We're gradually rolling out some improvements to the Bank transactions page. If the Bank transactions page has features like those highlighted below, your help is here.
The Bank transactions page is where you tell MYOB what to do with the bank and credit card transactions that have been brought in from bank feeds or by importing a bank statement.
For each bank or credit card transaction on this page, you need to match it either to an existing MYOB transaction record (or bank transfer) or to one of your MYOB categories.
Where possible, MYOB will do the matching for you. Where no automatic match occurs but there are possible matches, you can manually do the matching. If no possible matches are found, you can match the transaction to one or more MYOB categories.
Find out more about how matching works.
Did you know you attach documents to your bills and spend money transactions in MYOB? This reduces manual data entry when entering bank transactions, and keeps track of important documents.
Looking for a list of transactions for a category? Run the General ledger report.
What to look for
When you match a transaction, you’re identifying whether or not there is a record of it in MYOB.
If:
There already is a record of it in MYOB (e.g. invoices and bills, or spend money and receive money transactions), you should match the bank transaction to it. If you've set up automatching, MYOB may have already matched it. See Matching bank transactions.
There isn't a record of it in MYOB (e.g. bank charges, bank interest, cash withdrawals or deposits), you should match the bank transaction to the appropriate MYOB category. See Matching bank transactions to categories. If you have regularly occurring bank transactions that always have a particular description (such as a transaction containing the text BANK INTEREST), you can set up rules to manage them. The next time these transactions are received or imported, MYOB will automatically match them to a category. For more details, see Creating rules.
It's a transfer between bank accounts, MYOB can match it to the deposit and withdrawal records, even if you haven’t recorded a bank transfer in MYOB. You should confirm that this match is correct. Otherwise, you can manually create a transfer transaction and match both transactions to that. See
Speed things up
Click the refresh list icon to clear the transactions you've matched and leave the ones you need to focus on.
(The refresh list option only appears after you've made a change on the Bank transactions page, like matched a transaction.)
FAQs
How often will I receive bank feeds?
How often your bank feeds are updated depends on your bank.
Search the list of supported banks and their feed frequency.
If bank feeds are not appearing within your bank's specified feed frequency, contact us so we can look into it.
What keyboard shortcuts are available on the Bank transactions page?
There's a range of keyboard shortcuts available to help make allocating transactions faster. To reveal these shortcuts, press CTRL and / (PC) or CMD and / (Mac) simultaneously.
How do I delete a transaction?
See these topics for more details.
To delete | See |
|---|---|
an invoice | |
a bill | |
a customer return | |
a supplier return |
Need to delete a bank feed transaction? Contact us to discuss your options.
Why am I getting the error 'An unbalanced transaction may not be recorded' when categorising a transaction when it does balance?
This is a bug and our experts are looking into it.
Until we fix it, you'll need to manually record a receive money or spend money transaction for the money you've paid or received, then match the bank feed amount to that transaction.
Why are some dates on my bank feed different to my bank statement?
The dates on bank feeds can vary to the dates on your bank statement due to the difference between the transaction date and the date the transaction was processed by your bank. This usually occurs due to weekends and public holidays which delay the bank processing.
This means a transaction made on a Saturday may not be processed until a Tuesday. The transaction will then come through on Wednesday’s bank feed with Tuesday’s date. The bank will subsequently adjust the date to show on your statement as the actual transaction date.
This leaves your bank feed transaction dated for Tuesday, but on your bank statement it shows with Saturday’s date. Although transactions are still able to be allocated and matched normally, this date discrepancy could pose some reconciliation challenges when they occur on either side of a month, quarter or a financial year.
If you need help working out the best way to handle these discrepancies, check with your accounting advisor or contact us.
Can I attach documents to a bank transaction?
Yes, you sure can. See Attaching documents to bank transactions.
I've imported a bank statement and now I have duplicated transactions in MYOB - what can I do?
This can occur if you've imported a bank statement which includes transactions which have already been brought into MYOB via bank feeds.
To fix this:
Download a new bank statement from your bank, ensuring the date range doesn't include transactions already in MYOB.
What can I do if there's duplicated bank feed transactions?
You can use a contra transaction to offset them so your account balances.
First, you’ll need a contra (or clearing) category. You can use an existing asset category, like your petty cash category, or create one (need a refresher on adding a category?). It needs to be an Asset category with the Bank account type, and you should identify it’s a contra category in the account name.
Categorise the duplicated bank transactions to the contra category:
Create a Receive money transaction for the total of the duplicated bank feed transactions and categorise it to the contra account:
When it comes time to reconcile your account, select the duplicated bank feed transactions and the Receive money transaction. This should equal zero and fix the out of balance created by the duplicated bank transactions.
The workaround above is for duplicated withdrawals – for duplicated deposits, use a Spend money for the contra transaction.
Can I delete bank feed transactions?
We recommend contacting us to discuss your options.