Period-end tasks

Closing a financial year and starting a new one

Closing a financial year is an important process in Accounting. During this process, a number of tasks are performed to officially close the year that's just ended and to prepare for the new year. Fortunately, Accounting takes care of nearly all these processes automatically. In MYOB Accounting, you use the Start a New Financial Year feature to close your financial year and start a new one.

Note:  When your financial year should be closed

Caution:  Make a backup before closing the financial year

Important: Keeping transactions and other entries from one financial year to another may impede system performance

To learn what changes are made to your company file during the Start a New Year process, see How the company file changes when you Start a New Financial Year.

• Learning the current financial year of your company file

• Entering all information for the year you're closing

• Keeping or purging entries from previous financial years

• Backing up your company file

Step by step

• To close a financial year
• To make a backup
• To restore a backup

Related topics

• Backing up company files
• Restoring company files