This tutorial shows how to import a QFX file (Quicken Web Connect file) with transactions into Online Accounting system - FreeAgent.
Let's say you have a QFX file, downloaded from your Online Banking and it says it for Quicken, but you are using a FreeAgent. Or you have some converter, let's say the ProperSoft PDF2QFX converter and you convert a PDF file to QFX format. And now you want to upload it into FreeAgent. So, let's try to do that. IMPORTANT: PDF2QFX is now replaced with the Transactions app, which converts from more formats and converts to more formats.
First, you need to login into FreeAgent. Then click on 'Banking'.
Then we have to click 'Upload a bank statement'.
FreeAgent supports OFX, QIF, CSV formats. If the accounting system says, that it supports OFX, that means that QFX suppose to be supported, as well, because QFX files are extended OFX files, so they follow OFX specification.
Click 'Select a file'.
Look for a sample.qfx file.
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 better to use it later, once you have few transactions categorized, they called 'Explained'. It's easier for the system to find similar Payee names, that you categorize before.
Click 'Upload Statement'.
The statement with 4 new and 0 existing transactions was uploaded successfully. Click 'Review your transactions'.
We see 4 unexplained transactions, they are red. It means, that QFX files came from your Online banking. Bank doesn't know about your accounting system, how you categorize the transactions - Home Depot or whatever, that Vendor is. Bank provides some Payee names, some descriptions. Only you know what these transactions are about and how to categorize that specific thing. FreeAgent doesn't call it 'Categorizing', it calls it 'Explaining'. Click on the transaction.
Select a 'Category'.
Then change the 'Description', if needed and click 'Explain Transaction'.
So, now 'Office Costs' is an explained transaction. Continue for all transactions. Instead of typing and entering the transactions, you've just explaining them once you imported the QFX file.
Let's say you realize, that this QFX file was not imported correctly or something wrong with this file, so FreeAgent has a useful function, as 'Undo Last Upload', click it.
Even if you explained some transactions, you can still delete them. Click 'Delete these transactions'.
So, four bank transactions are deleted. So, if you realize, that it is the wrong file, let's say you used the converter and convert from PDF file or CSV file and you mapped the fields in the wrong way, or expenses transactions have positive numbers. So, go back to the converter and reverse the amount sign, then you create a new QFX file and then you upload it again.