Bank Charges and Interest

This Support Note is suitable for:

• ABSS Premier
• ABSS Accounting

Introduction

Some bank transactions are not usually known until you receive your bank statement. Therefore, a convenient feature has been added to the Reconcile Accounts window which saves time in entering these transactions. This support note explains the use of this feature and certain aspects of these transactions.

How are banking transactions entered In MYOB?

Banking transactions can be entered using Receive Money and Spend Money. However, as these transactions are usually entered when reconciling your cheque account, they can also be entered using the Bank Entry function which is located within the Reconcile Accounts window.

1. Go to Banking and click Reconcile Accounts
2. Select your Account and enter the Bank Statement Date
3. Click Action
4. Click the Bank Entry button
5. Enter the transaction details then click Record.

Window below shows a sample of the Bank Entry

Kindly note that the tax code for Bank Charges is FRE and Interest earn is ITS (only applicable to Singapore).

Upon returning to the Reconcile Accounts window, you will notice that any Bank Entry  

transactions recorded through this window have been automatically selected as Cleared.