MYOB Advanced End Of Financial Year Roll Over Procedures
It’s that time of year when thoughts turn to running your End Of Financial Year roll-over procedures with MYOB Advanced software.
MYOB Advanced is a bit more forgiving as far as EOFY is concerned – it can be as simple or as significant as you and your business would like it to be.
Here are some steps you can take to ensure that you have accurate information available at your finger tips.
Please keep in mind that the “Help” system within MYOB Advanced is actually very useful. It has lots of articles that explain all of the various functionality available within MYOB Advanced – so, if you get stuck or are simply curious, the “Help” system is usually going to be your first port of call.
End of Financial Year Procedure for MYOB Advanced
1. Activate new financial year and generate financial periods:
a) To activate a new financial year, go to Finance > General Ledger >Work Area > Manage and click on Financial Periods.
b) Under the Financial Period Screen click on “+” sign and then click on Generate Periods.
c) Once the financial periods are generated click on the Active box for the required month to be activated and then click “save”.
2) Ensure all month end processes have been completed for all subledger modules.
For example: Inventory, Accounts Payable, Accounts Receivable & Cash Management – except General Ledger.
For detailed information on closing off subledger modules please refer to End of Month procedures.
3) Print financial reports.
a) Trial Balance summary & Detailed Report
b) Balance Sheet Year to date & month to date amounts.
c) Profit & Loss Year to date & month to date report.
4) Validate Account Balances.
5) Close off the last financial period.
Note – In case of 13th financial period i.e. adjustments needs to be closed off as well.
Further reading : below is one of our previous blog posts that may also be of use as you get ready to run your MYOB Advanced End Of Financial Year Roll Over Procedures.
As always, Acacia Consulting Services is here to help.
If you need a hand with your EOFY procedures and processes, then we are only an email or a phone call away !
Simply Contact Us , or call ph +61 3 8560 5220
