A “Draft” refers to a preliminary version of a payment that has been created but not yet submitted for processing. It allows users to prepare payment details, make necessary adjustments, and review information before final submission. Key features of drafts include:

1. Editable Payment Information: Users can modify various aspects of the draft, including recipient details, payment amount, currency, and any notes or references associated with the transaction.

2. Review Before Submission: Drafts provide an opportunity to double-check all entered information to ensure accuracy and compliance with internal policies before sending funds.

3. Save for Later: Users can save drafts to complete later, allowing flexibility in payment management without losing previously entered data.

4. Status Tracking: Drafts are typically tracked separately from completed payments, making it easy to manage pending transactions.

 

Why is this page important?
Understanding what a draft is and how it functions is crucial for effective payment management. It helps prevent errors and ensures that all necessary checks are performed before funds are disbursed.

 

Next Steps

Regularly review your drafts to ensure timely submission of payments.

1. To review your drafts, do the following steps:

a. Log into your OFX account.

b. Navigate to "Payments".

c. Create a payment (same currency payment). 

d. Once you have created the payment, navigate back to the "Payments" tab. 

e. Click on the payment you want to move back to "Drafts".

f. Click on "Move back to Drafts".

g. Click on "Drafts" to filter all the draft payments. 

h. Your payment will appear under the "Drafts" tab. Click on the payment to continue editing it.   

i. Your payment will be opened, allowing you to edit it. 

2. Utilize the draft feature to prepare payments accurately before finalizing them, and for editing payments.

3. Contact customer support if you have questions about using drafts effectively.

 

Related FAQ Articles:

• What’s the Draft tab used for?