I tried to load an OFX file into Xero for my accountant and noticed that the transaction “Reference” field was being left blank in Xero.
I looked inside the .OFX file (a sort of XML style notation) and was very surprised to see no field appears to be exported for the transaction “Reference”, “Category” or “SA103s Category” when these fields are present in the .CSV files.
Surely this defeats the purpose of having an industry standard export of an .OFX file if the major categorisation data that the Coconut App collects is missing?
I have been diligently providing my accountant with all 3 types of exported statement : .CSV, .OFX and .PDF but seeing as OFX is recommended by Xero as the best option to import they have probably been going for that file type. This is very disappointing as I’ve been spending the last 3 years making sure all the category and Notes fields are filled in! I have been wondering why my accountant has had such difficulty making sense of my bank statements in Xero.
The missing fields are present in the .CSV files so I will be re-importing my last year’s bank statements as .CSV and removing the duplicates.