- Created by admin, last modified by RonT on Jan 30, 2023
https://help.myob.com/wiki/x/1qRqAg
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Bank feeds allow information from your financial institution to be sent straight to MYOB so you can save time on your data entry. Tell me more about bank feeds.
If your account isn't with one of the major financial institutions (CBA, ANZ, Westpac, NAB, AMEX, ASB, BNZ), but with another one, such as St. George, Bank of Melbourne or Bank SA, these are the steps to set up a bank feed.
To do this, you'll need:
- to be the online owner (usually the person who set up your MYOB subscription) or an Online Admin user
- your MYOB account login details handy.
Which banks are supported?
Bank feeds can be set up for accounts with many financial institutions including banks, credit unions, building societies, and fund managers, and we're always adding more. Check our current list of institutions you can set up bank feeds for:
If your bank isn't listed
This means your bank doesn't currently support bank feeds, but you can still import bank and credit card statements.
Let's get started
There are two parts to setting up a bank feed:
1. Apply Start the application process in MYOB. If your bank allows it, you'll be taken to your internet banking site to finish the application. Otherwise you'll be prompted to complete an application form. | 2. Link When your bank feed is active, finish the set up process by choosing the MYOB account that the bank feed applies to. |
Need to link more bank accounts? The number of bank accounts you can link depends on your plan. Go to My Account to see your current limit or upgrade your plan (click your business name > My Account > Manage my product).
1. Apply for a bank feed
Here's how to get started:
- In MYOB, go to the Banking menu and choose Manage bank feeds.
- Click Create bank feed.
Select the type of account you're setting up the bank feed for (Bank account or Credit card account).
Choose your bank from the list of financial institutions. If it's the only method available, the Application method will default to Application form. If you have the option to apply Online via bank / internet banking, select this option and follow the prompts to complete your application via your bank's internet banking site.
- Enter the bank account or credit card details.
- Read the displayed information and, if you agree, select the option I confirm that.
- Click Next.
- On the Sign the authority form page:
- Click Print authority form, then complete, sign and scan the form to your computer.
- Click Upload authority form to open the secure upload portal.
- Enter your Email address.
- Upload your scanned application form (either drag and drop the form onto the page or click Browse for files to choose the file from your computer).
- Click Submit Application.
Uploaded application forms can take 1 - 2 weeks to be processed. If you haven't heard from us after this time, contact product support (click chat or scroll down for other options on the Contact Us page).
We'll send you an email when your bank feed has been approved, or you can track the status of your bank feed application.
Once it's ready, you need to link the bank feed to the corresponding account in MYOB—see the next task for details.
2. Link the bank feed to an account in MYOB
Once you've been notified (by email) that your bank feed has been approved and the first bank feed has arrived, you'll need to link the bank feed to the corresponding account in MYOB. This will be the account in MYOB that your bank transactions will be fed into.
To link an account to the bank feed
- In MYOB, go to the Banking menu and choose Manage bank feeds. The Manage bank feeds page opens, listing all the bank feeds you have set up and their status.
In the Linked account column for the new bank feed, choose an account from the list. This will be the account that the bank feed transactions will be imported to. You can only select accounts set up as a bank account or credit card.
- Click Save to finish.
What happens next?
When your bank feed is ready, your bank transactions will automatically be fed into MYOB at the frequency specified by your bank for your account type (you can check here: Australia | New Zealand).
You can then allocate those transactions to the applicable accounts or match them to existing transactions. You can even set up rules to make it happen automatically. Find out all about Working with bank transactions.
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