Bank Feeds in MYOB Exo automatically matches transactions from your financial institution into MYOB Exo. This can save you copious amounts of time as well as significantly reduces the risk of human error and manual work. If you deal with hundreds or thousands of transactions in your business, make sure you have Bank Feeds set up in MYOB Exo! Heres how…
Bank Feeds in MYOB Exo
MYOB Exo is a powerful Enterprise Resourcing and Planning system. New functionality means that you can connect easily and securely with most banks.
First of all, let’s take a look at the Bank Feeds feature in MYOB Exo. How many transactions a day does your business need to track? Hundreds? Thousands? Maybe even more? MYOB Exo Bank Feeds allows you to automatically match the transactions in your MYOB Exo Business database with the transactions in your bank account. The bank provides you with an electronic list of transactions, so you can create rules in your system to match these transactions based on dates, amounts, reference numbers and account numbers. In summary, Bank Feeds provide a simple way of keeping accurate and up-to-date accounting records, allowing simpler and faster reconciliation of your bank accounts.
Setting up Bank Feed in MYOB Exo
Before you can begin using the Bank Feeds window to match transactions, you must set up MYOB Exo to allow the importing of bank feeds.
In order to connect to the Bank Feeds service, you will need to set up a “my.MYOB” account.
- To set up the MYOB Exo Business system for bank needs, you will need to enter your BRN (business reference number) which uniquely identifies an Exo Business database.
- For new MYOB accounts, you will need to contact your partner for the BRN.
- Once you have received this, you will be able to set up individual bank accounts to access via Bank Feeds.
- Finally, you can set up any rules that you want to apply to the matching of bank feeds transactions.
Watch the video below for an introduction to MYOB Exo Bank Feeds:
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At Kilimanjaro, we are here to understand and improve your business processes. Whether you are already running MYOB Exo or are considering using it in your business, you are in safe hands with Kilimanjaro. For more information, please get in touch with us. You can call 1300 857 464, e-mail [email protected] or fill in the contact form below.