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Share your ideas for improving the new AccountRight. Vote on ideas and discuss them with the MYOB product development team.

AccountRight

Bank Feeds: Ability to select Use Recurring

Jazza6
Partner

3Posts

74Kudos

0Solutions

3 Posts
Partner
Australia

I think the Bank Feed feature is great but it has a big problem. When you go Find & Spend Money you can not select a RECURRING TRANSACTION. Therefore, you have to go out of Bank Feeds & Into Banking & Spend Money & process the transaction as we used to do it.

 

That means you still need to PRINT off your bank statements for data entry. I thought the idea of Bank Feeds is that you could do away with paper bank statements & process Recurring Transactions on the Bank Feed screen.

 

We are really not saving that much time with the Bank Feeds screen it would greatly improve productivity & stress if we could select Recurring Transactions in the Spend Money feature in Bank Feeds?

 

Furthermore it would mean no more paper bank statements?

 

Your feedback & votes would be appreciated as I am sure this affects all MYOB Users.

 

"Bank Feeds & Recurring Transactions"

Current Status: Open
Last Changed: December 2013

We can see this is a very popular idea and would be interested to see who else would find this idea useful. Please bear in mind that rules in bank feeds do already provide similar (though not exactly the same functionality). You can setup rules by clicking manage rules in the bank feeds screen. This allows the automatic creation of spend or receive money transactions based on pre-set criteria. However, based on comments on the thread linked below we understand that this won't suit all users as using rules doesn't give you an opportunity to adjust allocations. http://community.myob.com/t5/AccountRight-Idea-Exchange/Bank-Feeds-Recurring-Transactions-Not-Active/idi-p/213479 We would very much like to hear your thoughts on the existing rules feature in relation to this suggestion.

51 Comments
Former Staff Will_H
1,703 Posts
Former Staff

Hello Jazza6,

 

Recurring transactions have pre-defined amounts that will not match the Bank Feed amount. We don't recommended using Rules for recurring transactions that come through the bank feed.  This of course doesn't invalidate your feature request.  However I do recommend looking into the use of Allocation Rules to see if they might be appropriate for your situation. 

Please also see the FAQ about BankFeeds for more general information.

Contributing Cover User ELC-Leo
13 Posts
Contributing Cover User

I agree.

Bank feeds are not saving me much time.

And I still have to reconcile against a paper copy.

Partner ASWatCR
242 Posts
Partner

I think "recurring transactions" functionality must be incorporated into the "bank feed" functionality to obtain the full benefits.  Otherwise it falls very short.  Development team - please consdier this.

Partner Tony_J
3 Posts
Partner

I agree with Jazza6, I would really like to see a link to Recurring Transactions in Spend Money & Transfer Money to make it easy to enter new trans directly from the Bank Feeds screen. My work around at the moment is to run a Recurring Transactions window side by side with the Bank Feeds screen so that I can easily enter new trans that come in from the bank feeds.

The Recurring Transactions allow complete entries to be made eg Cheque No's can be set and also memos can be recorded on each transaction line for comments re Bus/Priv splits etc.

I would like to see this additional functionality made available for Bank Rules to make them more useful.

Super Partner GDK
676 Posts
Super Partner

Hi

 

Some recurring transactions will match transaction amounts such as lease payments and monthly expenses which occur every month

Partner Paul_C
4 Posts
Partner

When allocating a bank feed deposit to a new transaction (a Receive Money transaction in this case) there is no access to Recurring Transactions that have previously been set up. 

 

This is a step backwards for any client that regularly records cash receipts, such as daily takings, and uses a Recurring Transaction to assist them to efficiently record the breakup of the daily takings across multiple lines and income accounts.

 

I do not know why the Recurring Transactions button is greyed out when in bank feeds, but it seems to me to be counter-productive and not very logical.

 

Please let me know if there is a reason for this that I have missed. 

MYOB Moderator Matthew_W
2,173 Posts
MYOB Moderator
Thank you for your feedback on this Paul. That feature is currently not available, its not something that you're doing wrong. Adding this option in is something we'd be happy to consider adding in. In the meantime what I would suggest would be to look into adding a transaction Rule with the same details so you can just make the transaction manually and it will auto match up.
Partner Paul_C
4 Posts
Partner

Thanks for the feedback Matthew.

 

Unfortunately the allocation across multiple income accounts changes each time it is entered, so a standard rule will not suffice.

 

Is there any process that  I need to go through to get a formal request for a change into your schedule?

Community Manager Suja_P
5,832 Posts
Community Manager

Thank you for the update, Paul.

 

This Idea Exchange board is considered as a formal request from our users for changes / enhancements that they would like to see in our software. 

 

The feedback received on this board is used by our Developers to prioritise product enhancements. 

 

Thank you again for your post. We request others who would like these changes to please Vote and add any relevant comments.

 

Regards,

Suja

MYOB Support

Partner ASWatCR
242 Posts
Partner

Hi Paul_C, I agree with you 100%.  Bank feeds should be able to dovetail in with recurring transactions. I am surprised this is not already built in, but we can only hope and wait. 

 

I have voted for it.