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.
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.