MYOB Exo Bank Feeds

MYOB Exo Tips and Tricks #9

Wednesday October 23rd, 2019 MYOB Exo

This article was reviewed and updated in June 2026 to provide the most relevant and accurate information.

The traditional method of reconciling revenue involves manually matching bank statements and transactions line by line. This process takes time, diverts attention from higher-value work, and introduces risk through human error such as missed transactions, duplicate entries, or incorrect allocations.

MYOB Exo is a powerful Enterprise Resourcing and Planning (ERP) system that helps businesses improve efficiency by automating processes and integrating databases. MYOB Exo has a built in Bank Feeds functionality to help teams automatically match and reconcile revenue from bank statements.

What are bank feeds?

Bank feeds are a secure connection that automatically imports financial data from your bank account to MYOB Exo. Now, with both invoice and received revenue tracked in your ERP, you can automatically match and reconcile paid transactions. If you deal with hundreds or thousands of transactions, setting up Bank Feeds in MYOB Exo will be a significant improvement in efficiency. They are a key step in using MYOB Exo effectively.

As a standard feature, Bank Feeds will automatically match transactions based on the date and amount of the payment. However, you can set up rules to further leverage the power of Bank Feeds. With these rules, you can match transactions based on additional information such as reference numbers and account details. By using rules, you can achieve 100% accuracy when matching your General Ledger to bank deposits, without manual review or oversight.

Why should I use bank feeds?

MYOB Exo Bank Feeds allows you to automatically match the General Ledger transactions in your MYOB Exo Business database with the transactions in your bank account. This brings a number of benefits to your finance team and overall organisational efficiency:

Reduced manual workload by eliminating manual transaction entry and matching
Improved accuracy through automated matching and configurable rules
Faster reconciliation, allowing more frequent and up-to-date financial reporting
Greater visibility into cash flow with near real-time transaction data
Scalable processes suitable for high transaction volumes

New Features to make bank reconciliations easier

MYOB Exo version 2026.1 includes new enhancements to improve flexibility and usability of your bank feeds reconciliation workflows. In this latest version, you can:

Match one payment to multiple general ledger entries by clicking the Find button on a bank transaction and selecting all matching GL entries.
Configure rounding adjustments up to a customisable limit with a new Bank Feeds Rounding Tolerance Setting.
Experience more intuitive multi-select checkboxes that better align with the default layouts in MYOB Exo.

Unlock the full power of bank feeds

Beyond standard MYOB functionality, Kilimanjaro Consulting has developed additional capabilities to further streamline reconciliation. This includes an auto-reconciliation feature that automatically processes transactions already matched within the Bank Feeds screen, removing the need for a separate manual reconciliation step. By eliminating duplicate effort, this functionality delivers meaningful time savings and is particularly valuable for organisations managing high transaction volumes.

In addition, MYOB Exo can automatically create payments in the general ledger based on deposits received through Bank Feeds. Clients consistently highlight the value of this automated cashbook entry creation, as it reduces manual data entry and improves overall processing efficiency.

How to set up MYOB Exo Bank Feeds

Setting up Bank Feeds is a straightforward process, but you will require input from your support partner.

Create a my.MYOB account, which is required to access the bank feeds service.
Obtain your Business Reference Number (BRN), which uniquely identifies an Exo Business database. You may need to contact your MYOB support partner for this information.
Use your BRN to connect your bank accounts to MYOB Exo and create bank feeds.
Configure your rules and rounding allowances to automate matching.

Watch the video below for an introduction to MYOB Exo Bank Feeds:

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Are you using the latest version of MYOB Exo?

MYOB Exo has a long and rich history, from its early days as ExoNet to the latest releases. Each version adds new features and functions to your already robust system. The newest update to the software will always give you benefits over the older versions. Added functionality may be as simple as an improved workflow, a new widget, a tidier report, or more complex functionality like Bank Feeds. Access to these features is included in your Annual Licence Fee (ALF), so you are missing out on added value by not keeping your system current. Regularly updating your software ensures your team maintains a reliable, powerful platform to suit your organisation for years to come.

Kilimanjaro Consulting supports ongoing efficiency improvement

When you first implement MYOB Exo, it is configured to suit your business at the time. But did you know that you can continue to customise and configure MYOB Exo so that it always meets your evolving requirements?

You should always look to improve on what has worked in the past, and this can mean investing in your system to support your team and improve efficiency. The Continuous Improvement Plan, developed by Kilimanjaro Consulting, helps our clients achieve ongoing efficiency improvement with MYOB Exo. If you have been holding back on software updates and developments, you might now be eligible to access discounted consulting rates by subscribing to the continuous improvement plan. This plan will help you flatten the cash flow bumps of complex customisations.

Using the latest version of MYOB Exo gives you access to these new features, as well as many others. If you would like to upgrade your MYOB Exo software, then contact our team to discuss your options. Send an email to our friendly team at migrations@kilimanjaro-consulting.com, or call 1300 857 464 (AU) or 0800 436 774 (NZ).