Vital point to remember when importing an OFX file

The first time you import an OFX file, whether from your bank or your credit card company, as we saw earlier, GnuCash will ask you to select an account to import it into. Once you select an account, GnuCash will remember that and won't bother you again and again asking you to select an account to import into. I can hear you say, "Great! That is what I like in my software. Remember what I said and don't bug me over and over." Unfortunately, there is a flip side to such unfailing memory. If you made a mistake on the first attempt and want to go back and change the account to import into, GnuCash doesn't provide you a way to do this over. So, do it carefully the first time. Make sure you are clear in your mind about which account you want to import your OFX file into, before you start the task so that you are not guessing or accidentally stumbling into the wrong account.

Pop quiz – reconciling with an electronic statement

1. What are the formats...