Review as you go for easier reconciliation

Use the types and methods filters to declutter the Bank transactions page so you can focus on specific transaction types, suggestions, matching methods, or transactions that have been manually matched.

In the Method column, hover over a method for a description about how a transaction has been matched:

• Logic. An automatch based on amount and date.

• Rule. An automatch based on a set of instructions that tells MYOB how to handle certain transactions that regularly appear in the bank feed. More about rules

• History. An automatch or suggested match to a category, using AI, based on how you previously matched a similar transaction.

• Prediction. A suggested match to a category using AI, based on how other MYOB businesses have matched similar transactions.

• Manual. Manually matched to a category (when there aren't any matches or suggestions, or if automatic matching is turned off).

To make it easier to see withdrawals and deposits, you can split the Amount column into separate Withdrawal and Deposit columns:

Start by reviewing automatches to existing records, then check any rule-based matches. Next, review category suggestions based on your previous matching history, record suggestions where there are similar possible matches, and AI predictions.

In the Matched view, you can see all of your matches. Use the Method column to see how a transaction was matched, whether used Logic, Rule, History, Prediction or Manual, then accept, change or reject the result.

If any automatch doesn’t look right, you can unmatch it and find a match the transaction yourself.

In the All or Not Matched views, see what MYOB suggests for matches. Review each suggestion to see what MYOB is recommending, then decide whether to accept it or choose something else. Expand the transaction to see more details. If you're OK with the suggestion, click Accept, or manually match the transaction to another category or record.

You can accept multiple suggestions at once. Ideal for when you have lots of similar transactions you want to match the same way. Select the transactions and hit Accept suggestions:

See unmatched transactions in the Not Matched view. A transaction won't be matched if MYOB can't confidently automatically match it to a record or offer a suggestion.

Check whether there’s an existing MYOB record you can find by searching or adjusting the filters. If there isn’t a suitable match, manually match the transaction to the right category.

Expand the transaction if you need to see more detail, want to double-check if there may be matching records, or you want to match the transaction to multiple categories:

If there is a slight difference between the bank transaction amount and the record amount (which can be caused by rounding differences), select the transaction and click Add adjustment. Enter an adjustment that brings the Out of balance amount to $0.00.

If you've got several transactions you want to treat the same way, select them and click Select category. You can then match them all to a selected category at once.

Once you’ve matched a transaction to a category, MYOB automatically creates a matching record. MYOB also learns from how you matched it – you may see suggested matches for similar transactions in the future.

1. On the Bank transactions page > Reconcile view, choose the bank account you want to reconcile.

2. Confirm you've correctly entered the Statement end date and Bank balance from your bank statement.

3. If there is a Difference amount, review the reconciliation summary to see what’s already confirmed for reconciliation and what still needs review.

   

4. Use the Matched status and Action columns to find the records causing the difference. In the Action column, click an action to go to what needs to be fixed:

   

   1. Match an unmatched transaction. Click Find a match to open an unmatched bank transaction in the Not Matched view. Choose from suggested matches, if there are any, or manually match the bank transaction (need a refresher on matching bank transactions?)

   2. Check the record date in a transaction record. This recommendation appears when either the MYOB record date or the bank transaction date is outside the statement date range. Click the reference number to open the transaction record and review the date. If needed, update the record so it reflects the correct transaction date for reconciliation.

      A matched transaction can appear in the Reconcile view if either the bank transaction date or a matched MYOB record date is within the statement date range. If you don't want to include the transaction in this reconciliation, leave it unticked.

5. Use filters or sorting if you need to narrow the list to records that still need review.

6. If there are uncleared transactions, mark them as cleared (select them) if they appear on your bank statement. You might have uncleared transactions if, for example, you're performing a monthly reconciliation but you applied for bank feeds part way through the month.

7. Click Refresh list to reload the Reconcile view with the latest changes.

8. Click Save progress to save your work. The reconciliation summary updates after your changes are saved, so you can come back later to continue.

9. Keep reviewing until you've addressed any recommended actions, there are no uncleared transactions and the Difference is $0.00.

10. Click Finalise to complete the reconciliation.

    You can only do this step if the Difference is $0.00.

11. Click the confirmation message if you want to download the reconciliation report. This provides a summary or detailed report for each bank reconciliation you've completed on each of your categories.

Still getting a difference?

Here are some other things to look out for:

• if this is your first reconciliation, check that your category opening balance doesn't include any uncleared transactions. If it does include uncleared transactions, change the opening balance.

• did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.

• did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.

More tips on fixing a difference

There are a range of automatch settings in MYOB, all can be turned on – and off – by you. What’s new is automatching to categories. Transactions are only automatched when there’s a high confidence score of 90% or more.

Matches are based on your past behaviour and a new prediction method, which uses AI, to learn from common patterns across similar customer files. A match will be made where the system has high confidence it's correct (greater than 90%). If the system has a confidence rating of between 70 and 90% it will provide a category suggestion instead of a match. If the system has a confidence rating of below 70%, you'll need to manually match the transaction to the appropriate category.

More about automatching and suggestions

Every match or suggestion includes a label that shows how MYOB arrived at it. There are four methods that MYOB uses for matching: rule-based, historical behaviour, logic or manual. This gives you useful context as you review transactions.

Yes. You’re always able to review automatches, and change them if you want, in the Matched view or before finalising reconciliation.

MYOB's bank transaction matching is aligned to the principals in the Australian Government’s Guidance for AI Adoption, with a focus on transparency, human oversight and accountability.

MYOB uses AI to assist with matching and suggestions – not to make unchecked decisions on your behalf.

No. When there are no applicable rules, logic or history to help categorise the transaction, MYOB uses AI to to help identify and suggest likely matches. You remain in control. You are still required to review transactions in the Reconcile view of the Bank transactions page. Here you can edit matches before finalising the reconciliation.

Each automatch or suggestion clearly shows why it was made. You’ll see labels in the Method column that explain the logic behind the match, so you can understand and trust what’s happening in your books.

MYOB uses data responsibly and securely. It learns from patterns within your file and similar behaviour to improve accuracy, without exposing your business data to other customers.