GnuCash can import transactions from bank downloads in OFX, QFX, QIF, and CSV formats. OFX/QFX is the most reliable format because it includes structured metadata (dates, payees, amounts, transaction IDs) that GnuCash can parse unambiguously.
Steps
- Download a transaction file from the bank’s website. Prefer OFX or QFX format if available.
- In GnuCash, go to File > Import > Import OFX/QFX (or the appropriate format).
- GnuCash’s import matcher shows each imported transaction alongside potential matches in existing records. It uses transaction IDs and dates to detect duplicates.
- For each transaction, choose: match to an existing transaction (if it’s a duplicate), add as new, or skip.
- Assign destination accounts for new transactions. GnuCash learns from previous assignments and will suggest accounts based on payee names (Bayesian matching).
The Bayesian matching improves over time — the more transactions you categorize, the better the suggestions become.