- Edit your bank account, and verify online services are not enabled.
- In an alternate browser window or tab (CTRL-T opens a new tab in most browsers), login to your bank's website and find where they allow you to download a QFX or OFX file (either will work). Sometimes they may call this a "Quicken" file. If you cannot find this within their online services, either contact your bank and ask how to download a QFX file or search their help files to determine how. Once you locate the area to download a QFX file, download it to your computer.
TIP: Ask Google by asking: How do I download a QFX file at XYZ Bank
- Return to Rentec. Go to the Accounts list, right-click on your account and choose Sync w/ Bank.
- Click the "Browse" or "Choose a File" button and select the QFX file you just downloaded from your bank. Then click "Upload Data".
- Move on to the next step: Matching Transactions
Once you have completed one of the connection steps above, you will be presented with the list of transactions downloaded from your bank within the left column. These transactions will consist of:
- Transaction date
- Transaction description
- Transaction amount
- Transaction memo (not always available)
- Match transaction - Rentec's system will review all non-reconciled transactions within your ledger for a possible match. If there is more than one match in the system, the most probable matches are displayed first followed the the lease probable. To match this downloaded entry to an existing ledger item, simply select the ledger item and click the Match button.
- New transaction - If Rentec is unable to match the downloaded transaction to an existing ledger entry you will only have this option. You can also use this option if none of the entries Rentec matched are correct. To add a new transaction, click the "New Entry" line to bring up the form. Enter in the Payee and Category, and optionally the Property, Tenant, and Memo, then click Submit.
TIP: If you prefer to manually enter a transaction outside of this system and then match it, without leaving this screen, right-click on the Properties or Accounts menu and choose "Open link in new tab". Enter the transaction normally, being sure the amount is identical to the downloaded transaction and the date is near the downloaded transaction date. Save this transaction, then go back to the original tab. Click the refresh button in your browser, and it will re-match all applicable transactions giving you the Match option.
- Delete transaction - To remove this downloaded transaction all-together without adding or matching a ledger entry, click the small grey x icon to the right of the amount. You will receive a confirmation and upon acceptance this downloaded transaction will be permanently removed. CAUTION: Deleting a transaction may cause your bank account to not reconcile.
If you prefer to test this operation without affecting live transactions in your operating account(s), that is easy to do. Just setup a new test bank account in the system, and perform the above steps on the test account. When done testing, you can remove the test account and then perform the same operations on your live accounts. Note, when you create a test account, it will have no transactions in it, so unless you enter some debits and credits into it which would match the download you will have no matched transactions on the test account.
We also have a video demonstration on how to use this feature at the Rentec Property Management Software Blog.
Keywords: Bank download, bank sync, bank synchronization, qfx, quicken, quickbooks