Closing a fiscal year is an important process in FirstEdge. During this process, a number of tasks are performed to officially close the year that's just ended and to prepare for the new year. Fortunately, FirstEdge takes care of nearly all these processes automatically. In MYOB FirstEdge, you use the Start a New Fiscal Year feature to close your fiscal year and start a new one.
Note: When your fiscal year should be closed
Caution: Make a backup before closing the fiscal year!
Important: Keeping transactions and other entries from one fiscal year to another may impede system performance
To learn what changes are made to your company file during the Start a New Year process, see How the company file changes when you Start a New Fiscal Year.
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