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Navigating EOFY 2023 with MYOB Advanced Business: A Complete Step-by-step Guide

The EOFY period is invariably a hectic time, and to make it more manageable, we’ve collated the most helpful guides provided by MYOB to create this comprehensive guide on how to efficiently navigate EOFY 2023 using MYOB Advanced Business Enterprise.

This guide will walk you through the necessary steps for the successful completion of all the tasks under various sections, such as Receivables, Payables & Finance, Inventory Reconciliation, Fixed Assets, Cash Management Transactions, and, importantly, the process of closing the Financial Year.
 

Whether you’re in the process of reconciling your accounts receivables and payables, ensuring that your inventory records match, or finalising your cash management transactions, we have got you covered. By adhering to the steps in this guide, you’ll be able to streamline your EOFY 2023 MYOB Advanced Business operations, ensuring a more efficient and effective end-of-year experience.

In addition to the above-mentioned areas, we’ve included a specific guide to help you through the critical process of managing your payroll at EOFY. With information on how to reconcile pay deductions and salary sacrifices, report fringe benefits, finalise Single Touch Payroll (STP), and generate essential payroll reports, this guide will ensure you’re well-equipped to handle all the complexities associated with EOFY payroll management.

So, let’s dive into each section and shed light on the steps you need to take to close your EOFY 2023 with MYOB Advanced Business in the most efficient way possible.

Receivables

1. Finalise and release all Receivables transactions 

Use the Release AR Documents form to release any outstanding transactions.

2. Reconcile control account balances 

Compare the AR control account balance on the Trial Balance Summary report with the AR Balance by GL Account report. Correct any discrepancies. 

3. Prepare Statements 

Use the Prepare Statements form and Print Statements form to create and distribute statements. 

4. Close the financial periods 

Use the Close Financial Periods form to close the financial period for the selected company. 

Payables 

1. Finalise and release all Payables transactions 

Use the Release AP Documents form to release any outstanding transactions.

2. Reconcile control account balances 

Compare the AP control account balance on the Trial balance report with the AP Balance by GL Account report. Correct any discrepancies. 

3. Close the financial periods 

Use the Close Financial Periods form to close the financial period for the selected company. 

Finance
1. Finalise and release all transactions 

Use the Release Transactions form to release any outstanding transactions.

2. Manage financial periods 

Use the Manage Financial Periods form to close the financial period for the selected company. 


Inventory Reconciliation

1. Finalising and Releasing all Inventory Transactions 

Access the ‘Release IN Documents’ form. If transactions such as Receipts, Issues, Kit assembly, Transfers, or Adjustments are present, release them.

2. Reconciling the Cost of Inventory with the Account Balance 

Review the total cost balance in the ‘Inventory Valuation’ report. Match it with the inventory asset account balance in the ‘Trial balance’. Correct any mismatches by reviewing transactions in the Inventory and General Ledger modules. 

3. Closing Financial Periods in Inventory Transactions

Visit the ‘Close Financial Periods’ form.Select the company and the financial periods you wish to close in the ‘To Year’ box. Tick the unlabeled checkbox in the row of the latest period to close. Use ‘Process’ or ‘Process All’ to close the selected periods. 

 

Finalise and release Fixed Asset 

1. Releasing Fixed Asset Transactions

Visit the Release FA Transactions form. If transactions are listed, release them.

2. Calculating Depreciation Expenses 

Use the Calculate Depreciation form to process depreciation expenses. You can either choose ‘calculate only’ for no transactions, or ‘depreciate’ to generate ‘Calculated+’ type transactions. 

3. Reconciling Reports

Check and compare:

  • Fixed Assets Cost GL accounts against Fixed Assets Cost by Class 
  • Accumulated Depreciation GL account against the FA Balance report 

Rectify any discrepancies. 

4. Closing Fixed Asset Periods

Go to the Close Financial Periods form. Select the company and the financial periods to close. Click ‘Process’ or ‘Process All’ to finalise. 


