Import a QBO file into FreeAgent - ProperSoft

Import a QBO file into FreeAgent

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

You could get that QBO file from your Online Banking or you could create it, using ProperSoft converter, let's say you have a PDF file and you convert to QBO, using PDF2QBO converter. And now you want to upload it into FreeAgent, instead of typing your data. So, let's try to do that. First, you need to login into FreeAgent. Then click on 'Banking'.

Import QBO into FreeAgent Step 1: click Banking

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

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

FreeAgent supports OFX (QBO files are extended OFX files, so if FreeAgent supports OFX, it supposes to support QBO, as well), QIF, CSV formats.

Import QBO into FreeAgent Step 3: freeagent supports

Click 'Select a file'.

Import QBO into FreeAgent Step 4: select a file

Look for a sample.qbo file.

Import QBO into FreeAgent Step 5: sample qbo

Now you have to select which account you want to upload to. In our case, we have 'Business Checking Account'. We can click 'Guess explanations for my bank transactions', but we will use it next time, once we imported one of two statements and categorize some Payees.

Import QBO into FreeAgent Step 6: select account

Click 'Upload Statement'.

Import QBO into FreeAgent Step 7: Upload Statement

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

Import QBO into FreeAgent Step 8: click Review your transactions

As with any Online accounting system (for example, Quickbooks Online, FreeAgent), you have on your QBO file the Payee names in a certain way, your Bank provides this way or you have this converted from the file. Those Payee names may not match what you have in your accounting system and for sure there are no categories, provided on the OFX file or QBO file because of those transactions from your Bank (Bank doesn't know about your accounting system, how you categorize Home Depot or whatever, that Vendor is). This is your part because only you know what was spent on. The accounting system can help you later to automate this process, but first, you have to categorize the transactions. So, look for this expense transaction. Click on the transaction. FreeAgent calls it "Explain", Quickbooks calls it "Matched". And different accounting systems have different names for this process of categorizing.

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

Select a 'Category'.

Import QBO into FreeAgent Step 10: select category

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

Import QBO into FreeAgent Step 11: explain transaction

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

Import QBO into FreeAgent Step 12: categorized transaction

Let's say you realize, that you did many typos or this is the incorrect imported file, so FreeAgent has a good function, as 'Undo Last Upload', click it.

Import QBO into FreeAgent Step 13: Undo Last Upload

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

Import QBO into FreeAgent Step 14: Delete these transactions

So, four bank transactions are deleted. It is very important when you are starting or making some conversions, let's say you are using the converter from one format to another and you realized, that imported something wrong, some fields are not as they should be and then you could do undo easily with this accounting system.

Import QBO into FreeAgent Step 15: 4 Deleted transactions

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