Import a QFX file into FreeAgent - ProperSoft

Import a QFX file into FreeAgent

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

Import QFX into FreeAgent Step 1: click Banking

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

Import QFX into FreeAgent Step 2: 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.

Import QFX into FreeAgent Step 3: freeagent supports

Click 'Select a file'.

Import QFX into FreeAgent Step 4: select a file

Look for a sample.qfx file.

Import QFX into FreeAgent Step 5: sample qfx

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.

Import QFX into FreeAgent Step 6: select account

Click 'Upload Statement'.

Import QFX into FreeAgent Step 7: Upload Statement

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

Import QFX into FreeAgent Step 8: 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.

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

Select a 'Category'.

Import QFX into FreeAgent Step 10: select category

Then change the 'Description', if needed and click 'Explain Transaction'.

Import QFX into FreeAgent Step 11: 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.

Import QFX into FreeAgent Step 12: categorized transaction

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.

Import QFX into FreeAgent Step 13: Undo Last Upload

Even if you explained some transactions, you can still delete them. Click 'Delete these transactions'.

Import QFX into FreeAgent Step 14: 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.

Import QFX into FreeAgent Step 15: 4 Deleted transactions

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