Let's work through the Westpac bank transactions together.
By linking your bank accounts, you don't need to manually enter all your bank transactions. If you track sales and purchases you still need to record the invoice and bill transactions.
But you can then automatically record the payments you make and receive when they hit your bank. You can also set up rules to automatically record transactions that occur regularly like your rent or bank charges.
How often you receive real bank data is dependent on your bank. It may be each working day, weekly or monthly.
Just check the transactions when they come in and tell MYOB Essentials what to do with each transaction.
Match it or allocate it? Let's take a look at working with IckyLeaks real bank data from the Westpac Bank Account.
Using your real bank data:
- saves you time
- reduces the risk of data entry errors, and
- ensures your books are up to date and accurate.