MYOB Close the Year

 

After closing the year (start a new financial year), the year will be locked and no further entry is allowed.  We suggest you enter Audit Adjustments before closing.  This avoids adjustments being made in new financial year.

When you start a new financial year:

  • The previous financial year’s monthly totals for all accounts are changed to ‘last year’ categories. If ‘last year’ amounts already existed, those amounts will be replaced.
  • The balance of your current-year earnings account is transferred to your retained earnings account.
  • The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.
  • Closed sales, closed purchases and journal entries assigned to closed sales and closed purchases are kept or purged according to your selections in the Start a New Financial Year assistant.

If you are ready to close the year, please follow below procedures:  

a) Go to “File” in menu, select “Start a New Year” >“Start a New Financial Year”.  The system wil then guide you to back up your company datafile.

 

b) Select the first option of Back Up all data (Company Datafile, Customised Form, Customised Report).  Select "Check Company File for Errors".  Rename and identify location for your backup file.

c) Set up a New Financial Year - System will show next financial year and month end.  You can change it if needed.  System accepts financial year less than 12 months if needed. 

a) Decide if "Keep Receipts Grouped with Undeposited Funds" and "Keep Unpaid Payroll Payments/Pay Deductions Accurals" 

 b) Decide if "Purge Audit Trail Entries" and “Purge Item Movement Entries”

c) Decide if "Keep Closed Transactions from Prior Financial Years” and specify date from keeping the data (this could include previous years)

d) Select to indicate accounts that you want to keep unreconciled transactions 

e) Click “Start a New Financial Year"

  

Go to "File" > "Company Information" to check if system rolls up to a New Financial Year