Bank feeds
The bank feeds function in MYOB Advanced uses MYOB's online services to import transactions from your bank account or credit card statement into a nominated cash account.
To see which financial instutions support bank feeds, see the MYOB bank feeds page.
Bank feeds process overview
1. Authorisation
Finance user requests authorisation for bank feeds.
Admin user submits authorisation request to MYOB, gives finance user access to bank feeds features in MYOB Advanced.
MYOB agent processes authorisation request.
2. Applying for a bank feed online or using a paper form
3. Importing transactions
Navigate to the Manage Bank Feeds form.
Select one or more active bank feeds.
Any user with access to the appropriate forms in MYOB Advanced can import transactions from the feed(s).
Review transactions on the Import Bank Transactions form and make corrections if necessary.
Reconcile transactions as normal.
Setting up bank feeds
User authorisation
Before you can begin the setup process, you must nominate one or more MYOB Advanced users to be able to apply for bank feeds. These users will need:
A secure authentication login, if they do not already have one. If the user can log in to MYOB Advanced using the Sign in with Secure Authentication button on the login screen, then they are already set up. Secure Authentication was introduced in the 2018.1.2 release of MYOB Advanced—once your site is using this version, onscreen messages will appear when users log in, prompting them to sign up for Secure Authentication. Users can follow these prompts to set up a Secure Authentication login for themselves. More information on Secure Authentication is available on the MYOB website.
Authorisation to apply for bank feeds. To authorise a user to apply for bank feeds, an MYOB Advanced administrator with access to the Users screen (SM201010) selects the user who requires authorisation and clicks the Authorise MYOB Admin toolbar button. This sends an authorisation request on behalf of the user to MYOB Sales Operations. An automated email will be sent to the user when they have been authorised (it can take up to two business days for the authorisation request to be processed).
Access to bank feeds screens. Any user who will be applying for bank feeds should have access rights to the following screens:
Apply for Bank Feeds (MBCA2010)
Track Bank Feed Applications (MBCA2015)
Manage Bank Feeds (MBCA2020)
Setup process
Once a user has been authorised to apply for a new bank feed, they can navigate to the Apply for Bank Feeds screen (MBCA2010) to begin the application process. The first step is to click the + button, then select the Financial Institution that the bank feed will be imported from. The institutions available in the Financial Institution field’s search window are restricted based on the jurisdiction of the MYOB Advanced installation—only Australian institutions are available in Australia and only New Zealand institutions are available in New Zealand. This means that if an installation has multiple tenants in different countries, only tenants in the same country as the overall installation can use bank feeds.
There are two types of application: paper and online.
online – For financial institutions that offer online bank feed applications, MYOB Advanced generates a passcode, which you copy down and supply when setting up the bank feed at the institution's website.
paper – Where online applications are not available, MYOB Advanced generates a printable client application form (CAF) containing details of the account you want to set up a bank feed for. The CAF must be printed out, signed, uploaded and sent for processing (all of these actions are performed in MYOB Advanced).
Which type of application you create depends on the financial institution that you selected—in most cases, institutions only offer one method, in which case the Application Type options will be read-only. In cases where an institution offers both methods, the options are editable, and you can select the method you prefer.
Paper applications
When the Paper option is selected under Application Type, extra fields become available on the Apply for Bank Feeds screen (MBCA2010). These fields let the user enter the information required by the institution—usually an account name and number, and possibly other details like a BSB number in Australia. Fill in these fields, then save the application.
The Account Name is the name that appears on statements for the account, not the name of the account holder or the type of account (cheque, savings, etc.). Account numbers and BSBs must contain numbers only—no dashes or slashes.
You can also nominate the Cash Account that the bank feed will import transactions into, but this is not necessary at this point. Only one bank feed can exist for each cash account.
Once the application has been saved, select Submit from the Actions dropdown to register the application with MYOB’s online services. If the submission is successful, you can then select the Download action to receive a client application form (CAF) in PDF format.
Depending on data traffic, the CAF can sometimes take up to five minutes to download. You may need to try clicking Download again later—see Troubleshooting.
