Downloading bank and credit card statements to process entries is a guranteed way to cut time doing MYOB accounting. The process goes like this:
- Download your bank statement from your bank’s website (save to your desktop – file type must be .qif)
- From Banking Command Centre, select Bank Register then click on Get Statement
- Bank entries are displayed – choose Add Transaction to add each payment or receipt (work in systematic order!)
- Payments may be entered as either a Spend Money or Pay Bill
- 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.
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Hello
I am new to MYOB. I do need to enter spent money ( receipts I have for business spending ) as well as importing the bank statement don’t I? Or, I am wondering if when I download the bank statement I can match to issued invoices/receipts for our customers ( we have a backpackers ) and at this point I enter the payments as spend money/ pay bill and enter all the details at this point and time instead of entering every one prior to getting the bank statement from each tax receipt I have collected? And yes, I am blond…but not entirely stupid.
Appreciate your help.
Kind regards
Nicky
No you either Spend Money or download (the download entries create a Spend Money). If confused, don’t do anything until you get some help from an Approved Partner. Undoing entries and bank recs is not easy!