End of financial year GJ000000 journal entry
Hi, I'm new to MYOB and this September/October 2022, will be my first time using MYOB for the end of financial year processes. I've seen this journal entry, GJ000000, and would like to know w...
Forum Discussion
Hi Greg_Shipp , that journal is created automatically when you close a year in AccountRight. It avoids you having to do the manual transfer/closing entry you described.
The current year profit account is a system account that AccountRIght uses to display the current year profit when creating a balance sheet report.
Thanks Mike_James, this is what I thought the journal entry did, but lookig back at previous closes, my income and expense accounts aren't closed. There is no transaction that zeroes these temporary accounts. Is this a MYOB setting that I need to change?