Home > Uncategorized > Westpac OFX/QIF export to MS Money a joke

Westpac OFX/QIF export to MS Money a joke

Having moved to Australia and opened Westpac accounts, I thought it was time I tried importing my statement data into MS Money 2005. Yes, it’s old, and even Nationwide UK have stopped supporting it, and whenever I break both my legs in a freak snowboarding accident, I’ll have the time at home to get round to finding a new program. In the meantime, Nationwide works fine (although now via MT2OFX), Amex works great! (single download for multiple accounts direct to OFX, auto-identifies each account, everything just works)… and it’s time to add Westpac to the mix.

Which turns out to be a pain.

Westpac do have a specific ‘export’ tab, and it has multiple formats listed. But both QIF and OFX, and any others that I can see for that matter, simply put all the details of the transaction into the Memo field. That’s native to the exported data itself – nothing to do with MS Money. So, there’s no Name for the transaction whatsoever, and thus little for Money’s automatic handling of future transactions (based on the Name) to go on.

Here’s the OFX (which is an XML-based format):

<STMTTRN><TRNTYPE>POS<DTPOSTED>20110317000000<TRNAMT>-5.50<FITID>201103170003<MEMO>WITHDRAWAL BY EFTPOS 0022202 STARBUCKS TRANSPORT HOUSE SYDNEY NS 16/03

As you can see, all the detail is in one Memo field: no Name field at all. Painful.

So – Westpac. #fail on you. I know MS Money is outdated, but it seems this would be true for any financial app – you just drop everything in one field, and probably hope that the application will be able to figure things out for itself.

 

 

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Categories: Uncategorized
  1. Thomas Scott
    February 19, 2012 at 10:40 pm

    Totally agree, I use iBank on a mac and have exactly the same problem. I also have a citibank credit card and QIF files downloaded from their site imports perfectly.

  2. Peter Davies
    December 5, 2015 at 4:44 am

    Westpac QIF will export payee names into the memo field of MS money sunset version. It may also happen with other programmes.

    A way of getting around this is

    1. Export as ”QIF abbreviated” not as “QIF”.

    2. The bank’s version of the name will appear in the payee field. If the banks name has been used before as a payee then the category will also be remembered in MS money and it will be shown. Likewise a previous memo for the payee will display. If the memo is cleared it will not reappear.

    If the above is all that is needed and the banks names are acceptable then that is all one needs.

    However MS Money will do other things. For example you can set rules for the payee names so that the banks names will be associated with your version of the name.
    There are probably many payee names already with their normal expense categories and sub categories remembered. Rather than manually setting a rule for the banks version of each name it can happen semi automatically.

    I go further and tidy it up to suit my needs with a few simple steps after downloading

    1. Instead of accepting banks payee name click the drop down and replace it with the preferred name. This automatically creates a rule for the next time and the preferred name will be displayed from then on.

    2. Check and reset the category and sub category if needed.

    3. If the payee has been used before then the memo field could have the previous memo i.e. The banks name as from previous downloads under the QIF system. Clear the memo field and it shouldn’t appear again.

    After awhile as the names are remembered these steps will be needed less and less.

    Peter Davies , Melbourne. Vic.

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