Both formats have limitations – read below to choose the most suitable format for you.
QBO and IIF formats are different: QBO (Web Connect) is to import bank transactions, and IIF is more ‘low level’ import allowing to create of various transactions between QuickBooks accounts.
Import bank transactions and credit card transactions into Intuit QuickBooks 2019-2022 and Quickbooks Online through the QBO format or the IIF format (all QuickBooks Desktop versions are supported). See below options and Desktop and Online versions. The QBO format applies to bank files and credit card files. Both variants import the QBO format as a common format, and each of them imports its set of formats. QuickBooks accounting software is offered as QuickBooks Desktop (QBD) or QuickBooks Online. Convert transactions to a format importable by QuickBooks.Convert transactions to a format importable by QuickBooks
