Import a Bank Statement into MYOB: A Practical Guide

TL;DR MYOB gets bank transactions in two main ways: bank feeds, which bring in new transactions automatically, and statement file imports, which you use when a feed isn't available or doesn't cover the months you need. Statement imports in MYOB are designed around bank statement file formats (commonly OFX, QFX or QIF) rather than arbitrary spreadsheets, so check what your version's import screen accepts. If all you have are PDF statements, convert them to clean rows first, check that every statement balances, then produce a file in an accepted format, import one account and one period at a time, and reconcile against the PDF's closing balance. Before importing, check the date range against what's already in MYOB so you don't create duplicates.

MYOB is one of the most widely used accounting systems for small businesses in Australia and New Zealand. Most users rely on bank feeds for day-to-day bookkeeping, and when feeds work, they're the best option. But there are plenty of situations where a feed doesn't help: a new MYOB file that needs last year's transactions, a feed that started part-way through the financial year, an account at a bank without a feed, a closed account, or a catch-up job where a bookkeeper has been handed a box of PDFs.

That's when you need to import statements. This guide explains the options, how to get from PDF statements to something MYOB will accept, how to avoid the common mistakes, and how to reconcile afterwards. MYOB has several products and versions, and their screens change, so we describe the process generally rather than listing exact menu paths. Use MYOB's own help for your product to confirm the details.

Bank feeds vs statement imports

Bank feeds connect your MYOB file to your bank so new transactions arrive automatically. They're the most reliable way to keep bookkeeping current. However, feeds usually only bring in transactions from the date the feed was set up (or a limited period before it), and setting one up can take time.

Statement imports let you load transactions from a file. They're typically used for:

• Periods before a bank feed started.
• Accounts where a feed isn't available.
• Closed accounts you still need to record.
• Gaps when a feed dropped transactions or was disconnected.
• Catch-up bookkeeping from statements.

The two can coexist, but that's exactly where duplicates come from. The golden rule: decide the cut-off date between "imported from statements" and "from the feed", and never let the two ranges overlap.

What file formats does MYOB accept?

MYOB's statement import is generally designed for bank statement files in established formats, commonly OFX, QFX or QIF, rather than freeform spreadsheets. The exact formats depend on your MYOB product and version, so check the import screen or MYOB's help before preparing your file.

That matters for two reasons:

1. You can't just upload a PDF. A PDF is a printable document, not structured data. The transactions need to be extracted first.
2. A plain CSV may not be accepted for statement import. If your version only takes OFX/QFX/QIF, a CSV needs another step. Some MYOB versions have separate data import tools for delimited text files, but those are usually aimed at bulk data such as transactions or lists, and they involve more setup and field matching than a bank statement import.

If your bank offers a direct download in a format MYOB accepts, and it covers the period you need, that's the simplest route. Banks often limit how far back these downloads go, which is why PDF statements end up being the only source for older months.

From PDF statements to an importable file

Here's a reliable workflow when PDFs are all you have.

Step 1: gather and name the statements

Collect one PDF per account per statement period. Name them so they sort correctly: cba-business-2025-07.pdf, cba-business-2025-08.pdf. Make a quick list of each statement's period, opening balance and closing balance. If any months are missing, see our guide to getting old bank statements.

Step 2: convert to rows

Extract each statement's transactions into a spreadsheet with one row per transaction. You can copy and paste for a page or two, use Excel's Power Query on Windows (see our Power Query guide), or use SheetStatement, which extracts the rows and checks the opening balance plus activity against the closing balance before export. The free plan includes 3 pages a month; Starter ($9), Pro ($19) and Business ($39) monthly plans cover more.

Target columns:

Figures are illustrative.

Step 3: clean the data

• Dates: Australian and New Zealand statements use day-first dates. Make sure Excel reads 04/08/2025 as 4 August, not April 8. Our guide to fixing bank statement dates in Excel covers locale conversion.
• Amounts: use one signed Amount column, positive for money in and negative for money out. If your statement has separate debit and credit columns, combine them with =N(Credit)-N(Debit). See separating debit and credit columns if you need to go the other way.
• Non-transactions: delete opening balance, balance carried forward and subtotal lines.
• Descriptions: merge wrapped lines into the row with the amount. Keep references like invoice numbers; they make allocation much faster.

