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23 / May / 2007

Many of the transactions in your bank account are generated directly by your bank e.g. bank fees and charges, periodical payments, direct debits, etc.

These transactions should be recorded by you as Spend Money. However, because no actual cheques were drawn, the Cheque Number field needs to be amended to replace the automatic cheque number generated by MYOB. Instead of a cheque number enter a word so that it can be identified during reconciliation.

Periodical payments and direct debits should be saved in MYOB as Recurring Transactions. MYOB’s To Do List can then be used to act as a reminder of when to record the transactions, or you can record the transactions automatically on the due date.

Bank fees and charges can also be entered when reconciling the bank account:

  1. Go to the Banking Command Centre
  2. Choose Reconcile Accounts
  3. Click the Bank Entry button
  4. Enter the details of the Service Charges (e.g. bank fees) and/or Interest Earned
  5. Click Record

For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…