This module allows you to import into Openbravo bank statement information from a file downloaded from the bank’s website. And together with the automatic matching, provided by Advanced Payables & Receivables module, OFX module enables you to quickly and easily complete a reconciliation process.
Let the software do the routine work for you and watch how Openbravo matches your statement records automatically with financial transactions in Openbravo using a matching algorithm.
OFX (Open Financial Exchange) is an XML format for exchanging financial information which makes Openbravo able to import bank statement files from thousands of different banks.
“How many banks use OFX?”
OFX site tells us the following.
“With more 5,500 banks and brokerages as well as major payroll processing companies using OFX, the specification is the most widely adopted open standard for the exchange of financial information between consumers and financial services providers.”
“What if my bank does not support OFX format?”
Don´t worry. There is no need to change your bank.
OFX Bank Statement Format module combined with any of the existing open-source, free or commercial tools available in the market can make Openbravo able to import almost any bank file format from out there.
As an example, MT2OFX is a tool for conversion between MT940, CSV, QIF, OFC and other non-binary formats (which can be configured with a script) to OFX format.
iCreateOFX is another but proprietary tool that does similar task.
While announcing APRM we highlighted that one of its benefits is the flexible process configuration and extensibility. OFX Bank Statement Format modules is taking benefit of these qualities and is an extension module build on top of the Advanced Payables & Receivables.
Please note that OFX Bank Statement Format module is a commercial module exclusively available to Openbravo Basic and Professional Edition customers only.