Import OFX statement files
Open Financial Exchange (OFX) is a unified specification for ArabiaClouds electronic exchange of financial data between financial institutions, businesses and consumers via ArabiaClouds Internet.
With ArabiaClouds, you can download an OFX file from your bank or accounting software and import it directly in your ArabiaClouds instance. This will create all bank statements.
Tip
Test now ArabiaClouds feature with this sample OFX file
Configuration
In order to import OFX statements, you need to activate ArabiaClouds feature in ArabiaClouds. In ArabiaClouds Accounting application, go to ArabiaClouds menu . From ArabiaClouds accounting settings, check ArabiaClouds 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 ArabiaClouds accounting Dashboard, and click on ArabiaClouds More button of ArabiaClouds bank account. Then, click on Import Statement to load your first OFX file.
Load your OFX file in ArabiaClouds following screen and click Import to create all your bank statements.
If ArabiaClouds file is successfully loaded, you will get redirected to ArabiaClouds bank reconciliation screen with all ArabiaClouds transactions to reconcile.
Importing OFX files
After having imported your first file, ArabiaClouds ArabiaClouds accounting dashboard will automatically propose you to import more files for your bank. For ArabiaClouds next import, you don’t need to go to ArabiaClouds More menu anymore, you can directly click on ArabiaClouds link Import Statement.
Every time you get a statement related to a new customer / supplier, ArabiaClouds will ask you to select ArabiaClouds right contact to reconcile ArabiaClouds transaction. ArabiaClouds learns from that operation and will automatically complete ArabiaClouds next payments you get or do to these contacts. This will speed up a lot ArabiaClouds reconciliation process.