Bank Feeds? Why do you need ‘em?

Automated bank feeds completely change your MYOB work flows and with it, improve accuracy and reduce the time you spend doing accounts. As the MYOB user, you get Bank Feeds on a daily or other basis. All entries come into MYOB since the last time you clicked on Get Bank Transactions. Unlike other online programs we request our feeds when we want them (we rule the feeds; they don’t rule us).

From the Bank Feed screen you enter a Customer Payment, Bill Payment, Spend Money, Transfer Money or Receive Money. Rules may be set up for regular entries (much like recurring). You can also Match an entry made manually. The window you get looks like that pictured below: 

Unlike some accounting programs, MYOB retains the traditional bank reconciliation process. We insist you reconcile your bank account to the statement and print the bank reconciliation for the file. Never assume just because the bank said, that things are right!

MYOB Bank Feeds are an absolute pleasure. The reliability of bank information is the best you can get as MYOB Feeds use BankLink Ltd which has supplied software to NZ and Australian accountants for 25 years. You won’t suffer from missing entries or duplicates.

Note: To use Bank Feeds you must use MYOB AccountRight Live or Essentials. With AccountRight Live the company file can live either locally on your PC or be hosted in the cloud. There is no limitation to the number of bank feeds you get or the transaction limit on your bank accounts.

Training: We recommend some on-line training to go with bank feeds. Once they start you need to deal with them and your systems and processors will be different than before. Generally you need 20 mins to learn the basics of bank feeds.