To Configure a Financial Year with Week-Based Periods

In MYOB Advanced, you can configure a financial year with financial periods based on weeks by using the Financial Year (GL101000) form.

To Configure a Financial Year

1. Open the Financial Year (GL101000) form.
2. In the Financial Year Starts On box, specify the start date of the first financial year in which your company wants to keep records in MYOB Advanced.
3. In the First Financial Year box, review the first year, which the system fills in based on the Financial Year Starts On date.
   Note: If you plan to start recording operations at the very start of the financial year, select the previous year as the first financial year. You can then enter initial account balances in the period before the first period of live operations.
4. Select the Belongs to Next Year check box if the financial year has the number of the year when the financial year ends (rather than the year when it begins).
5. In the Period Type box, select one of the following:
   • Week: Each financial period lasts one week, and there are 52 or 53 periods per year.
   • Two Weeks: Each financial period lasts two weeks, and there are 26 or 27 periods per year.
   • Four Weeks: Each financial period lasts four weeks, and there are 13 or 14 periods per year.
   • 4-4-5 Weeks: The financial year is divided into four quarters, and each quarter includes two four-week periods and a five-week period.
   • 4-5-4 Weeks: The financial year is divided into four quarters, and each quarter includes a four-week period, a five-week period, and a four-week period.
   • 5-4-4 Weeks: The financial year is divided into four quarters, and each quarter includes the following periods: a five-week period and two four-week periods.
6. If the Week period type is selected, in the Periods Start Day of Week box, select the day of week on which periods will start.
7. If the Week period type is selected, in the Year End Calculation Method box, select one of the following options, which will be used to define the end of each financial year:
   • Last Day of the Financial Year: To add an additional (53rd) week-long period if the last period ends four or more days earlier than the financial year ends. If the last period ends fewer than four days earlier than the financial period ends, no additional period will be added.
   • Include Last <Day of Week> of the Financial Year: To add an additional (53rd) week period if there is a complete week between the end day of the last period and the end of the year. (Here, <Day of Week> is the last day of the week in your week-long period.)
   • Include <Day of Week> Nearest to the End of the Financial Year: To add an additional period if the last period ends four or more days earlier than the financial year ends.
8. On the form toolbar, click Save.

Notes About the Instruction

The notes in this section describe the nuances of the UI elements available on the form, such as when an element is required and when it is not, and when the system fills in settings by default. This section can include other notes.