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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: Show payment reference/card number in bank feed transaction description

HMS_001
Cover User

15Posts

10Kudos

0Solutions

10 Posts
Cover User
Australia
New
New

I have just started using live bank feeds for one of
our accounts. It is a common expense account which has all our employees using
it via mastercard debit cards. They use it just like a credit card but all the
expenses are debited from a single account. When using the live bank feed, the
credit card number does not come across in the details so I do not know who has
made the expense and subsequently which expense account to use. An example
would be that petrol is bought but I don't know which car to allocate the
expense to. I have attached two files - one showing the details in the bank
expense account with the credit card number highlighted in red. I have also
attached a screen shot which shows the same expense coming in with live bank
feeds but the actual credit card number is not shown. This would make it possible for
me to set up rules for certain expenses and speed up my work efficiency


"Live bank feeds"

New
4 Comments
MYOB Staff Post andrew123
1 Post
MYOB Staff Post

Currently the description in the Bank statement for a particular transaction (From the bank) does not match the description that the MYOB feeds into the bank feed screen (Bank statement side).

We would like the entire description to be given through the bank feed as well.  This makes our reconciliation easier, as we can identify which client paid them.

 

Please see attachments for examples

uptodatenotes
1 Post
Cover User

The description field that comes from Bankfeeds does not supply enough information to code to the account.  Especially the BPAY entries require more information for the coding to be efficient, as currently the bookkeeper or accountant still requires the print of the bank statement or logging into internet banking for the details. Please enchance Bank Feeds to be super efficient.

Experienced Partner VickiS
62 Posts
Experienced Partner

I beleive that this is goverened by the bank and what they put in their BankFeed they send to MYOB for upload into the software.

 

You may need to speak to your bank to see what detail they put in their BankFeeds and place the request to have this information also included in the BankFeed file.

Ultimate Partner BooksInTheCloud
1,268 Posts
Ultimate Partner

Hi @HMS_001

 

I have voted as agree it would help having the reference numbers.     

 

Have you considered using https://www.receipt-bank.com/  basically all the employees have the receipt bank app on their phone when they purchase something on the direct debit card they take a photo it reads the card number it belongs too - moves to the receipt bank portal you verify and then publish them all to MYOB.   They will then appear in MYOB via the bank feeds and all you do is approve.   You can set up rules on suppliers within receipt bank. Huge timesaver and you have copies of all your receipts/invoices stored electronically in one place.

 

I will send you my details via private message if you want a demo please reach out.