Finalise and release Cash Management Transactions
 

1. Finalising and Releasing All Transactions

  • Visit the Release Cash Transactions form on MYOB. 
  • Release any listed transactions for reconciliation. 
  • Fix any errors encountered during release.

2. Finalise Bank Reconciliation for the Current Period

  • Navigate to the Cash Account Finalise Bank Reconciliations Transactions form. 
  • Compare the cash account ending balance with the bank statement. 
  • Create a new Reconciliation Statement using the Reconciliation Statements form. 
  • Adjust dates if necessary, and reconcile all payments that appear on the bank statement. 
  • Use Create Adjustment button for necessary adjustments. 
  • Remove hold, save the reconciliation statement, and release the transaction. 

3. Validate Cash Account Balances

  • Go to the Recalculate Account Balances form and select a financial period. 
  • Validate individual bank accounts or all accounts. 

4. Close Financial Periods for Cash Management

  • Go to the Close Financial Periods form and select your company. 
  • Choose the latest year in the To Year box. 
  • Select the check box in the row of the latest period to close. Previous periods are selected automatically. 
  • Click Process or Process All to close the periods.

 

Taking Snapshot and Close Financial Year 

1. Create a Snapshot 

Check access, use the ‘Lockout Manager’ and ‘Snapshot User’ roles. Navigate to Schedule Lockout, create a snapshot, and set a future lockout timer. Alert users to log out. After lockout, visit Tenants and click Create Snapshot. Export and save the snapshot, then unlock the system. 

2. Create a New Financial Year 

Go to Master Financial Calendar, generate and save the new calendar. Choose to open specific periods or all for the new year via Manage Financial Periods. 

3. Print Reports and Statements 

Prepare and save these financial reports: Trial Balance, Balance Sheet, Profit and Loss, Cash Flow Statement. 

4. Validate your Data 

Overnight, visit Recalculate Account History form and validate your account history. 

5. Close Financial Periods 

On Manage Financial Periods screen, set the Action to ‘Close’, check the ‘From’ and ‘To’ year, and close the chosen periods.


Payroll Management for EOFY
 

MYOB Advanced Payroll offers a suite of features that can help businesses in this critical period. Here’s a brief summary of the critical payroll aspects you should address for EOFY 2023: 

Pay Deduction & Salary Sacrifice Reconciliation 

With MYOB, you can accurately reconcile withheld amounts for payroll deductions like Union Fees and Superannuation salary sacrifice against their General Ledger (GL) accounts.

Reportable Fringe Benefits (RFB) 

MYOB allows you to report Fringe Benefits accurately to the Australian Taxation Office (ATO). This involves creating Pay Item Types and Pay Groups, preparing a pay run, entering reportable amounts, and submitting pay events to the ATO. 

STP Finalisation 

MYOB simplifies the STP finalisation process, ensuring successful submissions of all your employees’ payroll data by the 14th of July deadline. 

Payroll Reports 

MYOB helps you generate and interpret critical reports such as the Pay GL Batch Details, Superannuation, and Payroll Tax Liability reports, which are vital for a smooth EOFY process. 

Given the importance and complexity of payroll management during EOFY, we’ve put together a detailed blog – Checklist for a Smooth End of Financial Year (EOFY) 2023 with MYOB Advanced Payroll, which takes a deep dive into each aspect.

For a thorough understanding and step-by-step guidance on successfully managing your payroll at EOFY, we highly recommend checking out this comprehensive guide.

Ease Your EOFY 2023 Process in MYOB Advanced Business with AlphaBiz Solutions

The end of the financial year doesn’t have to be stressful. By utilising the advanced functionalities of MYOB Advanced Business, you can ensure a smooth transition into the new financial year. Remember, careful planning, systematic approach, and adherence to this comprehensive guide can make EOFY 2023 a breeze.  

As always, if you need further assistance, don’t hesitate to reach out book a time with our MYOB expert consultants here at AlphaBiz Solutions. Here’s to a successful EOFY 2023 with MYOB Advanced Business! 

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