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The Banking area is where you manage transactions related to your bank accounts. This includes money you spend and receive, and payments to suppliers and customers.
Bring your bank transactions into MYOB Essentials
Bank feeds and importing bank statements
The best way to work with bank transactions is to import them automatically using bank feeds, or by manually uploading your electronic bank statements. This lets you allocate bank transactions directly to MYOB Essentials accounts, or match them to transactions you've already entered, saving you lots of time on data entry.
- Automatically, using bank feeds. See Bank feeds.
- Manually, by importing bank or credit card statements. See Bank statements.
Manually entering bank transactions
If you don't want to import your bank transactions, you can also manually enter the money you spend and receive, and manually record payments for your invoices and expenses. You can then reconcile these transactions against your bank statement at the end of the month.
See Entering bank transactions manually.
Work with your bank transactions
When you've imported your bank transactions, all you need to do is tell MYOB Essentials what to do with them.
Matching bank transactions
If a bank transaction is a payment for an invoice or expense you've entered in MYOB Essentials, just match it to the invoice or expense. In some cases, MYOB Essentials will automatically match your transactions. See Matching bank transactions.
Allocating transactions
Otherwise, if you haven't already entered an MYOB Essentials transaction that matches the bank transaction, simply allocate it to one of your MYOB Essentials accounts. See Allocating bank transactions.
You can set up MYOB Essentials to automatically allocate transactions based on the transaction description or other features. See Using allocation rules.
Task |
See |
Bring in your bank transactions |
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Receive bank transactions automatically by linking your bank and credit card accounts to MYOB Essentials. |
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Manually import bank and credit card statements into MYOB Essentials (if you haven’t linked your bank accounts). |
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View your bank and credit card statement import history. |
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Work with your imported bank transactions |
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Check the transactions received from your bank and allocate or match them. |
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Use allocation rules to automatically allocate imported bank transactions. |
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Reconcile any MYOB Essentials transactions that remain after you’ve allocated bank transactions. |
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Manage all your bank transactions |
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View your transaction history. |
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Record transactions in MYOB Essentials |
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Enter withdrawals and payments that aren’t associated with your business suppliers. |
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Enter deposits received from sources other than customer sales. |
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Record a transfer made between your bank accounts. |