Importing precoded bank transaction

Question

Hi,

Does MYOB have the ability to import precoded bank account transactions? Xero has an import .csv template which enables bank account transactions that have had a GL code or category allocated to them by the bookkeeper when preparing the upload template (this is the precoding bit) to be manually uploaded as a bank feed and automatically reconciled once uploaded.  Thanks, Tim

Genreve_S · Answer

Hi @TimAccounts,

That sounds like a pretty handy feature. It’s not something you’ll find in AccountRight or Business. If you’re keen, pop it up on our Ideas Exchange board so other users can throw their support behind it for future updates.

Regards,
Genreve

TimAccounts · Answer

No not just bank statement upload Genreve but precoded bank statements. See the blurb from Xero help desk. I was wondering if MYOB could do the same but its unlikely it seems. Its an amazing feature that I think is only native to Xero unfortunately.

What you need to know

Importing a precoded bank statement file in a comma-separated (CSV) format creates bank statement lines and reconciles them with new spend or receive money transactions in Xero.

Create an import file by downloading a statement from your bank in CSV format, or download and enter your details into our precoded bank statement import template.

Precode the file by including the tax rate, account code and, if required, tracking details for the spend or receive money transactions. When you import the precoded import file, Xero:

* Creates bank statement lines
* Creates spend and receive money transactions using the details from the import file
* Reconciles the bank statement lines with the spend and receive money transactions

Genreve_S · Answer

Hi @TimAccounts,

Sorry, I wasn’t quite sure what you meant in your post. AccountRight and Business got a handy feature where you can whip up a bank file to upload straight to your bank, making paying different accounts a breeze. When you do it this way, the software records all the transactions while you generate the file, and once that payment shows up in your bank feed, it’ll pretty much match things up on its own.

If that’s what you were after, here is the rundown on how the electronic payments feature works.

Regards,
Genreve