Settings to create OFX files

This tutorial explains the output OFX format options.

If you need to create an OFX format from a transaction file in another format like CSV or PDF, use the ProperConvert app.

To convert to OFX, look for the QBO/QFX/OFX tab on the right sidebar and set the file type to "OFX".

And when you create the OFX file - all this transaction data will be saved in the OFX file, but there are also different attributes related to the whole OFX file, that can be set here.

The first one is the Account ID. If you convert the file for multiple accounts (you will see several accounts here, you can set all of them), the Account ID is a digits-only number. When you convert it for one account and then you need to convert for another account, make sure to change the Account ID to be different. Different software treats this Account ID in the OFX file differently. Some software, like Sage, requires an exact Account ID to be set and some other software remembers your choices for that specific Account ID, remember which account in the accounting software, which of account you choose to import your data. Some make a hard connection, some make a soft connection. So, it's better to use different Account IDs, when the files are meant for different accounts.

Another important thing is the Account Type. Make sure, to set the Account Type to match, what you have in your accounting software.

The next thing is Currency. Currency - you can set it here and it has to match in your accounting software if your accounting software checks that Currency.

Bank ID, Branch ID - some software, like Sage, requires this to be set, exactly as you have. The Balance - some software requires, you can set it, if the Balance is provided in the source file, then it will be set or you can set it yourself.

Usually, you will not use the 'Deterministic references', you will set a 'Regenerate references', you will 'Allow non-numeric checks' if your software allows. You will not 'Allow empty name', and you will 'Separate Splits' if any. So, this is the default set of settings and advanced topics for the separate video.

OFX files will have Date, Amount, Payee, Memo, Check number, Reference.

There are several different Targets, as you see there are few different specific settings for the OFX file. Make sure to select your accounting software to match this setting here. OFX file is compatible with your software and plus it puts additional details, that would be useful to you, let's say when you select Xero - it would add the reference, but when you select a format, like Quickbooks Online, it will not put that reference, because it breaks the file.