Bank Feeds- FAQ's

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Komal_S
MYOB Moderator
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MYOB Moderator
MYOB Moderator

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Bank Feeds- FAQ's

Hi Everyone

 

Bank feeds allow information from your financial institution to be sent straight to your accounting software so you can save time on your data entry and aid in the reconciliation process.

 

In addition to Setting up bank feeds and Using banks feeds below is a list of frequently asked questions around the bank feed space.

 

Do I need to provide my online banking username and password?

MYOB has partnered with BankLink to provide bank feeds. To set up bank feeds, we’ll require that you complete a BankLink authority form including your name and account details, which gives BankLink permission to access your bank account transactions on your behalf. Neither MYOB nor BankLink will ever ask for your online banking username or password. Ever. It is crucial that you safeguard these details to protect your business from fraud and identity theft. Your PIN/Password and personal details must remain confidential.

 

Who is BankLink?

BankLink is a company that automates and streamlines the accounting process for over 4,500 accounting practices and 250,000 small business clients across Australia, New Zealand and the UK.

 

How secure are bank feeds?

Bank feeds uses your explicit written authority for BankLink to collect your bank transactions. Other services request that you enter your online banking username or password into a third-party system. MYOB and BankLink work together to ensure your data is transmitted safely and securely using systems, audited regularly to comply with industry standards (PCI). Neither MYOB nor BankLink has access to your online banking and you retain full control over your bank feeds. In order to access bank feeds, you need to login securely using your my.MYOB password. Users have full control of who has a my.MYOB login.

 

How often are bank feeds updated in the software? 

Once you’ve set up bank feeds, both debit and credit card transactions can be imported as soon as BankLink is notified by your bank. This can differ depending on your financial institution.

 

How long does it take to set up bank feeds?

It can take up to 10 days for your bank feed to become active (but it's usually much sooner)

 

What if I don’t have a transaction entered for the transaction from my bank?

Manually entering bank transactions off your paper statements can be a long and boring process. Bank feeds saves time by letting you create a transaction from your banking data, which means you don’t need to type out date, amount and memo fields.

 

Do I still need to complete bank reconciliation?

Once your bank transactions have been matched to your data, you will need to complete bank reconciliation. This gives you the opportunity to review your entries and retain control over your accounting data.

 

Why are my bank feeds delayed?

How often your bank feeds are updated depends on your bank see check out Australia | New Zealand for the frequency of your feed. At times, the financial institutions have delays sending these files to us due to which no new transactions are retrieved, however, where possible, MYOB will communicate those updates to the MYOB Community through a Forum post.

 

Is there a cost for bank feeds?

Bank feeds are included in the cost of your AccountRight and MYOB Essentials subscription. Although, it is a fair user policy check out MYOB Bank Feeds Fair Use Policy Australia | New Zealand for more information.

 

How many bank accounts can I apply for?

There is no limit to the number of feeds that you can apply for. Although, usage is based on our MYOB Bank Feeds Fair Use Policy.

 

Can I backdate my bank feeds?

Bank feeds will commence from the date your bank feed becomes active. If needed, you can download older bank transactions from your online banking site and import these into AccountRight or MYOB Essentials.

 

I've signed up for bank feeds a while ago but now want to get started?

You will need to hide the bank feed transactions received previously in AccountRight in order to start over. If you're using MYOB Essentials, contact us and we will arrange for the feeds to be hidden. 

 

How will bank feeds work if my business uses multiple credit cards associated with a single credit card account?

You'll need to set up a bank feed for the primary credit card number. Banks sometimes call this the "primary account number" or "billing account number". This is because a bank feed can only be associated with a single bank or credit card account. Then when you receive bank feeds for this primary account, the transactions for each of the credit cards will be listed, ready for you to match or allocate. If your business uses this type of credit card arrangement but you've set up the bank feed for one of the other credit card accounts, and not the primary account, you'll need to cancel the bank feed. You can then re-apply for the bank feed for the primary credit card account.

 

How do I manage my bank feeds?

You can manage your bank feeds and add new accounts at any time using the Manage Bank Feeds option in your software or through your my.MYOB account.

 

How do I use bank feeds?

Check out Using Bank feeds for more information on matching bank transactions.

 

It all sounds great, how do I get started?

Check out Setting up bank feeds for more information on getting starting and apply for those bank feeds

 

Do I need an AccountRight Live subscription to access bank feeds?

An AccountRight Live Subscription is required per company file that you wish to use bank feeds for.

 

Can I receive bank feeds on my local stored file?

Company files stored on your desktop/network can receive bank feeds. Although, an active internet connection would be required to apply and receive those bank feed transactions.

 

How do I import my bank transactions?

Once you’ve linked your bank account, bank feeds imports your banking transactions straight into AccountRight online file. Got a locally stored file? You would need to select Get Bank Transactions within the Bank Feeds window to receive those transactions into your file.

 

We hope you find this useful. As always, if you do need help please start a new post. Our team of MYOB Support Moderators and the MYOB Community is always happy to help.

Kind regards,
Komal

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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