Open Financial Exchange (OFX) is a unified specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the Internet.

With Xboss, you can download an OFX file from your bank or accounting software and import it directly in your Xboss instance. This will create all bank statements. 

Configuration

In order to import OFX statements, you need to activate the feature in Xboss. In the Accounting application, go to the menu Configuration ‣ Settings. From the accounting settings, check the bank statements option Import in .OFX Format and apply.

Once you have installed this feature, you can setup your bank account to allow importing bank statement files. To do this, go to the accounting Dashboard, and click on the More button of the bank account. Then, click on Import Statement to load your first OFX file.

Load your OFX file in the following screen and click Import to create all your bank statements.

If the file is successfully loaded, you will get redirected to the bank reconciliation screen with all the transactions to reconcile.

Importing OFX files

After having imported your first file, the Xboss accounting dashboard will automatically propose you to import more files for your bank. For the next import, you don't need to go to the More menu anymore, you can directly click on the link Import Statement.

Every time you get a statement related to a new customer / supplier, Xboss will ask you to select the right contact to reconcile the transaction. Xboss learns from that operation and will automatically complete the next payments you get or do to these contacts. This will speed up a lot the reconciliation process.