What do I need to know in regards to Bank Feeds and MYOB ?

/What do I need to know in regards to Bank Feeds and MYOB ?

What do I need to know in regards to Bank Feeds and MYOB ?

 

Do I need a MYOB AccountRight subscription to access bank feeds?

Yes. A MYOB AccountRight subscription gives you access to bank feeds. This includes unlimited bank accounts and transactions, in accordance with our fair use policy.

Do I need to provide my online banking username and password?

To set up bank feeds, you need to complete a MYOB BankLink authority form including your name and account details to give MYOB BankLink permission to access your bank account transactions on your behalf.

How secure are bank feeds?

Bank feeds uses your written authority for MYOB BankLink to collect your bank transactions. MYOB BankLink ensures your data is transmitted safely and securely using systems audited regularly to comply with industry standards (PCI). MYOB BankLink do not have access to your online banking and you retain full control over your bank feeds.

How often are bank feeds updated in MYOB AccountRight?

Once you’ve set up bank feeds, both debit and credit card transactions can be imported as soon as MYOB BankLink is notified by your bank. This can differ depending on your financial institution.

How long does it take to set up bank feeds?

Setting up bank feeds takes two to three days for major banks and up to two weeks for credit unions and building societies.

How do I manage my bank feeds?

You can manage your bank feeds and add new accounts at any time using the Manage Bank Feeds option in AccountRight or through my.MYOB.

How do I view and match my bank transactions?

AccountRight includes a Match Transactions window that displays a list of your bank transactions so you can quickly match them and reduce your data entry time.

How do I get my bank transactions?

Once your bank account is linked, bank feeds drops your banking transactions straight into AccountRight. AccountRight will keep a record of all your bank feeds data if you need to reference where you’ve allocated previous transactions.

How do I match bank feeds to my transactions?

Bank feeds uses matching rules to identify possible matches between banking data and the transactions recorded in AccountRight. The matching process is transparent and you have the ability to approve or change any matches.

What if I make a mistake when matching my transactions?

You can easily change transaction details prior to completing the bank reconciliation. If you’ve done the bank reconciliation, the transaction matching error can be cancelled and re-entered.

What if I don’t have a transaction entered for the transaction from my bank?

Manually entering bank transactions from your paper statements can be time consuming. Bank feeds allows you to quickly add a transaction from your banking data, so you don’t need to enter the data yourself.

Can I set rules for regular transactions?

Bank feeds allows you to apply auto-coding rules to the transactions you receive from your bank. This means AccountRight will search your bank feeds data and match transactions against the rules you set.

How does transaction matching work?

Bank feeds matches your banking transactions using a number of different variables including the date, transaction amount, name and code. If a transaction can’t be matched to these variables, you’ll have the option to find or add a new entry.

Can bank transactions be split across different bank accounts?

Bank feeds lets you define the bank accounts you apply your banking transactions to, by fixed amount or percentage. All you have to do is highlight the accounts and the transactions you’d like to split.

Do I still need to complete bank reconciliation?

Once your bank transactions have been matched to your data, you will need to complete bank reconciliation. This gives you the opportunity to review your entries and retain control over your accounting data.

Is there a limit to the number of bank accounts I can set up?

No. You have can set up an unlimited number of bank accounts and import transactions. Usage is based on agreeing to our fair use policy and bank accounts must be business bank accounts. If you have a bank account that’s registered under another business name, you’ll require an additional MYOB AccountRight subscription to obtain a separate online company file for that business.

 

By |2018-03-28T05:32:49+00:00March 28th, 2018|0 Comments

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