As you end one financial year and begin another one, it's important to use MYOB BusinessBasics's Start a New Financial Year feature to update your profit-and-loss amounts for the year and to prepare your company file for the coming year. When your start a new year, financial information for the previous year is transferred to history and current-year amounts are updated to show any transactions you've already entered for the new year.
Performing year-end tasks
Use the topics in this section when you've entered your final entries for the previous year and are ready to move on to the current year. Note that BusinessBasics doesn't require you to perform these tasks at any particular time in your business cycle. Many businesses wait until they've received any final adjustments from their accountant before starting the new year. Your accountant can help you to determine the best time for you to complete these important tasks.
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