Bank Feeds in Accountright (Cloud version)

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Experienced User Danielle22
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Danielle22
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Bank Feeds in Accountright (Cloud version)

In the next few weeks we will be migrating to the automatic bank feeds vs the labour intensive bank register.

 

Reaching out with a couple of questions:

 

1. I understand we have to establish a my.myob account? Please will you advise the purpose of this account and if this restricts other viewers from generating the bank feeds etc.  / or will all users who have access the banking command centre have full visability of the bank feeds every day. (i.e. I want all of us to have full access without having to rely one one person to action before we can process)

 

2.  How long will it take for us to be up and running in bank feeds. - Our new bank account will be established in a week.

 

3. I am "assuming" we will still be able to do the manual bank register recons for all our other accounts (but checking)

 

4. Can we set up bank rules prior to "go live" (I am assuming we cannot"), and do we only create "matching rules" on an ad-hoc basis (We are encouraging people to enter <<Client number (card file number) / name

 

5. Are there any watch outs / pitfalls that we should consider prior to go live or is it an easy transition. My main concern is we will not have an automatic match. Most of our clients pay a regular flat fee each month and hence card id / name will be our primary keys.

 

Sorry for all the extensive questions :-). Trying to look out for all the "unforseeen/ can go wrong" errors prior to our go live. (which will thereafter do me out of a job as I undersand processing time is reduced by 70%)

 

TIA

 

 

 

 

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Ultimate Partner GDay53
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GDay53
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Re: Bank Feeds in Accountright (Cloud version)

@Danielle22

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.

 

I will try to answer you questions as best I can

1. I understand we have to establish a my.myob account? Please will you advise the purpose of this account and if this restricts other viewers from generating the bank feeds etc.  / or will all users who have access the banking command centre have full visability of the bank feeds every day. (i.e. I want all of us to have full access without having to rely one one person to action before we can process)

If you are using any of the MYOB AccountRight Live products then you will require a my.myob account to log into the program. not only that once created your my.myob website is where you apply for Bank Feeds, control your  user and administrator access, get your upgrades and download links for the software, acces all the support as well as have acces to you account for invoices etc and lots of other things as well. You have control over what users have access to what parts of the program in the program itself in the User Access area under Setup. How you setup your users is entirely up to you.

 

2.  How long will it take for us to be up and running in bank feeds. - Our new bank account will be established in a week.

 Normally that will depend on the bank - Commonwealth usually takes about an hour while most others you need to download a form and email back to MYOB and then it takes up to two weeks to activate.

 

3. I am "assuming" we will still be able to do the manual bank register recons for all our other accounts (but checking)

You will still be able to do manual recomciliations on ALL bank accounts including the live bank feed, but it is far easier to let the bank feeds do the reconciliations.

 

4. Can we set up bank rules prior to "go live" (I am assuming we cannot"), and do we only create "matching rules" on an ad-hoc basis (We are encouraging people to enter <<Client number (card file number) / name

No early setup - you need to actually have the bank feeds functional before you can create rules. personally I have all my clients use the invoices # that way I know exactly which invoice they are paying.

 

5. Are there any watch outs / pitfalls that we should consider prior to go live or is it an easy transition. My main concern is we will not have an automatic match. Most of our clients pay a regular flat fee each month and hence card id / name will be our primary keys.

It is an easy transition but there are always things to watch out for. Make sure that your reconciliations are up to date. When the bank feeds actually start do a manual reconciliation up to that date. Make sure when you do any banking that whatever terms you use in payments are always the same. E.G. paying Telstra I alwyas make the memo Telstra 241 wher 241 is the last three numbers in the account #. If you put telstra payment then use phone bill then tel bill you will never be able to match as to match properly you need exactly the same wording every time. this will apply to what you customers enter as a memo as well.

 

Sorry for all the extensive questions :-). Trying to look out for all the "unforseeen/ can go wrong" errors prior to our go live. (which will thereafter do me out of a job as I undersand processing time is reduced by 70%)

You will never have a problem free transition there will always be something, usually just small thing. As far as time saving, the major time saving is in data entry time. I would not say 70% but yes you can achieve around 50% quite easily. But that is only if you set up every bank account onto bank feeds and use them, the bank rules and the recuring transactions fully.

 

Please go to the MYOB Account Right Support Note seach and look up Bank Feeds and any other topic.

There are heaps of great support notes with very detail information, and by all means continue to post your questions here.

https://www.myob.com/au/support/accountright/search?

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Experienced User Danielle22
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Danielle22
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Re: Bank Feeds in Accountright (Cloud version)

@GDay53

 

Thank you so much for your extensive help, guidance and answering all my questions !! :-)

 

Hopefully it will be an easy transition.  Given it is a new bank account it may take time for members  to take note and move their direct deposits.

 

At the moment - our current bank will continue to pay our suppliers. Will cross the hurdle of how to set up electronic payments (which I am assuming is via an *.aba upload to the bank?) when we get down that path.

 

Thanks again

 

 

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