Year-End Closing

In MYOB Advanced, a financial year is closed automatically when you close the last period of this financial year. Thus, you should close the last period of a particular financial year only when the company is ready to close the financial year.

In this topic, you will read about the closing procedure at the end of a year, and about the update of balances after closing.

Year-End Closing Procedure

The year-end closing includes the following stages:

1. Generating periods for the new year and opening at least one of these periods, as described in Master Calendar Generation.
2. Carrying out the operations on your company's year-end checklist.
3. Closing the last period in the general ledger, as described in Closing Financial Periods: To Close a Period in Subledgers and GL.

Balance Update

After you close the financial year, the balances of the balance sheet accounts are simply transferred into the new financial year, while the balances of the temporary accounts are reset to zero. For details on these accounts, see YTD Net Income and Retained Earnings Accounts.