Period-end tasks

How your company file is changed when you Start a New Fiscal Year

Caution:  Make a backup before closing the fiscal year

Idea:  Make a reference copy of your company file before closing the year

When you use the MYOB AccountEdge Start a New Fiscal Year feature, your company file is prepared for the new fiscal year.

During the Start a New Fiscal Year process, some changes take place automatically and some changes are based upon choices you'll be asked to make.

IMPORTANT:  Some entries don't change

• Entries dated in your NEW fiscal year

• Journal entries assigned to open invoices, open bills, sales orders and purchase orders.

• Journal entries assigned to reimbursable expenses that haven't been reimbursed.

These changes take place automatically:

• The previous fiscal year's monthly totals for all accounts are changed to "last year" categories. If "last year" amounts already existed, those amounts are replaced.

• The balance of your current-year earnings account is transferred to your retained earnings account.

• The balances of your income, cost of sales, expense, other income and other expense accounts are reset to zero.

These changes are based upon choices you'll make during the Start a New Year process:

• Closed transactions and other entries. You can continue to keep closed transactions for up to seven years. (Other entries include timesheets, activity slips and contact log entries. [Only activity slips and timesheets that have been included on sales and payroll transactions will be purged.])

• Unprocessed electronic payments and undeposited funds transactions.

• Unpaid payroll liabilities.

• Audit Trail entries. (Changes and entries recorded by Audit Trail Tracking)

• Item movement entries. (Tracking item movements)

• Unreconciled transactions in accounts that you reconcile.

Note: Keeping transactions and other entries from one fiscal year to another may impede system performance

Changing how you define your fiscal year:

• If you wish, the new fiscal year can be changed so it ends in a different month than the previous fiscal year. (If you choose to make this change, check with an accountant about how to report information for a "short" fiscal year.)

• If you wish, the new fiscal year can be changed to include 13 accounting periods. If your previous fiscal year used 13 periods but you didn't make any entries in the 13th period, you can change your new fiscal year to include only 12 accounting periods.

Step by step

• To close a fiscal year
• To make a backup
• To restore a backup

Related topic

• Closing a fiscal year and starting a new one