Period-end tasks
How the company file changes 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 FirstEdge 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.
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 exist, 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 on choices you 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.
- Unprocessed undeposited funds transactions.
- Unreconciled transactions in accounts that you reconcile.
Important: 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.)
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