Working With MYOB Bank Feeds is Easier Than You Might Think
In my experience as a MYOB trainer and coach, we often come across the excellent little facility that MYOB offers, to import all your bank statement transactions directly into your MYOB program via the internet. It cuts down on data entry big time!
Not many people use it, as the whole idea seems a bit daunting to them – and there is a bit of paperwork that needs to be completed first, so that MYOB has the authority to do this for you. But for those who do use it, working with MYOB bank feeds can save you a lot of time.
If using MYOB bank feeds interest you, here is a short video which explains the process and may help you to decide whether it’s for you.
Benefits of Using MYOB Bank Feeds
1. Accurate data = less time wasting
Automatic matching of bank transactions helps to reduce data-entry errors enormously. Let’s face it –whenever there’s an opportunity to remove input errors from users, there’s bound to be gains in data accuracy.
Of course there’s always the possibility that a transaction has been approved against a bank feed in error, but those rare occasions are quickly and easily remedied by simply clicking on a dropdown menu and clicking undo – that’s it!
2. Auto-allocation rules
One of the best things about MYOB bank feeds is that they let you apply auto-coding rules to the transactions that you receive from the bank. This means AccountRight Live, for example, will search your bank feeds data and match transactions against the rules you’ve set. All you have to do is hit the “Approve” button. It’s even easier in LiveAccounts, as you don’t need to approve the matches.
You’ll notice the version of MYOB that the above demo is done with, is AccountRight Plus 2013. But the ‘older’ versions of MYOB can also do this, using the M-Powered icon that you’ll see on your “Banking” module menu.
So enjoy the video.
If you need any assistance with any aspect of your MYOB program and would like some training, feel free to contact us on 0435 990 480 or by email anytime.