End of financial year in MYOB Acumatica

This page connects you to information about about month- and year-end activities in MYOB Acumatica, including:

• posting records to the general ledger

• reconciling sub-ledgers

• closing financial periods

• preparing reports

• reporting to the ATO or IR.

To learn more about the end of financial year process as a whole, take the MYOB Acumatica - Finance Part 2 course on the MYOB Acumatica Academy.

For MYOB Acumatica — Payroll year-end activities, see End of tax year procedures 2024 - NZ.

Closing the modules

Cash management

1. Verify and release all cash transactions for the period.

2. Finalise your bank reconciliation.

3. If you need to validate your cash account balances, go to the Recalculate Account Balances form (CA503000), select all the bank accounts, and click Process All.

4. Close the financial period in the module.

Inventory

1. Do a stocktake and adjust your inventory.

2. Verify and process the inventory transactions for the period.

3. Reconcile the inventory account balance with the general ledger.

4. Close the financial period in the module.

For more information, see Financial Period Closing in the Inventory Module.

Accounts payable

1. Verify and release all accounts payable transactions for the period from the Release AP Documents form (AP501000) including bills, credit and debit adjustments and payments.

2. If you need to validate your supplier balances, go to the Supplier Balances form (AP509900), tick all the suppliers, and click the Process All button.

3. Reconcile your accounts payable account with the general ledger.

4. Close the financial period in the module.

For more information, see Period-End Procedures: General Information.

Accounts receivable

1. Verify and release all accounts receivable transactions for the period from the Release AP Documents form (AR501000) including invoices, credit and debit adjustments and payments.

2. If you need to recalculate your customer balances, go to the Recalculate Customer Balances form (AR509900), tick all the customers, and click the Process All button.

3. Reconcile your accounts receivable account with the general ledger.

4. Close the financial period in the module.

Fixed assets

1. Calculate and process your depreciation for the year.

2. Reconcile your fixed assets accounts:

   1. Fixed asset cost account against Fixed Assets Cost By Class report.

   2. Accumulated depreciation account versus FA Balance report.

3. Close the financial period in the module.

Tax (GST or BAS)

GST (New Zealand)

This process closes the current tax period. You can’t make any more changes afterwards.

1. Reconcile your GST collected and paid accounts against the Tax Details by GL Accounts report.

2. Prepare your return from the Prepare Tax Report (TX501000) form.

3. Once your figures are finalised, click Prepare Tax Report.
   The Release Tax Report form opens.

4. Click Close Period and print the GST report.

5. Check the AP Documents tab to get the IR invoice for payment or refund.

6. After you’ve lodged the return, apply the payment to the IRD vendor transaction.

BAS (Australia)

General ledger

1. Make sure all your general ledger transactions have been finalised, including:

   • journals

   • end-of-year adjustments

   • sub-ledger reconciliations

   • recurring transactions

   • cost allocations.

2. If you need to validate your general ledger balances, go to the Recalculate Account History form (GL509900), select all the accounts, and click Process All.

3. Close the financial period. See:

   • Opening Financial Periods

   • Closing Financial Periods

   • Managing Financial Periods

Closing the financial year

Be careful

Take a restorable snapshot before starting the year-end process, and check it in a test environment before closing the year on your live data.

1. Create the new financial year.

2. Make sure your month-end processes and transactions are finalised:

   • Complete month-end procedures for all modules (except general ledger).

   • If you have multiple companies or branches, post all adjusting journals and complete the concolidation process.

   • Confirm all transactions have been posted to the general ledger.

3. Print your end-of-year reports, including:

   • Trial Balance Summary (GL632000)

   • Trial Balance Details (GL632500)

   • Balance Sheet for year-to-date and month-todate amounts (GL634000)

   • Profit and Loss (GL635000)

   • Cash Flow from period one to twelve (GL636500)

   • Budget or forecasting reports, including year-to-date and month-to-date amounts (if you use the budgeting, reporting or statistical ledgers).

4. Close the last financial period.

5. After closing the financial year, check the process has been successful:

   • The new periods are showing in the relevant screens.

   • The balance sheet shows that net income (or loss) has been carried forward to retained earnings.

   • Profit and loss balances are set to zero.

6. Print copies of your base financial reports for the new year:

   • Retained earnings details

   • Balance sheet

   • Profit/loss

7. If you need to make further adjustments, post them to the previous financial year period.