very likely that your online banking will allow export in at least one of these formats.
The import of a bank statement consists of the following steps:
- Export your bank statement from your online banking.
- Import the file in MoneyWiz.
- Import the information from this file into MoneyWiz.
All of these steps will be explained in details later in this guide.
Exporting bank statement
Each bank’s online banking system handles this situation differently, but the following practices apply to most of the cases:
- You will need to login into your online banking with your own username, password and other forms of identification which your bank requires.
- When you see your bank statement, there should be an export button, in most of the cases it is located below the bank statement itself, and in other cases you will find it in the left side menu.
- When you click on this button, it is highly probable that you will be provided with several choices – you will need to select the format of your bank statement. If OFX option is available, please use this one. If OFX option is not available, but QIF or CSV options are, please use one of them.
- If none of these options is available, you may need to contact your bank account manager and ask if at least one of these options is available. It is also likely that your account manager can give you instructions how to export bank statements.
Please note that some online banking systems allow you to download exported files on mobile devices as well. However, if this option is not available for your bank, download the exported file using a desktop computer.
Importing bank statement
Please note that prior to importing the bank file in MoneyWiz you need to have all accounts already created in MoneyWiz (for example, if you are importing your Savings and Credit card accounts those should be already created in MoneyWiz). In order to achieve correct closing balances, your Account Opening Balance in MoneyWiz needs to be as it was before the first transaction you're about to import for that particular account. If the file you're about to import includes opening balance transactions, create your accounts with 0 Opening Balance.
If you are not sure about this - do not worry as you can modify the Opening balance of your account in MoneyWiz at any time. Just bear in mind that this might be the reason why closing balances of your accounts after import appear incorrect.
Mac and Windows
Once you have your bank statement file in OFX, QIF or CSV format you can import it into MoneyWiz for Mac in any of the following ways:
- Double-click on your file. Or you can also right-click on the file name or icon and select Open with MoneyWiz.
- Click on the File menu of MoneyWiz and select the Import option, then specify the location and the name of the file.
- If MoneyWiz is open – drag & drop the file onto the MoneyWiz interface.
- Drag & drop the file on the MoneyWiz icon (if you keep it in the Dock).
iPhone & iPad
Once you have your bank statement file in OFX, QIF or CSV format you can import it into MoneyWiz for iPhone if you e-mail the file to yourself or use any file sharing service (Dropbox, Google Drive, etc).
Locate the file within your email or file sharing app. Tap the Document sharing button or tap and hold on the app itself. You should see something like this:
Tap the Open in... button and you should see applications that can work with this file format. MoneyWiz is registered to work with OFX, QFX, QIF, CSV, TXT and SWI formats, so it should be one of these applications.
Once the bank statement file is loaded, you’d need to configure how the data will be imported. There is an Import Wizard which will guide you throughout this process. The data import consists of several phases:
- Link accounts
- Link payees
- Link categories
With each phase you instruct MoneyWiz how to read your bank statement file and therefore how to import the data correctly.
Normally when you export a bank statement file from your online banking, this file contains data related to only one account. Some banking institutions though can export the data for all of your accounts at once. If you have exported the file from another financial software it is normal to have more than one account.
Prior to the data import process you will need to have all of your accounts set up and ready to use in MoneyWiz. If unsure how to set up accounts, please refer to the Manage Accounts guide.
Note that Current Balance field when creating an account. This should be the amount of money as it was on the date of the first transaction you’ll import. For example, if today is 1 May but you intend to enter the transactions starting from 1 January, then you need to find out the balance as it was on 1 January.
During this phase the Wizard will show you all accounts which were found in the bank statement file. They will be shown with the name they appear in the file. To link those accounts with your MoneyWiz accounts you need to click on the buttons on the right and select how you would like to link them. Once you link these accounts, the next time you import a file which contains information for some or all of them, by default MoneyWiz will have them pre-selected the same way you configured the last time.
In some cases, especially if you export from your online banking, the information about which one is this account is not included. If that is the case MoneyWiz will always ask you how to link the account.
In most cases bank statements contain the name of the payee and other information which describes the person or company which you were paid by or you paid to. You can link the payees found in the bank statement file to your MoneyWiz payees or you can create new payees. You can later edit newly created payees via Preferences (Mac OS) / Settings (iOS), then Payees.
Once you link these payees, the next time you import a file which contains information for some or all of them, by default MoneyWiz will have them pre-selected the same way you configured the last time. It will ask you how to link only for newly found payees.
If there are no payees found in the bank statement file, this phase will not appear.
It is rarely the case for banking institutions to include categorization in the exported bank statement file, but if you exported your data using a financial software it is very likely that categorization will be included. In that case you will be asked to link the categories found in the file you are importing to already existing categories in MoneyWiz. You will be given the option to create new categories as well.
Note that if you select the Create New Category option, the category will be created with a question ? mark icon. It may be worth going through all new categories to change their icons to something more meaningful.
Once you link these categories, the next time you import a file which contains information for some or all of them, by default MoneyWiz will have them pre-selected the same way you configured the last time. It will ask you how to link only for newly found categories.
If there is no categorization in the bank statement file, on this phase you will be asked to link the payees to your existing categories. This will help you have your transactions properly categorized right after you import them.
You can select a proper category for all payees found in the file you are importing or you can leave them Not Linked. If you select the latest, the imported transactions will not be categorized.
These links are also saved so the next time you import a bank statement, the app will automatically suggest you to use the same categorization.
Select Date Format
On occasions when importing a QIF or a CSV file it is possible that MoneyWiz is unable to recognize the format of the dates. This would not happen with OFX files, but it is common practice to use various date formats in QIF or CSV file. If that happens, MoneyWiz will present to you a small number of transaction and will ask you to determine what the correct format should be.
MoneyWiz checks all transactions you wish to import against already existing transactions and in case it finds possible duplicates it will ask you what to do. This can happen for a number of reasons, for example:
- you are trying to import the same bank statement file for the second time or
- you have imported all transactions for September and you are trying to import a bank statement which includes transaction from 25 Sep to 25 Oct for example. In this case transactions that appear between 25 and 30 Sep can be duplicated or you can skip them or
- you are importing the two accounts which participate in the same transfer transaction.
These phases will not appear if MoneyWiz can recognize the format of the dates and there are no duplicate transactions. After you set everything MoneyWiz will start importing all transactions that are listed in the file you selected for import.
Match CSV Fields
When importing a CSV file, MoneyWiz will also ask you to determine how the fields in the CSV file would relate to the transaction properties in MoneyWiz. You should be careful with that part as many banks would export all kinds of information like codes you don’t use, or numbers that have no meaning for you. In any case you should not link those, but make sure you have mapped at least the Date, the Amount and the Payee or Description.
Import from specific products
If you are using some other finance software, and want to know how to quickly and painlessly move to MoneyWiz, you’re in the right place. We’ve prepared guides that explain how to move your data to MoneyWiz from each of the following: