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Bank feeds allow information from your bank to be sent straight to MYOB so you can save time on your data entry.
To set up a bank feed for a Westpac account:
ensure bank feeds can be set up for your account (check the list)
There are two parts to setting up a bank feed:
Start the application process in MYOB and follow the prompts.
Once your bank feed is active, choose the account in MYOB the bank feed applies to.
Need to link more bank accounts? The number of bank accounts you can link depends on your plan. Go to My Account to see your current limit or upgrade your plan (click your business name > My Account > Manage my product).
1. Apply for a bank feed
Start the application process in MYOB (Banking > Manage bank feeds > Create bank feed) and follow the prompts.
In MYOB, go to the Banking menu and choose Manage bank feeds.
Click Create bank feed.
For the Account type, choose Bank account or Credit card account. The Set up method confirms you'll be setting up using a form which can take 1 - 2 weeks.
For the Bank, choose Westpac or Westpac Credit Cards.
Enter the bank account or credit card details.
Read the displayed information and, if you agree, select the option I confirm that.
On the Sign the authority form page:
Click Print authority form, then complete, sign and scan the form to your computer.
Click Upload authority form to open the secure upload portal.
Enter your Email address.
Upload your scanned application form (either drag and drop the form onto the page or click Browse for files to choose the file from your computer).
Click Submit Application.
How long does it take to approve my application?
The application forms take 1 - 2 weeks to be processed. If you haven't heard from us after this time, contact us.
We'll send you an email when your bank feed has been approved, or you can track the status of your bank feed application.
Once it's ready, you need to link the bank feed to the corresponding account in MYOB—see the next task for details.
2. Link the bank feed to an account in MYOB
Once you've been notified (by email) that your bank feed has been approved and the first bank feed has arrived, you'll need to link the bank feed to the corresponding account in MYOB. This will be the account in MYOB that your bank transactions will be fed into.
In MYOB, go to the Banking menu and choose Manage bank feeds. The Manage bank feeds page opens, listing all the bank feeds you have set up and their status.
In the Linked account column for the new bank feed, choose an account from the list. This will be the account that the bank feed transactions will be imported to. You can only select accounts set up as a bank account or credit card.
Click Save to finish.
What happens next?
When your bank feed is ready, your bank transactions will automatically be fed into MYOB at the frequency specified by Westpac for your account type (check here).
You can then allocate those transactions to the applicable accounts or match them to existing transactions. You can even set up rules to make it happen automatically. Find out all about Working with bank transactions.
The first bank feed you receive will have transactions dated from when your bank feed was approved. Any transactions that occurred while you were waiting for the bank feed to be set up won’t be included, but you can import these transactions from your bank statements.