Hi ShobnaBali
Don't confuse Payroll Year with Financial Year.
You don't mention what version of MYOB Premier the company uses. MYOB have desktop versions known as AccountRight Premier v19 and AccountRight Premier AR2023 - see Help > About to identify.
In v19, you need to make a backup and then use File > Start a New Year > Start a new Payroll Year to change the Payroll Year from 2023 to 2024 before you can process payroll transactions in July. You should also load the new tax tables - only available from a 3rd party.
In AR2023 you should make a back up before you first process payroll in July. When you process payroll and set the Payment date to 1 July or later and press next, MYOB will automatically close the 2023 Payroll Year and open the 2024 Payroll Year. It will also load the tax tables, provided you have a subscription.
Other (non Payroll) transactions dated 1 July and later can be entered (in all versions of MYOB) without changing the Financial Year. You should only close the Financial Year after the company accountant has finalised all FY 2023 transactions including end of year journals.
Regards
Gavin