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Understanding year-end closing

In MYOB Advanced Business, year-end closing is done automatically when you close the last period of the financial year. That means you should only close the last period of the financial year when your company is ready to close the general ledger financial year.

Before you can do year-end closing in the general ledger module, you must close the last period of the financial year in all other active modules.

Year-end closing can include the following stages:

  • At the end of the financial year, generating periods for the new year and activating at least one of them.
  • Completing the tasks on your company‚Äôs year-end checklist.
  • Closing the last period in the general ledger and fulfilling all the requirements.

When closing the financial year, the YTD Net Income account's balance will update the Retained Earnings account, which accumulates the net income over years. After that, the YTD Net Income account's balance resets to zero for the new financial year. The balances of the balance sheet accounts are simply transferred into the new financial year, while all other accounts reset to zero.

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