Year-end tasks

As you end one fiscal year and begin another one, it's important to use MYOB AccountEdge's Start a New Fiscal Year feature to update your profit-and-loss amounts for the year and to prepare your company file for the coming year. When your start a new year, financial information for the previous year is transferred to history and current-year amounts are updated to show any transactions you've already entered for the new year.

If you use MYOB Payroll, the payroll year must be closed before you can record the first paycheck for the new payroll year. To perform this task, you'll use MYOB's Start a New Payroll Year feature.

Performing year-end tasks

Use the topics in this section when you've entered your final entries for the previous year and are ready to close the previous year. Note that MYOB AccountEdge doesn't require you to close your fiscal year at any particular time in your business cycle. Many businesses wait until they've received any final adjustments from their accountant before starting the new fiscal year. In AccountEdge, the payroll year must be closed before you can record the first paycheck for the new payroll year. Your accountant can help you to determine the best time for you to complete these important tasks.


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