How to import bank statements into MYOB

[Ol School Skata]

I have just downloaded a trial version of MYOB Accounting to use for my personal budgeting which includes a couple of IP's. Previously i used an excel spreadsheet but am getting sick of retyping all my bank statement transactions.

I have been trying to import the data from a credit card. So far I have exported the data from the bank into a MYOB software format. This actually saves it as a .QIF file.

I then try to import it using myob but does not accept it? Anyone know how to fix this up. If i have to load each transaction in myself then i see no reason to buy this software? Surely this is just teething problem i am experiencing

OSS

 

[NickB]

I haven't used MYOB myself, but I do use Quicken and Quicken uses the QIF (which could mean "Quicken Import File") file to import data. Maybe MYOB uses a different file extension for its imports.

Cheers,
Nick

 

[rich ando]

importing statements

are you trying to import it whilst in the bank rec section?

go to reconcile accounts then click on get statements....then find the file..

it is easy!!

richard

 

[ani]

A long while since I've done what you are trying so hopefully I remember it right.......

A QIF file should be fine. Can also use OFX, QFX and OFC [dd/mm/yy format]. Date format is important. You'll need to contact your bank if it is not in that date format.

Save it to your computer somewhere then go to bank reconciliation window and select "Get Statement" and import it from your saved file.

Hope that works!

 

[thefirstbruce]

Do you know you can download bank data as csv and paste into excel?

 

[Ol School Skata]

Thanks Rich Ando and Ani - i tried what you suggested last night with some mixed success. Didn't know that i would stil have to complete each transaction - allocated to account numbers, provide details of transaction etc. but it still saves me doing some of the work.

First Bruce - i have been using the CSV format for the past 12 months but now want to get into a bit more detailed analysis. Basically i want to start running my personal finances more like a business and find that a established system like MYOB - Business Basics or Accounting will help.

But if anyone is willing to post a sample budget/cashflow forecast statement/ profit and loss/Balance Sheet i would gladly appreciate it.

I think for the time being i will run both (excel and MYOB) and compare them at the end - my excel spreadsheet is easy to do every month.

Does that mean i have too much time on my hands or i have no life???

OSS

 

[ani]

i tried what you suggested last night with some mixed success. Didn't know that i would stil have to complete each transaction - allocated to account numbers, provide details of transaction etc. but it still saves me doing some of the work.

OSS

A lot of expenses are probably recurring. If you set up Cards for those expenses, you can add GL code and details of transaction there

 

[Ol School Skata]

ok that one is worked out thanks!!!

Next one how do i set up a line of credit account in MYOB which has a redraw facility of $40000?

eg loan limit is $118000
Redraw availability $40000
Loan balance $78000

Can MYOB work out the interest calculations on this loan account or do they need to be entered manually?

OSS

 

[Ol School Skata]

anyone know how to do set up a loan account in MYOB business basics? Just having a wee bit to trouble with this.

 

[JoannaK]

Hi OSS,

go to your Accounts menu, then Accounts List, the Click on Liability, and then New to create the new account. If it's a loan account mark it as a Credit Card Account so you can enter transactions.

Note, I'm working of MYOB Version 15, but it shouldn't be too different. I hope it helps.

 

[JoannaK]

ok that one is worked out thanks!!!

Next one how do i set up a line of credit account in MYOB which has a redraw facility of $40000?

eg loan limit is $118000
Redraw availability $40000
Loan balance $78000

Can MYOB work out the interest calculations on this loan account or do they need to be entered manually?

OSS

Hi OSS,

you'll need to enter your interest manually. It should consist of two transactions. First you "spend money" from the loan account to add the interest to your loan balance, then you "spend money" from the account your paying the interest from to reduce your newly increased loan balance.

I hope that makes sense! If it doesn't make any sense, once you've done the above, go and do a reconcilliation on the loan account and hopefully you'll see what I mean.

I hope this helps.

BTW - MYOB has a great techical support line (as long as you're running a legal copy of MYOB). You can contact them on 1300 555 128. All you need to give them is your serial number and they're very helpful.

 

[Kenster]

This is what I am trying to do, importing data from Excel to MYOB Business Basic. No result yet.

It appears MYOB only import files in .QIF, OFX, QFX or OFC format.

How can I create a file in one of those formats, providing all my data are currently in Excel?

Thanks.

 

[Bangers]

NAB doesn't export to the file format Quicken Pro 2008 wants.