Lion Compatible Quicken Mac 2007 Unable to Import QIF

From QIF option may be grayed out when you attempt to use File > Import to get data into Lion Compatible Quicken Mac 2007.   Or you can select File > Import > From QIF, but the QIF you want to select is grayed out and cannot be chosen. 

There are certain conditions that must be met before attempting to import a QIF

1. You must be on the latest edition of Lion Compatible Quicken Mac 2007.  Choose Quicken menu > Check for Updates.
2. There must be a Quicken Data File Mac (QDFM) file open in Lion Compatible Quicken Mac 2007 for the data to be imported.  If there is no open file, the From QIF (and other Import options) will be grayed out and cannot be selected.  To confirm that a QDFM is opened prior to attempting to import a QIF, open the Accounts List (Command + A), which can be blank, but will display the file name across the top of the list.
3. The QIF file itself will be grayed out if the selection made in the File > Import menu is From Web Connect, rather than From QIF. Web Connect files will have a QFX extension, rather than QIF, and if the mouse slips to Web Connect when making the Import From selection, the QIF file will not be a usable option. To confirm the correct import selection has been made, look at the Browse window just above the file names to confirm that it does not say "Please select a Web Connect file to import."