Performing End of Year Rollover in MYOB EXO

End of Financial Year must be run so that transactions can be entered into a new financial year. It is imperative that the End of Financial Year is run at the same time as the End of Period for the last period of the financial year.

Before you Rollover

Have you

  • Reconciled your BAS payments for the year to date with what you have paid the ATO?
  • Reconciled both Debtors and Creditors to the General Ledger?
  • Are you ready for Stocktake?
  • Printed a Trial Balance – does it balance?
  • Printed a Profit & Loss / Balance Sheet – does it balance?
  • Reconciled your Superannuation Clearing Account?
  • Reconciled your PAYG Clearing Account?
  • Reconciled your Suspense Account – it should be Zero!
  • Taken a backup and confirmed that the backup exists

If you are unsure of any of the above, please contact us for further information.

How to rollover End of Financial Year in MYOB EXO

“Rolling the GL” at the end of financial year is not really any different to any other financial period. Most of the time, all four boxes are ticked for each of the ledgers (Dr,Cr,Stk,GL)
roll period complete

The only difference is one additional tick box called “End of financial year”…

tick end of financial year

It is NOT recommended nor necessary to click on the “Financial Year” control. This function is used only when some specific change to the calendar is needed, like a change from Financial Year (Jul-Jun) to Calender Year (Jan-Dec). If you believe a change IS required, contact Acacia Consulting to discuss.

dont click on financial year

When the following message appears select NO unless you would like to review this screen, however there will be no changes required as MYOB EXO will automatically set this up for you.

definitionofperiods

If you do happen to open the “Financial Year” device, don’t change anything. You can view the current settings, then close the window using the red ‘X’ button on the top right corner of the screen. Do NOT make any changes to this screen without discussion with Acacia first…

financial year

Remember this screen is just for review, no changes should be made. Do NOT use the “Load” control. If changes need to be made, discuss with Acacia Consulting first.

Once the “roll” has completed, you will be presented with a screen that looks like the below. Depending on the size of your database, the process may take a few minutes. If the roll is taking a very long time (more than an hour), please contact Acacia.

end of period screen

End of Financial Year Outcomes

The End of Year follows the same processes as End of Period. In addition, it:

• Re-values the unrealised gains/losses and sets the closing rates
• Moves year to date totals into last year.
• Resets the year to date totals to zero.
• Profit and Loss current year movements are cleared and final balance posted to the
retained earnings account as defined in the GL Control account screen.

Once this has been completed successfully you will be ready to begin entering transactions into the new financial year.

Leave a reply

Your email address will not be published. Required fields are marked *