Import an OFX file into FreeAgent

Use the Transactions app to convert your transaction files to required by your accounting software file format.

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

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.  

Click 'Select a file'. 

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

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

Click 'Upload Statement'. 

The statement with 4 new and 0 existing transactions was uploaded successfully. 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.  

Select a 'Category'. 

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