The end of the financial year (EOFY) 2023 is rapidly approaching, and with it comes the important task of wrapping up your accounts accurately. This process, though crucial, can often seem complex and overwhelming. Understanding this, we’ve crafted a detailed guide designed to help you navigate your EOFY procedures with ease and precision. This guide will walk you through the necessary steps for a successful completion of your EOFY 2023 using MYOB Exo Business. By following these steps, you’ll be able to transition into the new financial year seamlessly, ensuring your accounts are in perfect order. So, let’s delve in and prepare for a successful EOFY 2023 together.
Watch the full EOFY video guide here:
Closing the EOFY 2023 in MYOB Exo Business
In MYOB Exo Business, the end of financial year process is a straightforward procedure. And in this guide, we’re taking you through the steps to ensure a smooth and successful EOFY 2023.
Before we delve into the specific steps of the process, there are a few essential points to remember:
- Post-Year-End Transactions: It should be noted that once the year-end process is complete, a user can still post transactions to the previous financial year. Users will still be able to access the previous year’s transactions for reporting and data entry.
- Database Backup: It is crucial to complete a database backup before performing EOFY procedures and roll over. This safeguard ensures you have a point of recovery should any issues arise during the process.
- Consult with System Administrator: If you have trouble performing the backup or accessing any of the modules or reports consult with your system admistrator or contact your solution partner.
The MYOB Exo Business Year-End Process
MYOB Exo Business is a period-driven system, implying you need to open the periods or months before transacting in the new month or financial year. The version used in this guide MYOB Exo Business 2023.1, might appear slightly different from your current version, but the principles remain the same.
With the important points clarified, we can now focus on managing your debtors, creditors, and stock in MYOB Exo Business. Following these specific steps will ensure a successful closure for the EOFY 2023.
- Finalise your bank reconciliation and allocate all customer receipts.
- Print out the Debtors Aged Balances Report and ensure the period is set to June 2023.
- Preview the report and note the figure from the balance column. This figure should match the receivables value in the reconcile receivables account report.
- If there’s an out-of-balance amount, there might be various reasons such as a journal not getting picked up. Reach out to your Exo partner who can run utilities to identify the issue.
- Once the reconciliation is done, send your debtor statements.
- Print the Creditors Aged Balance report for June 2023 and note the total figure.
- Check the reconcile payables account report and ensure the payables value from the Aged Creditors Report matches the account balance from the General Ledger (GL).
- If there are discrepancies, your Exo partner can assist in identifying and resolving the issue.
- Print the stock valuation report for all locations (if you have multiple).
- Note that your stock valuation total value may not match with your General Ledger due to timing differences of some of the stock items because of the average costing method the system uses.
- Adjust to match your stock valuation report depending on the difference.
- Preview the reconciling inventory account report for June 2023 to observe any differences.
- Once you’ve reconciled debtors, creditors, and stock, start the process to roll over the period. This signifies the end of the financial year.
- The system will close all profit and loss accounts and transfer the amounts to the retained earnings account, marking the start of a new financial year.
- If you use foreign currency, the system will ask if it needs to create foreign exchange gain and loss entries. Allow it to run its process.
- The system will ask if you want to review the next financial year calendar. Complete this step.
- Check the retained earnings account in the GL to see the entries.
As we wrap up this guide to successfully closing the EOFY 2023 in MYOB Exo Business, there are several important reminders to keep in mind:
- End of Period Process: You must perform the End of Period process before you can enter transactions into the new period.
- Posting Transactions to General Ledger: It is not necessary that all transactions be posted to the General Ledger before a ledger is rolled over.
- Additional Procedures: Complete additional end-of-year requirements like Exchange Rate Variance calculations, Fixed Asset depreciation before completing the End of Period process.
- Transaction Details: All historic information are retained and can be accessed from the record itself or reports.
- Posting to Prior Periods: You can post transactions back into prior periods. Period lock controls manage this process, and periods are normally locked once period reporting has been completed.
- User-level Profile Settings: You must enable the “Post to Past Period” and “Allow end of period rollover” settings to allow users to post transactions to previous or past periods and roll the end of period, respectively.
- Company-level Profile Setting: By enabling the “Enable warning for transactions not posted to GL before end of period processing” setting, you can prompt users if Post Debtors/Creditors/Stock to GL has not been processed when performing the end of period process.
Remember, preparation is the key to a smooth and successful EOFY. By following the steps laid out in this guide and keeping these important points in mind, you’ll be well-equipped to wrap up the financial year with minimal hassle and maximum efficiency.
Expert Guidance with Alphabiz Solutions
While this guide provides valuable insights for EOFY procedures with MYOB Exo Business, a personalised approach may better address your unique business challenges. Our expert MYOB Exo Business consultants can provide tailored guidance, allowing you to focus on strategic planning while we ensure your financial year-end process is flawless. Ready for a successful EOFY 2023 finish?
Book a time with our experts today. Your path to financial success is just one consultation away.