Import bank transactions into FreeAgent (OFX, QIF, CSV)

FreeAgent imports bank statements in OFX, QIF and CSV format through Banking > Upload a bank statement. OFX gives the best results; QFX and QBO files also work. If your CSV, PDF, QIF or other file does not upload, convert it to OFX with ProperConvert and upload the OFX file.

File formats FreeAgent imports

• OFX works best. You can get it from your online banking or create it with ProperConvert.
• QFX and QBO are OFX with extra details that FreeAgent ignores. If one does not import, convert it to a standard OFX file.
• QIF differs from OFX. Watch the date format (MM/DD/YYYY vs DD/MM/YYYY) and the decimal separator (dot vs comma). Amounts must not use a thousands separator. If a QIF file does not work, convert it to OFX.
• CSV must follow a fixed layout (see below), and often fails.

Why a CSV file does not upload

CSV is a free-form format: any number of columns, in any order. OFX and QIF are fixed formats, where the date, payee and amount are always in known places. Some systems, such as QuickBooks Online, let you map CSV columns on import. FreeAgent does not: the file must follow its layout exactly.

• Column A: the date, in the one format FreeAgent accepts.
• Column B: the amount.
• Column C: the description.
• No header row.

In our test, a file trimmed to these three columns, with the header removed, was still refused. The same transactions converted from CSV to OFX uploaded at once. See convert CSV to OFX and mapping CSV files.

How to import an OFX file into FreeAgent

1. Log in to FreeAgent.
2. Click Banking.
3. Click Upload a bank statement.
4. Click Select a file and select the OFX file.
5. Select the account to upload to, for example "Business Checking Account".
6. Optionally check "Guess explanations for my bank transactions". It works better once you have imported and categorized a few statements.
7. Click Upload Statement.
8. When the statement is imported, click Review your transactions.

Explain the imported transactions

FreeAgent calls categorizing "explaining" (QuickBooks Online calls it "matching"). The file carries the date, amount and description, but your bank does not know your vendors or expense accounts. For each transaction:

1. Select a Category.
2. Change the Description to something meaningful in your books.
3. Click Explain Transaction.

The file should include payee names, but they do not have to match your records exactly; even a generic name like "Payment" works. Once you have explained some transactions, FreeAgent can guess categories on the next OFX import.

Import a PDF file into FreeAgent

Convert the PDF statement to OFX with ProperConvert first, then upload the OFX file. ProperConvert extracts the date, amount, description and check number from bank and credit card PDF statements. It builds the payee name from the description by removing noise such as dates and numbers. Use the renaming feature to match payee names to your vendor names in FreeAgent. See convert PDF to OFX.

Undo an upload

If a file was imported incorrectly, for example deposits came in as expenses, click Undo Last Upload, then Delete these transactions. FreeAgent removes everything from the last upload, and you can convert the file again and re-upload it.