Step 4: prove it balances

For each statement:

=ROUND(Opening + SUM(Amount) - Closing, 2)

The result must be zero. If there's a running balance column, add a row check =ROUND(D1 + C2 - D2, 2) to find the exact line where things go wrong. Don't skip this. Importing an incomplete statement into MYOB creates reconciliation headaches that are much harder to untangle later. Our running balance formula guide explains the check in detail.

Step 5: produce the import file

If your MYOB version accepts OFX, QFX or QIF, build one file per account per import batch from the cleaned spreadsheet. Our guide to converting a bank statement PDF to OFX explains what goes into an OFX file and how to build one from Excel, including the unique transaction IDs that help software spot duplicates. If you create files with another tool, test with a small file first.

Keep each file to a single bank account. Don't merge accounts into one file.

Importing into MYOB

The exact steps vary by product, but the pattern is similar:

1. Choose the right bank account in MYOB. Importing into the wrong account is one of the most common and annoying mistakes.
2. Check what's already there. Look at the last transaction date already recorded for that account, from a feed or a previous import. Make sure your file starts after it.
3. Import the file. Follow your product's statement import option and select the file.
4. Review what was imported. Check the number of transactions and the date range against your spreadsheet.
5. Allocate or match transactions. Imported statement lines usually need to be matched to existing records (such as invoices and bills) or allocated to accounts, just like feed transactions. Rules can speed this up for recurring payees.

Start with a single month as a test. Once you're confident in the process, import the remaining months in date order.

Reconcile after importing

Importing isn't the finish line. Reconcile the account for each statement period in MYOB:

• Use the statement's closing date and closing balance from the PDF.
• Tick off the transactions that appear on that statement.
• The difference should be zero.

If MYOB's opening position doesn't match the statement's opening balance, stop and investigate before reconciling further months. Common causes are an incorrect opening balance set up in MYOB, a previous period that wasn't reconciled, or transactions entered manually that also came in through the import. See opening balance does not match bank statement for a systematic approach.

For the general mechanics of finding differences, our guide to finding bank reconciliation discrepancies applies just as well in MYOB as in a spreadsheet.

Worked example: catching up a financial year

Suppose a bookkeeper takes on a café's MYOB file in October. The bank feed was set up on 1 March, but the file has nothing recorded for July to February of the financial year, and the client has PDF statements for those months.

1. Cut-off: the feed covers 1 March onwards, so the statement import must cover 1 July to 28 or 29 February, and nothing after.
2. Convert: eight monthly PDFs are converted to rows. Each statement's balance check returns zero, and each month's opening balance equals the previous month's closing balance.
3. Check the opening position: the 1 July opening balance on the statement is compared with the bank account balance in MYOB at 30 June. They agree.
4. Build files: one import file per month, or one for the whole eight months, for that single account.
5. Import July first, check the count and dates, allocate transactions, and reconcile July to its closing balance.
6. Repeat for each month in order.
7. Join with the feed: after February is reconciled, the March feed transactions should follow on without gaps or overlap. The February closing balance should equal the March opening balance.

The work that saves the most time in this example is step 2. Because every statement was proven to balance before import, every reconciliation in MYOB went through first time. Our guide to catching up bookkeeping from bank statements covers the wider catch-up process.

Get the opening balance right first

Many import problems are really opening balance problems in disguise. Before you import a single transaction, confirm that the bank account's balance in MYOB at the day before your first statement period matches the opening balance on that statement.

• New MYOB file: the opening balance is usually set during setup, based on the balance sheet at the conversion date. If it was entered from a bank balance on the wrong date, or from a figure that included uncleared items, everything after it will be off.
• Existing file: if previous periods were reconciled, the last reconciled balance should match the next statement's opening balance. If it doesn't, something changed after reconciliation, such as a deleted or edited transaction.
• Uncleared items at the start: if cheques written before the conversion date cleared afterwards, they may need to be recorded as part of the opening position rather than imported as new expenses. Ask your accountant how they want these handled.

