Hi everyone
Closing a financial year in your AccountRight company file is a regular task that does need to be completed. This task can be completed at any time, however, we do recommend speaking to your accounting advisor as there may be year-end adjustment transactions and potentially other end of year tasks that may need to be completed before that closing the year.
Note: You don't need to close your financial year at any particular time, so if you're not ready you can continue to work in your file. If you are using AccountRight 2020.2 or later you can transact in a closed financial year, this help article has detailed information: Transacting in closed financial years
How can I tell what financial year my company file is in?
Setup>>Company Information>>Current Financial Year lists the current financial year of the file
What happens when you close a financial year?
When you close the financial year no transactions are affected, but the following occurs:
- The monthly totals for all accounts are changed to last year categories. If last year amounts already existed, those amounts will be replaced.
- The balance of your current-year earnings account is transferred to your retained earnings account.
- The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.
Ready to close the year?
A financial year can be closed in AccountRight using the File>>Close a Financial Year option and following the Close a Financial Year assistant. We do recommend ensuring that you have a backup of the company file prior to closing the financial year.
Need further assistance?
Check out Help Articles: Close the financial year & End of Financial year tasks for further information on this topic.
Alternatively, as always, if you do need help please start a new post. Our team of MYOB technical support staff and the generous MYOB Community is always happy to help.
If you are using MYOB Essentials, the system will automatically close off the financial year and update your software. Although we do recommend taking a moment to ensure that everything is in order. Our Help Article: End of Financial year Australia | New Zealand outlines the recommended tasks to complete for that product range.
