Import an OFX file into FreeAgent - ProperSoft

Import an OFX file into FreeAgent

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

First, you need to login in FreeAgent. Then click on 'Banking'.

Import OFX into FreeAgent Step 1: click Banking

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

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

FreeAgent supports OFX, QIF, CSV formats.

Import OFX into FreeAgent Step 3: freeagent supports

Click 'Select a file'.

Import OFX into FreeAgent Step 4: select a file

Look for a sample.ofx file. You could get this file from your Online Banking or you could create it, using ProperSoft converter from another format, like PDF format.

Import OFX into FreeAgent Step 5: sample ofx

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

Import OFX into FreeAgent Step 6: select account

Click 'Upload Statement'.

Import OFX into FreeAgent Step 7: Upload Statement

The statement with 4 new and 0 existing transactions was uploaded successfully. Click 'Review your transactions'.

Import OFX into FreeAgent Step 8: click Review your transactions

OFX, QIF or CSV files must have the Payee names, as with any Online accounting system. It's not necessarily exactly the same, as in your accounting system or even if don't have any names, like Payment. You have to categorize or match that specific transaction to Vendor, expense/income account. We have four transactions, there is the Date, there is no Payee. Click on the transaction.

Import OFX into FreeAgent Step 9: statement with 4 new transactions

Select a 'Category'.

Import OFX into FreeAgent Step 10: select category

Then change the 'Description' to something that means in your accounting system and click 'Explain Transaction'.

Import OFX into FreeAgent Step 11: explain transaction

So, now 'Office Costs' is an explained transaction. Continue for all transactions. When you start working with your transactions, the system can guess next time, when you import an OFX file, because you already match certain descriptions to certain Vendors or certain Payees. So you can guess next time.

Import OFX into FreeAgent Step 12: categorized transaction

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