Child pages
  • Check your credit card bank feeds before upgrade

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.
HTML Wrap
classsection group
HTML
<span data-swiftype-index="true">
HTML Wrap
classcol span_3_of_5

If you've received an email or in-product message that your software will be soon upgraded to the new MYOB, and you receive bank feeds for credit card accounts, we recommend that you check the set up of these bank feeds so that they work correctly after you've been upgraded.

UI Text Box
sizemedium
typenote

In the new MYOB, you're not able to link credit card bank feeds to asset accounts. While these bank feeds will be migrated in the upgrade, we can't guarantee that they will work in the future. 

If you're not sure if there's any bank feeds set up this way, open MYOB Essentials, click your business name, choose Manage bank feeds and check the Linked account column. If you do have a credit card bank feed linked to an asset account, you should change it to link to a liability (Credit Card type) account.

Here's how to do it:

UI Expand
expandedtrue
titleTo change the linked bank feed account from an asset to a liability
  1. Check that you've allocated or matched all your bank transactions on the feed, including from any rules you've set up.
  2. Complete all reconciliations for your credit card bank feeds.
  3. Cancel the bank feed.
    1. Click your business name and choose Manage bank feeds.
    2. Click on the 'x' next to the bank feed you want to cancel.

    3. In the confirmation window that appears, click Yes to cancel the bank feed.

  4. Re-apply for the bank feed.
  5. When the bank feed is ready, link it to a liability (Credit Card type) account (if necessary, set up a new liability account).
  6. Record a journal entry to transfer the balance of the asset account to the liability account. Speak to your accountant if you're not sure how to do this.

 

 

HTML
</span>
HTML Wrap
width15%
classcol span_1_of_5
 
HTML Wrap
floatleft
classcol span_1_of_5
Panelbox
namemagenta
titleRelated topics
HTML Wrap
classsidebarlinks

Complete your bank reconciliation before upgrade

Managing your bank feeds

Managing rules

Working with bank transactions

HTML Wrap
classacademyBanner

Image Added