What is OFX?

OFX, as a software tool, is a money transfer service that facilitates the sending and receiving of funds for both businesses and individuals. This service is particularly notable for being FinCEN regulated and listed on the ASX. With over 20 years of experience in the industry, OFX has refined its capabilities to offer transfers to more than 170 countries worldwide. As a Money Service Business at the federal level, and a licensed money transmitter in most states, OFX ensures the security and monitoring of transactions with advanced technology and a specialized Financial Investigation department.

In addition to its transfer services, OFX stands out for providing various tools to help users stay informed about currency markets. These tools include a currency outlook tool, historical rates tool, rate alerts, and a risk calculator. Customers can make transfers using Direct Debit or wire transfers and have the ability to track their transfers through multiple channels, including email, SMS, and the OFX website or app. The use of SSL and multi-factor authentication further underlines OFX's commitment to protecting personal data and account information.

As a type of data, OFX represents Open Financial Exchange, a data-stream format used for the exchange of financial information. This format is the result of the evolution from earlier formats developed by Microsoft and Intuit and is key in allowing for bank- and application-specific extensions. OFX and its proprietary variant, QFX, are integral to Intuit's products, facilitating the transfer of financial data through Web Connect and Direct Connect features.

OFX Plugins for Excel

Creation of OFX, QFX, and QBO Files

The OFX plugin for Excel is designed to create OFX, QFX, and QBO files. This functionality is essential for users who need to exchange financial information between Excel and various financial applications that support these file formats.

Importing Data into Financial Applications

Users can leverage the OFX plugin for Excel to import their financial data into QuickBooks, Quicken, and other applications that support OFX standard. The plugin simplifies the process of data transfer from Excel to these financial management tools.

Support for Multiple Account Types

The plugin offers support for different types of financial accounts, including checking, credit card, savings, and stock/investment accounts. This versatility ensures that users can manage various financial account data through Excel.

Creating OFX Files Using Excel

With the OFX plugin for Excel, users can create OFX files directly from within Excel. This feature harnesses the familiar interface and powerful data manipulation capabilities of Excel to streamline the financial data preparation process.

Common Use Cases

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  Converting XLS and XLSX spreadsheets to OFX format for financial record-keeping
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  Importing transaction data into QuickBooks or Quicken for easy bank reconciliation
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  Editing financial data in Excel and creating OFX files for QuickBooks, Quicken, and other OFX compatible applications
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  Performing mass imports, exports, updates, data cleansing, and de-duplication of financial data within Excel
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  Analyzing financial data using Excel features like Charts and Pivot Tables and exporting the information to OFX-compatible software

Frequently Asked Questions

What file types can the OFX plugin for Excel convert worksheets into?

The OFX plugin for Excel can convert Excel worksheets into QBO, OFX, or QFX files.

Can I use the OFX plugin to import data into financial software?

Yes, the OFX plugin allows for data import into QuickBooks, Quicken, or other OFX compatible applications.

How does the OFX plugin simplify the process of importing and exporting data?

Importing and exporting data with the OFX plugin requires few clicks and does not require manual data entry.

Is there a trial version of the OFX plugin available, and what does it offer?

Yes, there is a free trial of the plugin available which allows for the creation of up to 100 individual transactions.

What are the steps to install the OFX plugin in Excel?

To install the OFX plugin, install the Add-In, log in with user credentials, and select the desired tables to populate an Excel sheet with live data.