It won’t work. Import of BILLPMT transactions broke in QB 2006 and Intuit has never fixed it.
Instead, import these as CHECK type transactions, which have the same accounting impact.
Resolution for 'accounting impact issue: 'Billpayment import iif' available: Yes.
The accounting impact issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the accounting impact issue yourself by looking for a resolution described in the article. If it is a complex accounting impact issue or you are unable to solve the issue, you may contact us by clicking here or by using other accounting impact support options.
For more information about resolving issues related to accounting impact in Quickbooks/QBO or to get support for the issue 'Billpayment import iif', click the link below: