Changing Financial Year in MYOB Acumatica: Year-End Procedures

Changing Financial Year in MYOB Advanced - End of year procedures

Most modern ERP systems, like MYOB Acumatica (formerly 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 Acumatica, or download the guide here.

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General MYOB Acumatica housekeeping across all modules

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

Validate balance inventory in MYOB Advanced for closing financial year

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

Reconcile balances to the GL in MYOB AdvancedReconcile balances to the GL 2

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

Close a financial period in MYOB Advanced

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

Create a new financial year in MYOB Advanced2

  • 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 was 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.

 

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