Importing a transaction file into MYOB accounting system is a quick and easy way to add a large number of transactions to your account at once. This can save you a lot of time and effort, especially if you have a large number of transactions to enter manually. Here's a step-by-step guide on how to import a transaction file into MYOB:
If you are familiar with this system, you know that it is usually for Australian businesses. MYOB supports OFX and QIF import and if you have another format, you could use a ProperConvert app to convert to OFX or QIF.
MYOB has special requirements for QIF files, make sure to select QIF target as MYOB. For OFX files, "Regular OFX" should work fine with MYOB.
If you downloaded MYOB from your Online Banking, then you would just upload it to MYOB. If your OFX file is not accepted by MYOB, then use the ProperConvert to convert to either OFX (we extract transaction details from your non-importable OFX and created a good OFX file) or QIF file. We suggest starting with OFX first as OFX is currently widely acceptable format, when QIF is old, retiring, phasing out format.
To proceed with the OFX file, first, you need to login into MYOB. Then click on 'Banking' - 'Bank transactions'.
See below specific use cases to import transaction files into Xero:
This tutorial shows how to import an OFX file with transactions into Online Accounting system - MYOB.
Click 'Import statements'.
Select an account you want to import your data. We will use a 'Cheque account'.
Browse to select an OFX file and click 'Open'.
And 'Date format if using QIF' setting applicable to QIF files for OFX files, you can ignore it.
To import an OFX file, click 'Import now'.
The statements have been imported successfully. Now we have four imported unallocated transactions - one deposit, three withdrawals.
We have to review transactions, Account, Tax code, split transactions if needed. Continue with all transactions. You can also create a rule for the next OFX import, if it is the same - Payee, Amount, same Description. Then this accounting system will be allocated automatically.
Let's say, if you realized, that the OFX file was not imported correctly, click 'Import statements' - 'View Import History'.
Select an account you've imported your data.
Then click 'Action'.
Click the 'Continue' button.
And then click the 'Delete' button.
This is the way to roll back from an incorrectly imported OFX file.
Use the ProperConvert app to convert your transaction files to required by your accounting software file format.
This tutorial shows how to import a QIF file with transactions into Online Accounting system - MYOB.
This is an Australian-based Online accounting service. They support import for QIF and OFX files. When you sign up for the account, go to 'Banking' - 'Bank transactions'.
Look for the button 'Import statements'.
Select an account you want to import your data into. We will use a 'Cheque account'.
Browse to select a CSV file and click 'Open'.
They say, that only QIF and OFX files are allowed.
Let's select a QIF file.
And for 'Date format if using QIF', you have to know how dates are shown on your QIF file.
In our case, dates are day/month/year. ProperSoft converters CSV2QIF, or Bank2QIF, or PDF2QIF have a special QIF Target, as MYOB. So, when you convert for MYOB, it will create the dates, as day/month/year, so you don't have to guess or check how the dates are added. This is a default option of the Australian-based business, they do the dates by day/month/year. And in ProperSoft converters, when you select a QIF Target - MYOB, they follow this default setting.
To import a QIF file, click 'Import now'.
The statements have been imported successfully. Now we have four imported unallocated transactions - one deposit, three withdrawals.
The process to review the transactions is called 'Allocate' or 'Match'. Now we have to allocate the transactions.
We have to say which Account belongs to, let's say it will be 'Sales 1'. And if you want a split, create few splits, you can do that.
Then you have to select Tax code and click 'Save'. This way you allocate the transactions, continue with all transactions.
Let's say, if you realized, that a QIF file was not imported correctly, click 'Import statements' - 'View Import History'.
Select an account you've imported your data.
Then click 'Action'.
Click the 'Continue' button.
And then click the 'Delete' button.
This is how we delete them. We cannot actually delete the transaction, that was imported, we can delete the whole statement in this Online accounting system.
See this tutorial as a video: