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End of financial year doesn't need to be stressful. In MYOB, there's not much you need to do.
Unlike desktop accounting software, you don't need to back up your data at end of year – it's always up to date and secure in the cloud.
If you've upgraded from MYOB Essentials, there's a new step you need to do for EOFY – Start a new financial year.
But even though EOFY is easy in MYOB, you should take a few moments to make sure your accounts are in order, and everything's ready for your accountant to take care of tax time.
Get started by completing your usual End of period tasks.
If you use payroll, also see End of payroll year tasks in New Zealand.
Invite your accountant
If you haven't already, invite your accountant to your MYOB Essentials business.
This will let them log in and work directly with your data, so they can do your tax and make any adjustments that are needed.
Complete your monthly tasks
You'll need to file your final GST return of the year.
Your Profit and Loss and your Balance Sheet let you know how your business has performed throughout the year (which you've probably been checking regularly). You might like to print a copy for yourself.
- Profit and Loss tells you how much profit your business has made in the last year, divided into income, expenses and net profit.
- Balance Sheet tells you your business's net worth up to the end of the financial year. It's divided into assets, liabilities and equity.
See Business reports to learn how to produce these reports.
Enter end-of-year adjustments
After taking a look at your financial information, you or your accountant might need to make some adjustments to your records. In most cases, you'll enter these as journal entries. If you're missing any bank transactions (like deposits, withdrawals or bank charges), enter them as spend money or receive money transactions.
Start a new financial year
When you're happy that your books are in order for another year, you can start a new financial year. Just click your business name and choose Business settings, then click Start a financial year.
When you do this, your account balances will be updated (the current earnings will be moved to retained earnings). If you've set a lock date, this date will automatically change to be the start of the new financial year.
Once you've started a new financial year, you'll still be able to enter transactions in the previous financial year. Just make sure you first remove the lock date option.