Using MYOB Essentials? Find out what you need to do at the end of your financial year.
This section describes the tasks you should perform at the end of your financial year.
However, you don’t need to close your financial year at any particular time. You can continue to use your company file after the last month of your current financial year.
If you're running a business in Australia, watch this video to get a quick overview of how to close a financial year.
Need more help? If you're in Australia, join a free EOFY webcast and let an MYOB expert explain what you need to do. You can also visit our EOFY Hub (which has a checklist of things to do) or download a PDF guide (which is a printable guide of the instructions you'll find in the help).
What you need to do
Complete the tasks listed below to close your financial year and start a new one.
|1||Complete the tasks you usually do at month-end.|
If you track inventory quantities and values, you should perform a stocktake when all transactions affecting inventory for the financial year have been entered.
|3||Provide information to your accountant|
|4||Enter end-of-year adjustments|
|5||Close the financial year|