The CAF must be printed out and signed by an approved signatory of the specified account; the signed form must then be scanned and uploaded. Upload the form by selecting the Upload action—this opens a popup window where you can select the file to upload:
The email address entered here will be used if MYOB needs to contact the user directly regarding the application.
Once the signed form has been uploaded, click Submit Application on this window to send it for processing.
It’s possible to upload and submit new versions of the CAF at a later time—this might be necessary if there was a mistake that needed to be corrected—see Troubleshooting.
Online applications
When the Online option is selected under Application Type, no other details are needed. You can nominate the Cash Account that the bank feed will import transactions into, but this is not necessary at this point. (Only one bank feed can exist for each cash account.)
Once the application has been saved, select Submit from the Actions dropdown to register the application with MYOB’s online services and generate an online passcode.
Next, click the Open Financial Institution Portal to go to the financial institution’s website to set up feeds for the accounts you require. Use this link to open the financial institution’s website, rather than navigating to the website manually. In some cases, the URL launched by the button includes authorisation information required by the website.
The details of how to set up the bank feeds are specific to each financial institution but mostly you will need to specify that you are connecting each account to an MYOB product and supply the passcode generated on the Apply for Bank Feeds screen (MBCA2010). The passcode can be used for the selected financial institution only; however, you can use it to set up feeds for multiple accounts from the same institution. Contact the institution if you need assistance for this stage.
ANZ (Australia) banking products can be applied online only. Two of ANZ (Australia)'s products:
ANZ commercial credit cards – must specify the account level, not the card level when providing the passcode to ANZ.
ANZ transactive banking accounts – must contact your ANZ account manager or ANZ transactive banking services to provide the passcode.
And generally require contacting MYOB support afterwards to finish the application process.
Tracking bank feed applications
The Track Bank Feed Applications screen (MBCA2015) shows the status of all bank feed applications, so their progress can be monitored.
See Applying for bank feeds for a list of all available application statuses and their meanings.
Click Refresh to update the statuses of the listed applications. This screen does not update automatically—you must manually refresh the list to see any status updates.
If the application is processed successfully, indicated by a “Success” status, the user can then activate the bank feed by selecting Activate from the Actions dropdown on the Apply for Bank Feeds screen (MBCA2010). The bank feed is now ready for use.
If a Cash Account hasn’t been selected for the bank feed yet, it must be selected now—the feed can’t be activated until an account is chosen. Only one bank feed can exist for each Cash Account.
Cancelling bank feeds
To cancel one or more bank feeds, a user must select the feed(s) on the Manage Bank Feeds screen (MBCA2020) and click Cancel Selected Feeds. To reduce the possibility of accidental cancellations and to make it clearer that this is an action that cannot be undone, a warning message appears:
While anyone with access to the Manage Bank Feeds screen can use it to import bank feed transactions, only a user with the ability to apply for new bank feeds can cancel one from this screen, i.e. to cancel a bank feed, the user must be set up for Secure Authentication and authorised for bank feeds, see User authorisation.
Importing bank feed data
Once a bank feed has been activated, it will appear on the Manage Bank Feeds screen (MBCA2020). This screen displays all cash accounts that have an active bank feed:
The screen displays the results of the most recent import, including the date of the import, the user who initiated the import and the number of transactions imported.
Bank feed transactions can be imported by any user with access to the Manage Bank Feeds screen—the authorisation credentials needed to apply for a bank feed, see User authorisation, aren’t needed to import transactions.
To import transactions from a bank feed, either:
Select one or more feeds and click Import Selected Feeds, or
Click Import All Active Feeds.
Any warnings or errors encountered during an import will result in a warning or error icon at the left of the row—hover the mouse pointer over this icon for a short description of the problem. Detailed information on any errors appears on the Import Errors tab.
The Trans. Last Imported column displays the number of transactions imported in the last import operation. Clicking on this value opens the Import Bank Transactions screen (CA306500), showing the imported transactions:
A new Reference Nbr. is assigned to each batch of imported transactions. From this screen, users can continue to reconcile the imported transactions as usual, see Reconciling bank feed transactions.
In some cases, it may be necessary to edit the data on this screen—see importing bank feed data.
