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It's important to ensure that You should check your accounting records are accurate. Reconciling the accounts regularly will assure you and your accountant that your books are regularly to ensure they're complete, accurate and balanced.

Month-end procedures

Here are some things that will help you keep everything in check.

At the end of each:

Do this:

Learn more

Month

You should reconcile your company file information with any source documents and resources available to you.

For example, each month your bank account can be reconciled with your bank statement, creditors balances can be checked against statements, and your customers’ balances can be verified.

Typical

Other typical end-of-month procedures include reviewing your trial balance, reviewing your budgets and cash flow,

paying payroll taxes (Plus

and

Premier, Australia only) and

sending out customer statements.

Year

Month-end procedures

Financial year

End-of-year procedures need to be carried out to prepare your company file for the coming year. By closing the year in your company file, you are effectively bringing the company file up to date.

These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.

If you track inventory using AccountRight Standard, Plus or Premier, your inventory

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Need more help? If you're in Australia, watch 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).

End of payroll year

Your inventory should be counted, valued and, where necessary, adjusted in your company file.

By closing the year in your company file, you are effectively bringing the company file up to date.

	End of financial year tasks
Payroll year	(Plus and Premier, Australia only)

Closing a payroll year includes processing final pays, printing payroll reports and preparing payment summaries. You must close the payroll year in the last month of your payroll year or soon after. Otherwise, you won't be able to enter pays for the next payroll year.

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Process the last pays for the payroll year and print payroll reports. You'll also need to finalise your Single Touch Payroll reporting information.

To simplify your end of payroll year, make sure you're using the latest AccountRight version.

End of payroll year tasks

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Month-end procedures

Closing a financial year

Closing a payroll year End of financial year guide 2015 (PDF)

Prepare payment summaries

End of payroll year guide 2015 (PDF)

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year finalisation with Single Touch Payroll reporting

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