At the end of each fiscal year, you'll need to perform a few extra tasks to prepare your MYOB system for the coming year. If you're using MYOB Payroll, you'll need to take some additional steps--such as printing W-2 forms and 1099 statements--each January, as well.
For many companies, the fiscal year and the calendar year are the same. That is, their business year begins on 1 January and ends on 31 December. Other companies choose to begin their fiscal year at some other time; for example, businesses whose sales are cyclical often choose to start the fiscal year during a slower time of the sales cycle, so the year-end closing process doesn't interfere with their sales efforts at a busier time of the year.