An Import Feed button is also available on the Process Bank Transactions screen (CA306000), if the selected cash account has a bank feed set up for it. Click this button to import transactions from the bank feed.
Reconciling bank feed transactions
Once bank feeds are received and available on the Import Bank Transactions screen, you can use the imported transactions for automated reconciliation and transaction creation.
First, check the matching settings on the Cash Management Preferences screen (CA101000):
The Process Bank Transactions screen (CA306000) identifies the imported payments and tries to assign a match relevancy score based on the matching settings.
For example, an imported bank feed includes one transaction dated 11/07 for the receipt of $200.00 and one dated 12/07 for the receipt of $250.00:
On the Process Bank Transactions screen, the $200.00 transaction has a matching record in the system with the same date and Document Ref:
The $250.00 transaction also has a matching record in the system with the same date and Document Ref:
If you click Auto-Match, the system will automatically match all relevant transactions for you; otherwise you can match transactions from the list manually:
Users can also create new transactions to match the imported transaction to on the Process Bank Transactions screen (CA306000), either manually or in an automated way using the auto-match process.
The rules used to creation transactions automatically are defined on the Bank Transaction Rules screen (CA204500):
Based on the above example, the auto-match process will apply a bank transaction rule to create a disbursement cash transaction where the transaction description contains EFTPOS:
After processing the bank transactions, all transactions that were matched or created will be available in the bank reconciliation area with the status “Cleared” for further processing:
Troubleshooting
Applying for bank feeds
A bank feed application returns the ‘Rejected’ status if the financial institution has rejected the application for the time being, but it is still possible to process the application, provided the errors that caused the rejection are corrected.
In most cases, an application will be rejected due to mistakes in filling out the client application form (CAF), as indicated by the error statuses below. These errors can be corrected by printing out a new copy of the form, filling it out correctly, then uploading it and re-sending the application.
The system will always send the most recently uploaded version of the CAF.
Application Form Not Signed – the CAF was sent without a signature.
Bank Rejected Signature – the signature on the CAF does not match the signature that the financial institution has on file, or the CAF requires multiple signatures.
Hand-Written Amendments – there were handwritten amendments to the CAF or extra writing where there shouldn’t have been. Financial institutions will not accept any changes to the pre-printed information on the form.
Missing Full Card Number – when applying for a credit card bank feed, the full 16-digit billing account number has not been supplied.
Signature Not Matching At Bank – the signature on the CAF does not match the signature that the financial institution has on file.
Wet Signature Not Received – the CAF has not been signed by hand, e.g. a digital or stamped signature was used.
Other error statuses require you to contact the financial institution or contact MYOB by sending an email to bankfeeds@myob.com:
Account Type Required, Member Number Required or Member Number & A/C Type Reqd – the financial institution needs more details about the account. Contact MYOB with your serial number and the member number and/or account type of the account you are setting up a bank feed for.
Already Loaded – a bank feed application has already been processed for the selected account. Contact MYOB with the bank account details, serial number and company data file number of the file you want the bank feed to go to.
Rcvg Feeds With Diff A/C Name – a bank feed for the account is already active, but with a different account name. Contact MYOB with your serial number and company file ID so that we can help to resolve the issue.
Bank Requires Signature Update – the bank does not have a signature on file for the selected account. You will need to visit the bank and provide a signature for their records.
Importing bank feeds
It is possible for errors like “Calculated Balance does not match Ending Balance” to appear on the Import Errors tab of the Manage Bank Feeds screen (MBCA2020) after successfully importing transactions from a bank feed. There can be several reasons for these errors:
If transactions are coming into the Cash Account from multiple sources, e.g. if transactions were imported from a CSV file using the Import Bank Transactions screen (CA306500) as well as from a bank feed. In this case, use the Import Bank Transactions screen to update the appropriate statement balance:
If there was a gap between when the bank feed was activated and when transactions were last imported into the Cash Account. Bank feeds import transactions dated from when the feed was activated—if any transactions prior to the activation were not already in the MYOB Advanced system, they will need to be imported by another method, e.g. importing from a CSV file.