Clear Transactions Electronically

Use a .qif, .ofx, .qbo, bai.txt, or .qfx file from your bank to match and clear transactions in your register electronically. After you complete the process, matching transactions have a Cleared status and transactions that don't match display as exceptions on the Clear Transactions Electronically report. Use the report to identify, match, and clear unmatched transactions. You can then reconcile the bank account. For more details, see Finalize Reconciliation.

Note: Use this process to clear transactions if you're not using Yodlee to clear them in bank feeds. If you're using Yodlee, a third-party financial aggregator, review Match and Clear Transactions to match and clear transactions.

  1. From the bank account record, under Register, select Clear electronically.

  2. Upload the .qif, .ofx, .qbo, bai.txt, or .qfx file from your bank.

  3. Under Set cleared date, select whether you want to use a date from the bank file for the clear date or you can specify the date.

  4. Select Clear transactions. The process begins to import the transactions and attempts to match them with transactions in the register in Financial Edge NXT.

  5. After the process completes, select the notification in the top right corner to review the Clear Transactions Electronically report displays with these important details.

    • Number of matches — Number of matched transactions with a Cleared status.

    • Total of matches — Total amount of Cleared transactions.

    • Number of exceptions — Number of unmatched transactions.

    • Total of exceptions — Total amount of unmatched transactions.

  6. Use the report to identify, match, and clear unmatched transactions. You can then reconcile the bank account. For more details, see Finalize Reconciliation.

Tip: To view details about previous clearing imports, such as the last run date, number of exceptions, and the bank file name, under Register, select Clearing history.