The next essential step after you’ve installed your MYOB software would be to set up MYOB bank feeds. If you are looking for a guide to help you through the process, then you have found the right source- here’s some tips on how to set up your MYOB bank feeds in 5 steps:
- Basics
In order to even begin applying for bank feeds, you are required to be the online owner. The online owner for the bank feed application should ideally be the same person who has set up the MYOB software subscription. Check the list of bank institutions and other alternatives that are currently being supported by MYOB before applying. Once you have applied for the bank feed successfully, you will be required to link it to your MYOB software.
- Bank Application
For bank application, users can choose to either do so by using online application or manually fill in relevant details and requirements through application forms and submit. The latter method may require 7 to 10 days at least for banks to process the application request. MYOB supports a list of bank institutes, but if your bank of choice is not included inside, you can choose to apply to other financial institutes by locating the ‘Banking Command Centre’ and choosing the ‘Bank feeds’ option. If this is the first bank feed created, MYOB will include an option saying ‘Manage Bank Accounts’. Choose ‘Get Started’.
- Customise
If you already have bank feeds, you can add or remove them by choosing the ‘Bank command centre’ and choosing ‘Bank feeds’ once more to open up the window. Choose ‘Manage bank accounts’ to open up the relevant window and select Add or Remove bank accounts. This will lead you to a sign in page for MYOB (my.MYOB)- log in, choose your financial institution and manually enter your details. Once done, choose confirm and submit. You can then print the bank feed application form, the authority form and cover sheet. There should be instructions to follow on the cover page. Click done when the printing is over and it will lead to your products page with details to your subscription as well as online services. Check the bank feeds section for your newly updated or applied details.
- Link
Link your account to your bank feed next to facilitate the success of the whole process. Return to the ‘Banking command centre’ and choose ‘Bank feeds’. Once done, it will pull up the ‘Manage bank accounts’ option. This will show you the application status off your bank feeds so you are able to track the progress of the applications by choosing ‘Check/Update’. Log in and choose the account, select ‘Use account’ so that the account will be linked to your bank feed.
- Follow up
When the bank feed is successfully prepared, an email will be sent to you. This process can take weeks, so be sure to set everything up properly as soon as you are able. Once the bank feeds have been set up and ready, you can download or approve transactions in your company files. If you want to import or reconcile transactions from before the bank feed was approved, you can make use of the ‘Get Statement’ option.
With these steps, you should be able to successfully set up bank feeds in MYOB with ease. Time is required for preparing and setting up bank feeds so make sure you have all the relevant information you will need before you begin requesting and applying. Simplify the process for yourself by making note of what needs to be done, and what has been done.
