Top 5 MYOB Advanced End Of Year Considerations
The end of the financial year is approaching, and this means some preparation is required to ensure you close the financial year out in MYOB Advanced correctly.
Here are the top 5 tips for a smooth end of financial year in MYOB Advanced
#1 – Ensure all transactions for the financial year have been completed
- It is important to make sure all bill and invoice transactions are captured in the right financial year.
- If you can invoice in June then do so, allowing for profitability and tax implications.
- A great feature of MYOB Advanced allows you to close off modules separately. E.g. Close AR but keeping AP open for any late arriving bills. Consider doing this as you approach the end of the financial year.
#2 – Check there are no unreleased postings
- Ensure your system has no unreleased transactions in each module. To check this, go into the Processing section of each module and run the release process to see if any transactions appear.
- It is important to make sure that you have released all your financial (GL) journals and have no transactions unposted. If you go to the financial module and run the release transactions and post transaction process, see if any journals are unposted.
#3 – Reconcile your subledgers to your Balance Sheet
It is important to make sure each of the individual modules balance back to your balance sheet.
- Inventory Module
- You can check your inventory module by running the Historical Inventory valuation report
- You can check your Payables by running AP Balance by GL Report
- You can check your Receivables by running AR Balance by GL Report
- You will need to check your entitlements value is the same as the general ledger
- Reconcile your payroll accounts to their balance sheet accounts
- Fixed Assets
- Ensure all new assets have been created and released
- Ensure assets that have been disposed of during the year have been closed off.
- Run and post the depreciation for the 30th June for your fixed assets
- Complete all Bank Reconciliations
- Ensure all your bank accounts are fully reconciled to 30th June.
#4 – Open up a new financial year and close out the current financial year
- If you haven’t already we would suggest creating a new financial year and generate financial periods, then open the first month for the new financial year. This will ensure when the 1st of July comes, there is no disruption to processing.
- It is important to close out the modules for the current financial year. Note these modules can be opened if required, but closing these will reduce movement in your financial accounts and reduce user error.
Once you have completed our 5 Key processing areas, you should be in a great position to prepare and close out your final BAS lodgement for the financial year.
If you require further information on how to close the financial year in MYOB Advanced, please reach out for support.
Best of luck with your financial year close out!