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AccountRight

Bank Feeds: Rules - Transfer Money

Experienced Cover User

25Posts

24Kudos

0Solutions

25 Posts
Experienced Cover User
Australia

Previously suggested for Live Accounts, I'd like to also put forward a suggestion to add this feature to Account Right.

 

More information can be seen at the other thread, but basically I'd like to see the ability to create transfers as a rule in bank feeds added as an option.

 

"Allow setting up Bank Feeds Rules for transfers"

Current Status: Open
Last Changed: January 2014

Hi BWPanda Thanks for the feedback and additional information into your idea. I have adjusted the status of this idea back to Under consideration following the additional information provided, in the meantime interAccounts suggestion could be used as a possible workaround. As stated by Matthew_W we are always looking to improve the Bank feeds to allow easier workflow,so if you would like to see this included in the program do remember to vote for this idea.

8 Comments
MYOB Moderator
2,173 Posts
MYOB Moderator
Thanks for your suggestion BWPanda, we're always looking for more ways to improve Bank Feeds.To show the community demand for this feature please remember to vote.
Valued Partner
133 Posts
Valued Partner

You can already do this in AccountRight Plus 2013.5 - I regularly transfer funds from my main account to 2 other savings accounts, and I've set up a rule in AccountRight Plus for these transfers.  

 

The trick is to set it up against your main account only, then approve the rule in your main account each time the transfer shows up.  Once the rule has been approved, it will create the transaction and be available to approve in your other account.

 

I've also set specific words as the reference which I use every time I transfer funds from my main account to my other accounts and have set the rule with these words.  (Eg. when I transfer the GST to my GST account, my reference is just "GST" and then when setting up my rule, I have it applying to only one account, the exact word as 'GST' and then allocate it directly to my GST account).

 

This has saved me a lot of time processing these regular transfers.

MYOB Moderator
3,488 Posts
MYOB Moderator
Hello BWPanda, This feature is already in AccountRight. Please see interAccounts excellent comment on this idea to see how to set this up.
Experienced Cover User
25 Posts
Experienced Cover User

Either I'm not understanding something properly, or we're talking about two slightly different things...

 

We regularly transfer money from our cheque account to a property loan account for repayments. Before I started using Bank Feeds, I was creating these transactions in MYOB as transfers (Accounts > Transfer Money). Now that I'm using Bank Feeds, I'd like to continue using the Transfer Money option, but setup as a rule.

 

When I go to the Bank Feeds screen, I can see the repayment on the left (from the bank statement). There is no matching MYOB transaction on the right yet, so I click the 'New' button. I get the following options: Spend Money, Pay Bill, Transfer Money and Transaction Rule. 'Transfer Money' is what I want, but that's only if I want to manually create the transaction each time. If I instead go to 'Transaction Rule' I can setup a rule to automate the transaction creation, however it creates a 'Spend Money' transaction (as seen in the title bar of that window: New Spend Money Rule).

 

What I want is either the ability to choose what type of transaction is created when setting up a new rule, or just a new option in the 'New' dropdown: Transfer Money Rule.

MYOB Moderator
35,793 Posts
MYOB Moderator
Hi BWPanda Thanks for the feedback and additional information into your idea. I have adjusted the status of this idea back to Under consideration following the additional information provided, in the meantime interAccounts suggestion could be used as a possible workaround. As stated by Matthew_W we are always looking to improve the Bank feeds to allow easier workflow,so if you would like to see this included in the program do remember to vote for this idea.
Experienced Partner
22 Posts
Experienced Partner

I'm very keen to be able to do Bank Feed transaction rules for Transfer Money as we have a lot of internal transfers that could be automated this way. I too don't want to revert to using Spend Money rules for these as I'd like to be consistent with what function is used for that.

I hope this is coming soon to Account Right Plus Smiley Happy

Thanks

Ultimate Partner
1,118 Posts
Ultimate Partner

Hello Louise,

 

I suggest that you do not use Transfer Money at all for 3 reasons -

-if you make a mistake you cannot edit the transaction & need to delete & re-enter,

-you do not get a Reconciled transaction warning.

-you cannot put a job number on it.

Always use Spend or Receive money functions instead.

 

Cheers

David

MYOB Moderator
790 Posts
MYOB Moderator

Hello @LoveYourBooks 

 

Thank you for your additional information, I encourage anyone else that would like to see this implemented into the software to Vote+ and comment.

 

Regards,

 

Kat