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What Are MYOB Bank Feeds?

Bank feeds automatically import your banking transactions to your accounting software, allowing you to save time on data entry. You can easily set up bank feeds by signing into MYOB. Once you activate the bank feeds, your transaction data will be sent to your accounting software daily. MYOB allows you to create new rules to track and update your banking activities, making you more efficient and organised.

Considering MYOB training may be necessary if you want to enhance your professional status. At The Career Academy, we have a wide selection of MYOB online courses, so you will always be sure to find one that suits you.

How MYOB Bank Feeds Work

MYOB bank feeds are ideal for any business seeking to make its operations more efficient. MYOB collects data from your online banking portal and sends it to your accounting software. It stores your credentials in a highly secure system. The best thing is that MYOB allows you to download old banking transactions for your banking site to your accounting software anytime you want.

It would help if you were the owner of the accounting software to apply for MYOB feeds. However, you can change the name of the person listed as the online owner by calling the MYOB customer support team via 1300 555 151. The best thing is that you can control who accesses your bank feeds. It is ideal to restrict access to only users with accounting, bookkeeping, administrator and banking roles.

How MYOB Bank Feeds Make Business Efficient

Before introducing MYOB bank feeds, accountants had to manually key in the details of the transactions into their accounting software. The manual processes are error-prone and consume a lot of time. MYOB bank feeds make it easy to automate significant manual bookkeeping work for seamless and efficient data flow in your accounting software.

The MYOB bank feeds will allow you to save time spent reconciling transactions. Automatically matching your bank transactions with bills awaiting payment or sales invoice details increases your organisation’s productivity and efficiency. The feeds will give you better control over your cash flow and enhance cash flow forecasting making you more prepared for a cash drought or a pending windfall.

Viewing MYOB Bank Feeds

You can view a list of banking transactions by selecting “Set up Bank Feeds” on the “Banking” menu. The list of feeds on the “Manage your Bank Feeds” page includes active accounts and those waiting to be processed. Every bank feed comes with:

  • The name of your bank
  • Your account number and the name of the account with the bank feed
  • The status of your bank feed application. The status shows where your account status is at or whether there is an issue with your application

It is essential to note that your application can take up to 10 business days. If it takes longer, it is advisable to contact the MYOB customer support team.

Learn MYOB from Our Software Training Program

The Career Academy’s MYOB online courses will allow you to take your accounting career to a new level. We wil provide expert guidance to ensure you discover more about the latest MYOB functions and help you acquire an MYOB certificate. Check out our website to learn more and get your free MYOB course guide.

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