Closing a financial year is an important process in Accounting Plus, in which a number of tasks are performed to officially close the year that's just ended and to prepare for the new year. Fortunately, Accounting Plus takes care of nearly all these processes automatically
When you've entered all the information that's required for a financial year, you're ready to close the year and start a new financial year. To learn the current financial year of your Accounting Plus company file and other information about your company, choose Company Information from the Setup menu. This window also displays the last Month in Financial Year, the number of Accounting Periods per year and the Conversion Month. (The Conversion Month is the first month you started making entries in Accounting Plus.)
Things that happen when you start a new financial year include:
Things that don't happen when you start a new financial year include:
Idea: Make a reference copy of your company file before closing the year
Since closed transactions are purged during the year-end closing process, many MYOB software users choose to make a copy of their MYOB software company file that will be stored on their computer's hard disk so that the previous year's transactions will be easily accessible. (In effect, they are creating a historical copy of their company file.) If you choose to do this, we recommend that you rename the historical company file to reflect the financial year included in the file. For example, if your company file is named MYDATA.PLS, you might name the historical file MYDATA02.PLS. Once the historical company file has been renamed, you can store it in the same directory as your working company file. |