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You should check your accounting records regularly to ensure they're complete, accurate and balanced. Here are some things that will help you keep everything in check.

Each:Do this:Learn more
End of 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.

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.

See what you should do each month
End of 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 should be counted, valued and, where necessary, adjusted in your company file.

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).

Learn about end of financial year tasks
End of 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.

Learn about closing your payroll year