Importing Transactions into MYOB LiveAccounts

Today’s blog comes with a disclaimer. First, in the last 24 hours, I’ve managed to reduce three people that I care deeply about to tears. Second, I’m pre-menstrual. (Are these two things related? You decide.)

So maybe it wasn’t the wisest of moves to continue my MYOB LiveAccounts adventures on such a day. I’m not quite crying with frustration, but I am getting ready to kick something.

However, I’ll start with the positives. Today I log onto LiveAccounts. Yippee, the bank feeds are up and running and all my bank transactions since late December are there. (This bank feed business is the true winner in cloud accounting, saving so much time in data entry.) I easily find my way to where I can allocate these transactions — I’m faced with a screen that looks like this:

Allocating transactions in MYOB LiveAccounts

With bank feeds, bookkeeping becomes ten times quicker

Allocating these transactions is super swift. I click the ‘Allocate me’ link that appears on every line and select an account, creating new accounts on the odd occasion that I need to. This is bookkeeping the easy way. The process of allocating transactions in LiveAccounts is maybe not quite as slick as Xero (which allows me to select a bunch of transactions and then allocate all of these to a single account in one fell swoop) but is quick and easy when compared to regular bookkeeping.

All good so far. Next I decide to import bank transactions for the months of October to December (the period before my bank feeds went live). I log onto my ANZ internet banking, select the account, the date range and click Download Transactions. I’m prompted to save a QIF file and after a momentary confusion about date formats, I continue.

Returning to LiveAccounts, I find it easy to import this file. Seems too good to be true until I realise I now have three MAJOR problems:

  • I’ve accidentally imported a whole swag of transactions into the wrong bank account. (Why? When I set up LiveAccounts, I couldn’t see how to set up bank feeds for my home equity loan account because the settings only seemed to accept liabilities which were credit cards. I’d forgotten this problem when I decided to do the import.)  Now that I’ve made this error, all my banking transactions for October to December are sitting in a liability account called Home Equity Loan, but all my banking transactions for Jan and Feb are sitting in an asset account called Cheque Account.
  • Try as I might, I can’t see a way to change the bank account a transaction has gone to.
  • Even worse, I can’t see a way to delete a transaction so that I can start afresh. (There MUST be a way to delete a transaction! However, I try everything to no avail.)

After going round in circles for waaay too long, LiveAccounts finally freezes on the Expenses window. I feel a bit mean, as if I’ve been beastly to someone that’s feeling a bit vulnerable and now they’re snivelling in the corner, not speaking to me. (Which just happens to remind me of today’s earlier events.)

I’ve emailed LiveAccounts help to find out a) can I link bank feeds to a bank account that’s a liability? b) how to delete transactions?  and c) can I change the bank account that a transaction has been allocated to?

I’ll keep you posted. And maybe next time I’ll be in a sweeter temper. 🙂

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About veechicurtis

a one-woman geekspeak to plain-english converter
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