If you are struggling to import your banking “Import American Express transactions within QuickBooks” with the help of the OFX file.
What is an Open Financial Exchange (OFX) File
The open financial exchange is a document format wherein you can safely and securely share your business data with other applications. Thus if you are looking to share your financials with your QuickBooks account then you can do the same with the help of the OFX file format.
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The process of using OFX files is simple, just log into your banking account through their website. Download all the data that you are looking to analyze in the OFX format and upload the same within QuickBooks or any other accounting software you are using.
How to Import American Express Transactions within QuickBooks
An OFX file is an Open Financial Exchange file. Using OFX file financial can be shared with multiple applications, such as Intuit’s QuickBooks. Users can also use OFX files for tracking expense reporting with credit cards. if you download any banking data such as checking and saving data it will be downloaded in the OFX format. You can also easily Import American Express transactions within QuickBooks help of OFX files to the bookkeeping application.
- First of all Open the QuickBooks application.
- Locate and click the “Import Credit Card/Bank Account” option available on the dashboard.
- You can see the “Upload” window arising.
- Now, you need to click the “American Express” option available in the segment “Choose Your Bank.”
- To upload click the “Upload” button and after clicking selection box opens to select the file.
- Select and click the American Express OFX file to proceed upload process.
- Click the “Upload” button and after clicking on upload you can preview the American Express OFX file.
- Finally check the data and click “Add Expenses” button. Your OFX file is now imported into the QuickBooks application successfully.
How to Upload your Open Financial Exchange (OFX) in QuickBooks?
- You would need to start the process by logging into your accounting software.
- Navigate to your QuickBooks company file and from the top navigation bar click on the Bank Accounts tab. If you don’t see the options then look out for the option where it says “Import from the credit card.”
- Now, this will open up a separate window wherein you will need to upload your American Express transaction file.
- Before uploading your file, you would need to select your Bank. Click on it and choose American Express from the options provided.
- In order to upload the file, click on the upload button provided.
- Now steer through the path where the OFX American Express file is located. Select the file and make an upload.
Why it is Important you Analyze your Financial Data?
By tracking all your financials, you can get a true picture of all your liabilities. It is only after tracking these financials you can plan out your budget and can keep both the expenses and the liabilities at the minimum. You can even track down all your purchases and from the next month onward you can plan out accordingly. With the help of imported data, you can reconcile your transactions with the bank. Thus the verification can be done easily and the loopholes can be tracked down more conveniently.
I hope the above mention information will help you to Import American Express transactions within QuickBooks. If you are not able to import the list and facing any issues in financial exchange then call our QuickBooks Experts Consultant.