CSV: flexible but strict
CSV is universal and easy to inspect, but every accounting platform expects a specific column order and date format.
Use CSV when you need manual mapping, custom cleanup, or spreadsheet review before import.
OFX/QBO: better for QuickBooks workflows
OFX and QBO carry transaction type, posted date, amount, name, and identifiers in a structure QuickBooks understands.
When the source statement was parsed correctly, QBO usually reduces manual column mapping compared with CSV.
A practical choice rule
Use Excel for review, CSV for flexible system import, and QBO/OFX for QuickBooks-ready workflows.
The safest architecture is to parse once into a canonical statement model, then render the output format from that model.
FAQ
Does Xero use QBO files?
Xero typically uses CSV or OFX-style bank statement imports depending on the workflow. Check the import template before uploading.
Can one parsed statement export to every format?
Yes, if the parser produces a clean canonical model. CSV, Excel, QBO, OFX, and Xero-specific exports should be renderers, not separate parsers.