Import a Bank Statement in MYOB

Importing a transaction file into the 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.


When you're importing bank statements into MYOB, it's crucial to ensure the files are in the correct format, typically OFX or MYOB-specific QIF. This process can significantly streamline your financial management, but it does come with challenges, such as verifying the integrity of statements and avoiding duplicate transactions. Have you ever considered the role of tools like ProperConvert in simplifying this task? ProperConvert can convert unsupported formats, enhancing data accuracy. By following MYOB's prompts to match imported data with existing records, you can optimize your financial workflow—but what else could you be missing?


If you are familiar with this system, you will know that it is typically designed 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 MYOB does not accept your OFX file, then use the ProperConvert to convert to either OFX (we extract transaction details from your non-importable OFX and create a good OFX file) or QIF file. We suggest starting with OFX first as OFX is currently a widely accepted format, while QIF is an old, retiring, and phasing out format.


To proceed with the OFX file, you first need to log in to MYOB. Then click on 'Banking' - 'Bank transactions'.


See below specific use cases to import transaction files into Xero:


  • Import original OFX or QIF
  • For non-working OFX or QIF, convert to OFX
  • For QBO or QFX files, convert to OFX
  • For CSV/Excel files, convert to OFX
  • For PDF files, convert to OFX

Supported File Formats


  • When importing bank statements into MYOB, ensure your files are in either OFX or QIF format. These formats are crucial because MYOB recognizes and processes them efficiently, saving you time and reducing manual entry errors.
  • OFX, or Open Financial Exchange, is a widely accepted format that works seamlessly with MYOB. It's the preferred choice because of its reliability and compatibility across various banking platforms.
  • QIF, or Quicken Interchange Format, is another option, though it's becoming less common. If you opt for QIF, ensure that you select the QIF target as MYOB to meet the specific format requirements. This step is essential to ensure smooth importing without any hitches.
  • If your bank statement is in a different format, don't worry. You can use a conversion tool like ProperConvert to convert your files to OFX or QIF. This tool extracts transaction details from non-importable formats and creates a compatible file for MYOB.
  • Starting with OFX is advisable due to its broader acceptance and ease of use.

Import Challenges

Despite the efficiency of importing transactions into MYOB, you might encounter several challenges during the process. One common issue is incompatible file formats. MYOB supports OFX and QIF formats, but if your bank statement comes in a different format, you'll need to convert it using tools like ProperConvert. Even then, the converted file mightn't always meet MYOB's specific requirements, leading to failed imports.


Another challenge is dealing with corrupted or incomplete transaction files. If your OFX or QIF file doesn't contain all the necessary information, MYOB can't accurately process the data. This could result in missing transactions, which could disrupt your accounting records.


You might also face issues with duplicate transactions. If you import the same file multiple times or your statement includes overlapping periods, MYOB could register duplicates, skewing your financial data.


Lastly, connectivity issues can interrupt the import process. If your internet connection is unstable or MYOB's servers are down, the import might fail, requiring you to restart the process from scratch.


Addressing these challenges promptly ensures a smoother import process and accurate financial records in MYOB.


Accurate Data Import

Ensuring an accurate data import into MYOB requires careful preparation and attention to detail.


First, verify that your bank statement file is in a supported format, such as OFX or QIF. If your file isn't in these formats, you'll need to convert it before importing.


Before uploading, double-check the file's integrity. Ensure that all transactions are correctly dated and categorized. Any discrepancies in dates or categories can lead to errors that are time-consuming to correct later. It's also crucial to remove any duplicate transactions to avoid inflating your records.


When you're ready to import, log into MYOB and navigate to 'Banking' and then 'Bank transactions.' Select the correct account and upload your file. MYOB will prompt you to match the imported transactions with the existing ones in your records. Take your time during this step; improper matching can lead to inaccuracies in your financial statements.


After the import, review the newly added transactions within MYOB. Confirm that all details align with your bank statement. This final review ensures that your data is accurate and reliable, making your financial management more efficient and error-free.


Using ProperConvert

To use ProperConvert for transforming your transaction files into a MYOB-compatible format, start by installing the ProperConvert app on your device.


Once installed, open ProperConvert and upload the transaction file you need to convert. ProperConvert supports various file types like QBO, QFX, CSV, Excel, and PDF, making it incredibly versatile.


After uploading, select the target format as OFX or QIF. If you're dealing with QIF files, ensure you choose the MYOB-specific QIF option to meet MYOB's requirements. For OFX files, the 'Regular OFX' setting usually works perfectly. ProperConvert will then process and transform your file into the desired format.


Next, download the converted file onto your device. Log in to your MYOB account, navigate to the 'Banking' section, and select 'Bank transactions'. Upload the converted OFX or QIF file there. MYOB will then import and integrate your transactions seamlessly.


This process saves you from the tedious task of manually entering each transaction, ensuring accuracy and efficiency. ProperConvert's user-friendly interface and comprehensive support for different file types make it an excellent tool for maintaining your financial records in MYOB.


Additional Benefits

Using ProperConvert to import bank statements into MYOB offers several additional benefits beyond just file conversion.


First, it's incredibly user-friendly, making the entire process smooth and straightforward. You don't need to be a tech expert; the intuitive interface guides you through each step, ensuring you get it right the first time.


Another major advantage is its compatibility with various file formats. ProperConvert handles more than just OFX and QIF files. It can convert from a wide range of formats like QBO, QFX, CSV, Excel, and even PDF, offering you flexibility no matter what your original data source is.


Additionally, ProperConvert ensures data accuracy. It meticulously extracts transaction details, reducing the risk of errors that could occur during manual entry. This precision is crucial for maintaining accurate financial records and making informed business decisions.


How to Import an OFX or QIF file in MYOB

  • Log in MYOB
  • Click Banking, then Bank Transactions
  • Click Import Statements
  • Select an account you want to import your data.
  • Browse to select an OFX or QIF file and click 'Open'.
  • For the QIF option, set the 'Date format if using QIF' format, you have to know how dates are shown on your QIF file. If you selected the QIF target as 'MYOB' in ProperConvert, the date format should be DD/MM/YYYY.
  • To import an OFX or QIF file, click 'Import now'.
  • Review transactions, check the assigned Account, Tax code, and 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, and Description. Then this accounting system will be allocated automatically.

How to rollback imported transactions

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.
  • Click 'Action'.
  • Click 'Continue'.
  • Click 'Delete'.

This is the process for rolling back from an incorrectly imported OFX file.

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