Bank Feeds

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Experienced User Debbie111
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Bank Feeds

We are currently entering our banking transactions manually.

 

Please will you advise the efficiency/ reduction in processing time if we did it via Bank Feeds in terms of time to create rules (we invoice all our clients a set amount each month + anxilliary fees (if need be)), processing time, closing of invoices and reconciliation.

 

Thank you

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Experienced User Debbie111
44 Posts
Experienced User
Experienced User

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Bank Feeds

We are currently entering our banking transactions manually.

 

Please will you advise the efficiency/ reduction in processing time if we did it via Bank Feeds in terms of time to create rules (we invoice all our clients a set amount each month + anxilliary fees (if need be)), processing time, closing of invoices and reconciliation.

 

Thank you.

Ultimate Partner GDay53
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Re: Bank Feeds

@Debbie111

 

The time saved by using the Bank Feeds is quite a lot. Some people say up to 70%.

In realistice terms I would say around 50%.

It is not just Bank Feed Rules that you need to set up.

You also need to set up recurring transactions so that some of them can happen automatically.

And have some payments paid automatically by the bank.

Lastly you need to make some decisions on how much reporting you want.

The reason for the the decisions on reporting is because the rules in bank feeds use Spend Money and Receive Money transactions. Both Spend Money and Receive Money transactions only show in in the Disbursement or Receipts journals not the Purchases or Sales journals.

 This is important because most of the Purchasing and Sales Reports works from the Purchases and Sales Journals so anything entered using Spend or Receive money will not show in the reports.

It will take a month or two to get used to the way things work but the time saving is well worth it.

There are some very good support note on Recurring Transactions and Bank Rules, and I would suggest you have a read of them first.

https://www.myob.com/au/support/search-results?q=recurringb+transactions&productFamily=AccountRight&...

http://help.myob.com/wiki/display/ar/Bank+feed+rules?searchfacet=support:help&searchterm=bank%20rule...

Feel free to private message me if you need more help.

 

 

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 Debbie111
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Re: Bank Feeds

Many thanks @GDay53

 

Appreciate your detailed advisc and the informative links.

 

May well take you up on the PM at a later stage. (We are yet to implement). Sounds like it will be a bit of work initially but thereafter reduce my role substantially (or allow me to focus or more important issues)

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