Bank feeds in MYOB are supposed to save time, but when they’re not reconciled properly, they create a different kind of mess — unmatched transactions piling up, duplicate entries, and a bank balance that doesn’t match what MYOB says. Here’s how to reconcile bank feeds properly and keep it that way.

Match, don’t just accept

MYOB’s bank feed will suggest a match for a lot of transactions, but “accept” and “match” aren’t the same thing. Accepting a suggested transaction without checking it against an existing bill or invoice can create duplicates further down the track. Take the extra few seconds to confirm each match is actually correct before moving on.

Deal with unmatched transactions weekly, not quarterly

An unmatched transaction sitting in the bank feed for months is much harder to identify later — you’ve forgotten what it was for, and the person who ordered it might not remember either. A weekly ten-minute pass through unmatched transactions keeps your reconciliation current and avoids a stressful backlog at BAS time.

Reconcile the account, not just the feed

Matching bank feed transactions is only half the job. MYOB’s actual bank reconciliation report compares your ledger balance to your statement balance at a point in time — run this properly each month, not just when something looks off. It’s the step that actually catches errors like a transaction coded twice or a payment recorded against the wrong account.

Watch for GST-ready transaction coding errors in bank feed rules

If you’ve set up bank feed rules to auto-code recurring transactions, double-check the GST treatment on each rule periodically. A rule set up once and forgotten is one of the most common ways incorrect GST-ready transaction coding quietly repeats itself every month until a BAS review catches it.

Keeping MYOB reconciled properly

None of this is complicated, but it does need to happen consistently — which is exactly where most small businesses fall behind. Our MYOB bookkeeping support includes proper bank reconciliation every month, so your file is always accurate and BAS-ready. Book a free consultation if your MYOB file has gotten away from you.