Downloading bank and credit card statements to process entries is a guranteed way to cut time doing MYOB accounting. The process goes like this:

1. Download your bank statement from your bank’s website (save to your desktop – file type must be .qif)
2. From Banking Command Centre, select Bank Register then click on Get Statement
3. Bank entries are displayed – choose Add Transaction to add each payment or receipt (work in systematic order!)
4. Payments may be entered as either a  Spend Money or Pay Bill
5. Receipts may be entered as either a Receive Money or Receive Payment

The method is VERY accurate and done thoroughly, you reconcile every time. You can pick and choose entries;  for instance say you have business spending on a personal credit card. Simply Add Transaction for the entries you want and ignore the rest.

I highly recommed this method and implement it whereever possible – try it – you won’t be disappointed.

Related posts:

1. Incorrect date on bank reconciliation
2. End of Financial year checklist
3. How do I import timesheets from MYOB Accounting into Payroll?
4. Customer Payments & undeposited funds
5. Recording Intercompany loans