Although we refer to the activities in this part as "year-end" tasks, you could also think of them as "year-beginning" tasks, since they usually are performed in the first month of the new year and are meant to prepare you for the new year. Here is a small amount of background information about the tasks you should perform before you begin closing a fiscal or payroll year.
Note: When your years must be closed
Payroll In AccountEdge the payroll year must be closed before you can record the first paycheck for the new payroll year.
To learn the current payroll year of your AccountEdge company file and other general payroll information, choose General Payroll Information from the Setup menu.
Fiscal AccountEdge doesn't require that you close your fiscal year at any particular time. You can continue to use AccountEdge for up to 12 months after the last month of your current fiscal year without concern, since AccountEdge allows you to track information for the previous, current and next fiscal years. (If you don't close your fiscal year at the end of your current fiscal year, you won't be able to print current information on some reports, however.) In general, it's good business practice to close your previous fiscal year in the first month of the new fiscal year, but the choice is yours.
To learn the current fiscal year of your AccountEdge company file, choose Company Information from the Setup menu. This window also displays the last Month in Fiscal Year, the number of Accounting Periods per year and the Conversion Month. The Conversion Month is the first month you started making entries in AccountEdge.
Before you close the payroll year, complete all pay runs and print year-end forms. (Printing year-end payroll forms)
To the best of your ability, be sure that all transactions for the year that's ending are entered in MYOB AccountEdge before you begin closing the year. That way, you can avoid making adjusting General Journal entries in the new year, and your yearly records will be more accurate, making it easier for you to compare your company's performance from one year to the next. If you have an accountant who produces your year-end financial reports, you may need to wait for your accountant to provide you with any adjusting entries that may be needed.
Perform the tasks you usually do at the end of a month. (Performing month-end tasks.)
If your accountant requests an electronic copy of your accounting records, you can use MYOB AccountEdge to create a comma-separated text file that can be read by CaseWare, a client write-up software package that is popular among accountants. (Working with your company file and CaseWare)