Guide: Setting Up and Using Bank Feeds
Good afternoon everyone!
Our most recent Product Manager spotlight was on Malinda N who takes care of our banking and core accounting workflows. If you missed the spotlight, you can check it out here! Otherwise, we’ll have the next instalment ready for you all in the next few weeks.
In the meantime, I’m here to share a few resources we have available for setting up bank feeds and using them successfully.
Setting up Bank Feeds
We've made it really easy to set up your bank feeds, all you need to do is follow the steps in your MYOB file. For step-by-step instructions, check out this page.
We provide direct bank feeds for the largest range of financial institutions. You can find your financial provider in our list as well as details on how frequently they deliver transactions to the file. To make your search easier, hit Ctrl +F on the page and type in your financial institution of choice.
Please note: Your bank feed transactions that come into the file will start from the date the application was made.
Using Bank Feeds
Once your bank feeds are setup, you’ll be able to manage them from the Banking hub (Banking menu > Banking hub). This includes checking which accounts you've connected or cancelling a bank feed. More information on navigating the Banking hub can be found here.
From there, your bank feeds works by matching transactions from your bank account to those recorded in MYOB. Where possible, MYOB will try to automatically match bank transactions to MYOB transactions. If no possible matches are found, you can manually do the matching or categorise the transaction to one or more categories in your file.
More information on how matching bank transaction works can be found on this page. If you'd like to learn more about categorising transactions, check out this one!
You can also set up rules to automatically prepare matching transactions in MYOB. Rules work by searching for bank transactions based on the search criteria you set. You'll always be able to edit or delete a rule once created, this help page has more information and instructions on managing them!
If you have any tips or tricks that you use to help make your day to day easier, do share, we'd love to hear it! As always, feel free to reach out if you have any questions. Here to help.
Cheers, Amanda.
