To get your bank transactions delivered automatically

1. Go to the Banking command centre and click Bank Feeds. The Bank Feeds window appears.

2. In the Account field, select the account you want to receive feeds from.
3. Click Get Bank Transactions. The Bank Statement column will refresh and display any new bank transactions that have occurred since your last update.

From now on:

• you'll no longer need to click Get Bank Transactions to see your latest bank transactions

• the Bank Feeds window will be automatically refreshed with new bank transactions whenever your bank sends them.

How often your bank feeds are updated depends on your bank. Search the list of supported banks and their feed frequency ( Australia | New Zealand ).

To get your matched transactions automatically approved

1. Go to the Preferences menu > Banking tab and Auto-approve bank transactions matched to MYOB transactions.
   
2. Click OK.

From now on if a bank feeds transaction has been automatically matched to a corresponding transaction in AccountRight, it’ll now be automatically approved.

Naturally, you can undo any automatic approvals if you need to. You can also turn off automatic approvals by deselecting the Auto-approve bank transactions matched to MYOB transactions option.

Can't find a match for a bank feed transaction?

If this is the first time you're using the Bank Feeds window, you may see bank statement transactions that you've already reconciled in AccountRight or have marked to be reconciled. You can't match these transaction. You need to hide these transactions to remove them from the Bank Feed window.

How do I match a lump sum deposit to individual payments?

If you receive multiple customer payments as one lump sum deposit, you should use the Prepare Bank Deposit feature to group receipts into a single deposit. This will then match what's shown in the bank feed.

If you haven't used the Prepare Bank Deposit feature, you'll need to hide the bank feed transactions, then manually reconcile the AccountRight transaction.

Learn more about Matching a bank feed to multiple transactions.

What if I have multiple bank feed transactions which relate to one AccountRight transaction?

You'll need to hide the bank feed transactions, then manually reconcile the AccountRight transaction.

I've approved all bank feed transactions - do I still need to reconcile the account?

Yes. Approving bank feed transactions is a quick way to match transactions on your bank statement to transactions in AccountRight. You'll still need to reconcile the account after approving the matches, but using bank feeds will make the reconciliation process much quicker and simpler.

When you've approved a match in a bank feed, the transaction will automatically be selected when you reconcile your bank accounts.

What can I do about bank feed transactions I don't want to match?

Easy - you can hide the transactions.

Why can't I click into an unapproved transaction?

If a transaction isn't automatically approved but is showing Rule Applied, it means the transaction matches a rule you've created, but there isn't a matching transaction in your company file.

However, clicking Approve will automatically create the transaction in your company file. If you undo the approval, you'll notice Rule Applied no longer displays. Instead, AccountRight now matches the bank feed with the transaction which was created when you initially clicked Approve.

You can then click into this transaction, or click Approve to approve the match.

Can I change a matched transaction?

Yes, but if you change the transaction value or date this might un-match the transaction as it will no longer match what was in the bank feed.

Why do my AMEX transactions appear different to my AMEX statement?

If you use an AMEX merchant account to receive payments for your business:

• the AMEX deposit on your bank statement usually displays the total sales less the AMEX fees, and
• the bank feed for the transaction will show the full AMEX income amount and the fee amount as separate items.

This lets you allocate these items to the applicable accounts.

Why am I getting the warning 'You have already used Cheque No. EFT' when creating a transaction from a bank feed?

The warning "You have already used Cheque No. EFT" happens when you create a Spend Money transaction if you've turned on the software preference Warn for Duplicate Cheque Numbers (under Setup > Preferences > Banking tab). The Cheque No. defaults to "EFT" for all Spend Money transactions created from bank feeds.

Your options are:

• turn off the system preference
• change the Cheque No. on the Spend Money transaction, or
• ignore the warning.

Why are some dates on my bank feed different to my bank statement?

The dates on bank feeds can vary to the dates on your bank statement due to the difference between the transaction date and the date the transaction was processed by your bank. This usually occurs due to weekends and public holidays which delay the bank processing.

This means a transaction made on a Saturday may not be processed until a Tuesday. The transaction will then come through on Wednesday’s bank feed with Tuesday’s date. The bank will subsequently adjust the date to show on your statement as the actual transaction date.

This leaves your bank feed transaction dated for Tuesday, but on your bank statement it shows with Saturday’s date. Although transactions are still able to be allocated and matched normally, this date discrepancy could pose some reconciliation challenges when they occur on either side of a month, quarter or a financial year.

If you need help working out the best way to handle these discrepancies, check with your accounting advisor or contact our Tech Support Team (Australia: 1300 555 123 or New Zealand: 0800 60 69 62).