Changing Financial Year in MYOB Advanced: Year-End Procedures

Most modern ERP systems, like MYOB Advanced, don’t require a year-end rollover process. They do however require new posting periods to be created and certain year-end reconciliations to be completed.

Below is a video that outlines the best practice processes to complete a successful year-end in MYOB Advanced, or download the guide here.

General MYOB Advanced housekeeping across all modules

Ensure all transactions have been posted (Released);
Validate balances;

Reconcile balances to the GL;
Finance > Accounts Receivable > Reports TAB > Balances > AR Balance by GL Account;

Finalise bank reconciliation in Cash Management;
Run currency revaluation where applicable;
Post depreciation for fixed assets;
Prepare and release tax reports;
Close financial periods;

Take a backup/snapshot or process in a test environment?
Create the new financial year;

Confirm all transactions are posted to GL;
Print financial reports;
Trial Balance;
Balance Sheet;
Validate Account History;
Close the last financial period;
Confirm year-end process completed successfully;
Periods for a new financial year should appear in the Close financial period section;
Print P&L and Balance for the new financial year;
Ensure Net Income/Loss has been moved to Retained Earnings in the balance sheet;
Ensure P&L balances are zero for the new financial year.