Currently bank feeds can only be setup for transaction accounts, however Mortgages and Long Term Liaibiltiy accounts are not "allowed".
At this day in age and given we are all about automating as much as possible - I am very happy with transactional bank feeds - why can't we also simply be allowed to bank feed Loans?? It will save us more time rather than having to enter these transactions ourselves!
Thanks!
"Allow Bank Feeds for Long term Liabilities"
I believe that this is goverened by the banks and not MYOB. The banks choose which accounts they offer BankFeeds on and how often they provide the BankFeeds to MYOB to be imported into both AccountRight Live and MYOB Essentials.
thanks! Doesn't make too much sense as we are trying to automate more and more these days.. why have manual entries, then again I might know all reasons behind it..
More often than not a business loan is either linked to a mortgage, or it has a redraw facility. Therefore, although a loan is a liability, and a six year facility is a long term liability, it is still a transaction account which requires reconcilliation.
MYOB AR+ does not allow me to choose a long term liability account from the drop down menu to ling the bank feed to the account.
Is there a workaround?
Hello Swampwog
To enable the account to be linked simply change the Account Type to 'Credit Card'.
By doing this the Liability Account can be linked and reconciled.
Cheers
David
Yep there is a workaround. Set it as a credit card. (Sorry that is sarcasm)
I really hate the fact that MYOB have made this is limited.
I had to move my credit cards to a liability account so I could like them to bank feeds.
Back when my company file was created they didn't have the option for a credit card.
Also one of the cards is a prepaid card so made sence for us to listed as a bank account.
This is just another case of NO thought put into the software design my the developers and testers.
Thank you David and Andrew, much appreciated.
Thanks David and Andrew. Top tip!
