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Greg_Shipp's avatar
Greg_Shipp
Contributing User
3 years ago

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...
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Mike_James's avatar
Mike_James
Ultimate Cover User
3 years ago

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.

 

 

  • Greg_Shipp's avatar
    Greg_Shipp
    Contributing User
    3 years ago

    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?

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