Import bank accounts before bank feeds start operating

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Wanye
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Import bank accounts before bank feeds start operating

Hi All,

 

I have recently set up a new MYOB AccountRight file for a business with the bank feed operating as of September. I want to capture all the bank transactions into MYOB from the 1st July 2017.

Between the start of the financial year and September, there are over 900 transactions.

 

I have followed the steps of importing the bank transactions through a QIF file under the "Get Statement" function. This leads me to a screen where basically I have to use the spend money and receive money to add transactions on all 900 transactions. This would take considerable time.

 

Is there a faster way to do this process in Account Right? I have searched the forums and it seems you can manually enter just the account code numbers in a column for all unmatched transactions in MYOB Essentials. Does Account Right have this function?

 

A better alternative is to import the past transactions as a bank feed and have the ability to set up rules to clear the 900 transactions, is this possible? I believe other accounting softwares allow for this.

 

Thanks alot for your help.

 

 

 

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MYOB Moderator Neil_M
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Re: Import bank accounts before bank feeds start operating

HI @Wanye

 

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

 

Unlike MYOB Essentials, AccountRight requires that all transactions be matched if you are using the Get Statement functionality. This does mean that if the transactions have not yet been entered within the company file, they do need to be entered into the company file for a match to occur when importing a bank statement.

 

For a match to occur automatically, the cheque number, date and amount all need to match up with the information in the imported bank statement file. If this information did differ then the match wouldn’t be automatic and you would have to use the Spend and Receive money functions to enter the transaction in or the Match function to match the transaction in your file to the imported bank statement.

 

As the information comes through from the bank itself, they only start loading the bank feeds information when that bank feed becomes active. This does mean that backdating of bank feeds does not happen, so it isn’t possible to import the previous transactions as a bank feed. Instead you can use the Get Statement feature to import in the individual bank statements and match them to transactions in your file.

 

Do let us know how you get on with this

Regards,
Neil

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Wanye
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Re: Import bank accounts before bank feeds start operating

Hi Neil,

 

Thanks for your prompt reply.

 

The client is a retail business with many sale transactions. The issue I have with MYOB is that I have to manually click on each transaction in the imported screen and wait till a recieve money window pops up before entering the transaction account code, saving the transaction and then repeat. All these transactions start with "POS" in the desription, in which if i was able to set up a rule, would be cleared instantly.

 

Another problem when importing the 900 bank transactions, that i have split into small bundles by date of around 200 transactions per QIF, is that I have to clear all 200 transactions in one sitting as MYOB states all unmatched transactions not processed would be lost if I close the window.

 

I believe MYOB has to improve on the aspect of importing bank data files and then allowing for an automated rule in processing the transactions. This is a very basic process for alot of the other online accounting softwares. 

 

Cheers

Partner AlanT
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Re: Import bank accounts before bank feeds start operating

@Wanye

 

Hi Wayne,

 

What you describe is a feature of Essentials, but not AccountRight.

 

There is a request for this feature 'in the system' but I would not hold your breath waiting for it.

 

I have had the same situation a few times where I needed to import historical transactions into a client's ledger when setting it up but as it is not an option in Account Right, I have migrated the clients onto other applications.

 

If I can find the request, I will send it to you so you can vote for it also.

 

Regards,

 

Alan

 

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