Import a CSV file as OFX into FreeAgent - ProperSoft

Import a CSV file as OFX into FreeAgent

This tutorial shows how to import a CSV file with transactions into Online Accounting system - FreeAgent.

Let's say you have a CSV file, created manually, you've just typed in Excel and save as CSV or you download from your Bank, or you use some converter, let's say PDF2CSV converter and you convert your PDF bank or credit card statement to CSV file. And now you want to import a CSV file into FreeAgent, you don't want to type those transactions from PDF file, you want to type them into FreeAgent. And you would use the converter, to convert PDF to CSV, then you just upload CSV into FreeAgent. So, let's try to do that. First, click on 'Banking'.

Import CSV as OFX into FreeAgent Step 1: click Banking

Then we have to click 'Upload a bank statement'.

Import CSV as OFX into FreeAgent Step 2: click Upload a bank statement

FreeAgent supports OFX, QIF, CSV formats.

Import CSV as OFX into FreeAgent Step 3: freeagent supports

Click 'Select a file'.

Import CSV as OFX into FreeAgent Step 4: select a file

Look for a sample.csv file.

Import CSV as OFX into FreeAgent Step 5: sample csv

Now you have to select which account you want to upload to. In our case, we have 'Business Checking Account'.

Import CSV as OFX into FreeAgent Step 6: select account

We can check 'Guess explanations for my bank transactions'. In all accounting systems, when you are importing the transactions, you have to know the system what it is, for what expense account, for which Vendor, for which Payee in your accounting system, in your terms. And the file you upload not always following your accounting settings, your accounting Vendor names, your expense accounts. So, the FreeAgent calls the process "Explaining". Quickbooks Online calls the process "Matching". You could tell the system to guess, if it is like Home Depot or Shell, that this is a certain Vendor. Better to use this function 'Guess explanations for my bank transactions' later, once you have a couple of statements imported and categorized.

Import CSV as OFX into FreeAgent Step 7: Guess explanations for my bank transactions

Then we click 'Upload Statement'.

Import CSV as OFX into FreeAgent Step 8: Upload Statement

But there is a problem with our file upload, the CSV file is not supported. Let's learn more about it.

Import CSV as OFX into FreeAgent Step 9: problem with Upload Statement

FreeAgent says, that you have to have three columns: column A - date must be in a certain way only, column B - must be the Amount, column C - must be the Description. They should haven't included a header column.

Import CSV as OFX into FreeAgent Step 10: columns

This is our CSV file. We do have three columns, but there is a header.

Import CSV as OFX into FreeAgent Step 11: csv file

Let's remove the header. Your CSV file may have more columns. CSV file is called free form format, it means, that number of columns could be any, the order of columns could be any and there is also the determined format, let's say OFX format or QIF format. So, when you import those formats, usually accounting system doesn't provide you any mapping, or any options, because it is already determined: where is the Date, where is the Payee, where is the Amount. And for CSV it is not determined. So, let's say, with Quickbooks Online, they allow you to select certain columns, when you import a CSV file. Bur with FreeAgent, they don't allow you, they just say, that you have to follow.

Import CSV as OFX into FreeAgent Step 12: remove the header

Let's try to follow again. Select a CSV file, just edited, it has three columns, as they ask. And then click 'Upload Statement'. It still does not upload. If you have the CSV file, that was created by the certain way, but is not supported by the accounting system, use ProperSoft converter, let's say CSV2OFX to convert from free form format to determined format.

Import CSV as OFX into FreeAgent Step 13: upload a statement second step

Open a CSV2OFX converter and select a CSV file, which we just have a try to import.

Import CSV as OFX into FreeAgent Step 14: csv2ofx

Review the file, review the transactions, Dates, Amount.

Import CSV as OFX into FreeAgent Step 15: Review transactions

Click the 'Convert' button.

Import CSV as OFX into FreeAgent Step 16: convert

Create an OFX file.

Import CSV as OFX into FreeAgent Step 17: Create an OFX file

Now, go back to FreeAgent, select an OFX file, which is just created. Then click 'Upload Statement'.

Import CSV as OFX into FreeAgent Step 18: select ofx file

And now it works! Because OFX is determined format, but there is no issue for the FreeAgent - to parse that file before it gets everything in an expected way, like a CSV file. Click 'Review your transactions'.

Import CSV as OFX into FreeAgent Step 19: click Review your transactions

We have four successfully uploaded transactions. We just have to explain each transaction in the accounting system. A CSV file has just the Description, it doesn't have anything else, but it has the Date, the Amount and the Description. You have to explain what it is.

Import CSV as OFX into FreeAgent Step 20: statement with 4 new transactions

Select a 'Category', change the 'Description' (find the document, when it was purchased and enter what it is).

Import CSV as OFX into FreeAgent Step 21: select category

And then click 'Explain Transaction'.

Import CSV as OFX into FreeAgent Step 22: explain transaction

So, now 'Office Costs' is an explained transaction. Continue for all transactions.

Import CSV as OFX into FreeAgent Step 23: explained transaction

If you realize, that this file was not imported correctly or something wrong with this file, or deposits were converted as expenses and you have to reverse that and convert again. So, FreeAgent has a useful function, as 'Undo Last Upload', click it.

Import CSV as OFX into FreeAgent Step 24: Undo Last Upload

Whatever you imported last time, click 'Delete these transactions'.

Import CSV as OFX into FreeAgent Step 25: Delete these transactions

So, four bank transactions are deleted.

Summary, we try to import a CSV file, it was not successful. We try to follow the requirements for the layout, it was not useful. And we quickly used ProperSoft converter to convert to a determined format, which is OFX format. And we successfully upload that file, as OFX format. You can check other tutorials for QIF, OFX, QBO, QFX import. All those determined formats, FreeAgent upload successfully, unlike CSV format.

Import CSV as OFX into FreeAgent Step 26: 4 Deleted transactions

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