Bank feeds: Loan accounts

[adamhowden]

Hi,

I'm finding that I have to import statements for each of my loans, I have 3, plus my mastercard.

It would really save me a lot of time if I could set up a Bank Feed for my Loan Accounts just like I have for my Main Business Account.

Why cant I do this?

Thanks.

"Live feed for Loan Accounts"

[Barry_C]

Thanks for the idea. Some banks will already allow credit cards. It would be worth checking if your bank has made it available here. http://myob.com.au/business/customer-service-support/accountright-live/financial-institutions-125783... I can see how linking Loan accounts could be a great timesaver. We would love hear what other users think about this.

[Tim_Garth]

Hi Adam I'm having a similar problem here in my business and would like MYOB to approach the big banks to see why you can't get bank feeds for account numbers beginning with 3-8 (loans).

Interestingly enough, with the CBA there is a way around this which you could consider. You can go to the CBA to apply to swith your loans into 'lines of credit'. This could cost you bank fees, but I guess depending on the time savings these fees may be worth it. A line of credit account is exactly the same concept as a home loan, can be secured against assets, variable rates, etc - but they have an account number beginning with 1 and will successfully feed into MYOB. I have witnessed this with a few clients already and called CBA to clarify.

But, it's really strange that MYOB can't fix this silly issue in the first place, because you'd think loan accounts would be the ideal bank feeding account - you could literally set it up and it would manage itself moving forward.

MYOB please look into this!!

[Steven_M]

Hi @Tim_Garth 

Thank you for voting for this idea and feedback.  Also thank you for your  possible workaround for CBA clients. I have shared your feedback with the team.

[Tyalgum]

We have a Loan Account with the CBA that does start with a 1. We have been getting linked feeds for this account for 2 years. My problem is that the original link was to a Banking Asset Account, so the loan amount showed up under assets. I am in the process of changing the Loan Link to a Long Term Liability Acct . My question is when the new link is approved and I assign it to the new Liability Account is there any way to transfer 2 years worth of transactions from the original Asset account?? Once the new link is set up do I just carry on from there and leave the old loan account inactive or do I try to move all the transactions that have occured over 2 years and delete the original account??? Any suggestions would be helpful.

[CloverQ]

Hi @Tyalgum,

Sorry about the delaying in replying, have you then found the best way to handle the past transactions? 

Generally speaking, if you have entered an opening balance of the new credit card account, then the old asset account should be made inactive. You can also record a journal entry to move the balance from the asset account to the credit card account then continue from there, however if you wish to move all transactions from the old account to the new one it will be a manual process.

It is best to check with your accountant to see what is the best option for your business. 

[BrendanSimon]

I've just signed up for MYOB essessials and am staggered that I can only get bank feeds for standard savings type accounts.  It's just crazy that all bank accounts can't be fed automatically to your accouting package, especially an online bank account from one of the big players !!  What year is it again ??

Electronic Systems are supposed to make my life simple and easy, not more frustrating.  Isn't that what we pay for?

I've requested (manually) to get a bank feed from my loan accounts from CBA.  Still waiting......

The Bank Feed page only allows me to select account types of Banking or CreditCard.  Why not Liabilities (Long or Current) or any other type?

Does this mean I should set up my loan account as a Banking account?

Maybe a Banking account to represent the bank transactions, and then allocate those transactions to a Liability/Loan Account, Expense/Interest, and Income/Loan_Repayment account?

Is that the normal way of doing things?  e.g. If I was importing bank statements manually, would I setup my accounts this way, or just import them direct to a liability account?

Thanks for any help, Brendan.