Write the agreed opening figure in your workpapers. It's the anchor for every reconciliation that follows.

Closed and secondary accounts

Statement imports are often the only way to record accounts that no longer exist: a closed business account, an old credit card, or a savings account that was only used for tax set-asides. Treat each one as its own bank account in MYOB, import its statements up to the closing date, and reconcile down to a zero balance on the final statement. Transfers from a closed account into a new one should appear on both sides with the same amount and date, which is a useful cross-check that you haven't missed the last statement.

Avoiding duplicates

Duplicates are the most common problem after a statement import. To prevent them:

• Never overlap date ranges between imports, or between imports and the bank feed.
• Keep a log of each import: account, file name, date range, number of transactions and the date imported. A simple table in your workpapers is enough.
• Use unique transaction IDs in OFX-style files where you build them yourself, so the software has a chance to recognise repeats.
• Don't import the same month twice because a first attempt "looked wrong". Remove or undo the first batch properly before trying again.

If duplicates do slip through, review them carefully before deleting anything. Two identical transactions on the same day may be genuine. The statement's balance tells you which rows are real. Our guide to removing duplicate transactions in Excel can help you identify them in the source data first.

GST and allocation

Imported transactions still need to be allocated to the right accounts and, where relevant, the right tax codes. A statement only tells you that money moved; it doesn't tell you what was bought or whether GST applies. When allocating:

• Match customer receipts to invoices and supplier payments to bills where they exist.
• For direct expenses with no bill in MYOB, check the receipt or invoice before choosing a tax code.
• Treat transfers between your own accounts, and loan repayments, as transfers rather than income or expenses.

This is general information, not tax advice. Ask your accountant or tax agent about the correct treatment for your business.

Common errors and fixes

The file is rejected. It's probably not in a format your MYOB version accepts, or the file structure is invalid. Check the formats listed on the import screen, and open the file in a text editor to look for obvious problems such as an empty transaction list.

Dates import as the wrong month. The file used month-first dates where day-first were expected, or the other way around. Fix the dates in the spreadsheet and rebuild the file.

Money in shows as money out. The signs are reversed. Recheck your Amount column: money in should be positive.

Some transactions are missing. Compare the count in MYOB with your spreadsheet. If the spreadsheet itself was incomplete, the statement's balance check would have failed, which is why that check comes first.

The reconciliation is out by a small amount. Look for bank fees, interest or a transaction recorded manually that's also in the import.

Prepare your statements

Upload your PDF statements to SheetStatement, check the rows and balance for each statement, and export to Excel or CSV as the starting point for your MYOB import file. The free plan includes 3 pages a month.

FAQ

Can I import a PDF bank statement directly into MYOB?

No. A PDF has to be converted into structured data first. Extract the transactions, check the statement balances, then create a file in a format your MYOB version accepts.

Does MYOB accept CSV files for bank statement import?

MYOB's statement import is generally built around bank statement formats such as OFX, QFX or QIF. Check your product's import screen or help to see exactly which formats it accepts.

How far back can I import bank statements?

That depends on your MYOB file's setup and the periods you're recording. The practical limit is usually your data source: bank downloads may only go back so far, which is why older months often come from PDF statements.

How do I avoid duplicates with a bank feed?

Set a clear cut-off date. Import statements only for dates before the feed started, and never overlap date ranges between imports.

Do I still need to reconcile after importing?

Yes. Reconcile each statement period in MYOB against the PDF's closing balance. Importing only brings the transactions in; reconciling proves they're complete and correct.

Is this tax or accounting advice?

No. It's general information about bookkeeping workflows. Check with your accountant or tax agent about allocations and tax codes.

How much does SheetStatement cost?

The free plan includes 3 pages a month. Starter is $9 a month, Pro is $19 and Business is $39.