PART 6 – HOW TO PERFORM BANK CONNECTION IN MYOB PREMIERMYOB Premier provides a powerful time-saving tool that allows users to perform bank reconciliation in the fastest and most convenient way. as simple as possible. Performing a bank reconciliation can be a lengthy and yes, boring process, especially if you are unable to reconcile the balances after several attempts, and this leaves you helpless and less efficient. To recap, the purpose of bank reconciliation is to balance the cash balance in the bank as per the statement given by the bank (called bank statement) against the cash balance in the bank by MYOB Premier at the end of the month. Most often, bank reconciliation is also an internal control measure to identify unintentional and unrecorded disbursement transactions, unrecorded deposit transactions, and can be a useful tool to properly assess the internal control in place to protect cash and cash in banking transactions. In order to reconcile the cash balance in bank by bank statement (by bank) and by accounting statement (by MYOB Premier), items which are not recorded in MYOB but deducted or added to the bank balance as shown on the bank statement must be identified with complete transaction details and make appropriate adjusting entries following this procedure. The following reconciliation items are common when performing bank reconciliation:1. Deposit in transit – this is the term used for deposits made to the bank but not yet reflected on the bank statement. Usually, deposits in transit are check deposits that have not yet cleared and recorded as a deposit in the company's books, but have yet to be recorded by the bank upon clearing.2. Cleared checks - checks issued to payees that are endorsed and...... middle of paper ......rge and correct income account for interest income. Enter the amounts as positive numbers. The screen appears as follows before clicking Save to save the bank entry: Once you click Save on the Bank Transaction screen, the screen now returns to the Bank Reconciliation screen. Note that the non-equilibrium part is now zero, as shown below. Click Reconcile, choose Print Report to print a printed copy of the reconciliation. After printing the desired number of copies of the reconciliation report, click Reconcile, the screen below appears: How to cancel a bank reconciliation previously done in MYOB Premier If you want to cancel the bank reconciliation, go to Actions, click Cancel the rapprochement. The screen now appears to recall the backup. of the MYOB file before proceeding with Unreconciliation. Click Cancel Reconciliation to continue if you want to cancel the bank reconciliation..