Bank Feeds - FAQs about AccountRight Live

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MYOB Moderator CloverQ
6,134 Posts
MYOB Moderator
Australia

Bank Feeds - FAQs about AccountRight Live

AccountRight Live is cloud accounting service that’s the first of its kind in Australia and New Zealand. Available across AccountRight Basics, Standard , Plus and Premier, AccountRight Live gives you the freedom to work on your desktop, in the cloud or both – so you can work anywhere, anytime. More importantly, it gives you the flexibility to automatically import and match your bank transactions so you save time and effort on the data entry.

 

 

 

Do I need an AccountRight Live subscription to access bank feeds?

You can use bank feeds by subscribing to AccountRight Live, each AccountRight Basic, Standard and Plus subscription supports the usage of bank feeds in one company file, while each AccountRight Premier subscription supports two. There isn’t a limit to the number of bank accounts you add in one company file, or to the transactions you import. Usage is based on agreeing to our fair use policy.

 

Do I need to save my file in the cloud?

Bank feeds works with the desktop and cloud versions of AccountRight Live. You’ll need to be connected to the internet to import and match your bank transactions.

 

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

MYOB has partnered with BankLink to provide bank feeds. To set up bank feeds, we’ll require that you complete a BankLink authority form including your name and account details, which gives BankLink permission to access your bank account transactions on your behalf. Neither MYOB nor BankLink will ever ask for your online banking username or password. Ever. It is crucial that you safeguard these details to protect your business from fraud and identity theft. Your PIN/Password and personal details must remain confidential.

 

Who is BankLink?

BankLink is a company that automates and streamlines the accounting process for over 4,500 accounting practices and 250,000 small business clients across Australia, New Zealand and the UK.

 

How secure are bank feeds?

Bank feeds uses your explicit written authority for BankLink to collect your bank transactions. Other services request that you enter your online banking username or password into a third-party system. MYOB and BankLink work together to ensure your data is transmitted safely and securely using systems, audited regularly to comply with industry standards (PCI). Neither MYOB nor BankLink has access to your online banking and you retain full control over your bank feeds. In order to access bank feeds, you need to login securely using your my.MYOB password. Users have full control of who has a my.MYOB login.

 

How often are bank feeds updated in AccountRight Live?

Once you’ve set up bank feeds, both debit and credit card transactions can be imported as soon as 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 approximately two weeks and is easy to do using your my.MYOB account. Simply complete the online fields, print and sign the BankLink authority form and post it to MYOB. You can track the progress of your application on my.MYOB.

 

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 Live or your my.MYOB management centre.

 

 

How do I import my bank transactions?

Once you’ve linked your bank account, bank feeds imports your banking transactions straight into AccountRight Live. This means you’ll no longer need to download QIF files, rekey from a paper statement or mistakenly enter a transaction twice. AccountRight Live will also 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?

AccountRight will try to automatically match bank transactions to AccountRight transactions. You can also create rules that will tell AccountRight what to do if a bank transaction matches predefined criteria. You remain in control. 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 change transaction details prior to completing the bank reconciliation. If you’ve done the bank reconciliation, the transaction matching error will need to be cancelled and re-entered.

 

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

Manually entering bank transactions off your paper statements can be a long and boring process. Bank feeds saves time by letting you create a transaction from your banking data, which means you don’t need to type out date, amount and memo fields.

 

 

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.

 

 

 

 

If you have any further questions, please contact us. We are available seven days per week.


Kind regards,
Clover
MYOB Client Support
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