When you've entered all the information that's required for a fiscal year, you're ready to close the year and start a new fiscal year.
You should be sure that all transactions for the year that's ending are entered in MYOB AccountEdge before you begin closing the year. This will help you avoid making adjusting General Journal entries in the new year. Your yearly records will be more accurate, and it will be 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 any adjusting entries you may need.
Perform the tasks you usually do at the end of a month. (Performing month-end tasks.)
Print all the reports that you need to show the previous year's transaction activity. (Annual Reports)
To learn what changes are made to your company file during the Start a New Year process, see How your company file is changed when you Start a New Fiscal Year.