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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.
1. Bring your bank transactions into MYOB Essentials
You can choose to import your bank transactions into MYOB Essentials and work with them directly. This lets you allocate bank transactions directly to MYOB Essentials accounts, or match them to transactions you've already entered, saving you loads of time on data entry.
If you don't want to import your bank transactions, you can enter them manually, using the Spend money, Receive money, Transfer funds, Enter customer payment and Enter supplier payment screens.
Bank feeds and 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. To import transactions:
- 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.
2. 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.
View transaction history
See all the bank transactions you've entered into MYOB Essentials, including Spend Money, Receive Money and Transfer Funds transactions. You can also view transactions that have been allocated and matched from your bank feeds.
This page doesn't include unallocated or unmatched transactions from your bank feeds or imported statements.
See Transaction history.
Reconcile remaining transactions
Reconcile any MYOB Essentials transactions that remain after you’ve allocated all of your bank transactions.