To close a payroll year

Year-end tasks > Performing year-end tasks > Closing a payroll year and starting a new one >>

Please note that this task requires single-user access. See Single-user file locking for more information.

Note:  What is the current payroll year of your MYOB AccountEdge company file?

  1. Print all the reports that you need to show the previous year's transaction activity. You might consider printing a copy of each journal, because they show all transaction activity for a specified period. The Cash Disbursements Journal can be especially helpful, since it shows all "cash paid out" transaction activity, including the paychecks you wrote.


Warning:  You must print W-2 forms, 1099 statements and Forms W-3 and 1096 before closing a payroll year

Warning:  Make a backup before closing the payroll year!

  1. Choose Start a New Year from the File menu and then choose Start a New Payroll Year from the submenu that appears.


  2. Click the Backup button to make a backup of your company file. Clearly mark this backup and put it in storage as part of your permanent records. Click the Continue button.


  3. Follow the instructions that appear on your computer screen.


  4. After you start a new payroll year, you should always optimize and verify your company file. Optimizing your company file reduces your company file's size and makes your company file more efficient. The Verify Company File utility ensures that your company file is in "healthy" working condition.


Note:  Optimizing and verifying may take a while

After Optimization is complete, open your company file and choose Verify Company File from the File menu.

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