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EOFY 2024 with MYOB Advanced Business Complete Guide

Navigating EOFY 2024 with MYOB Advanced Business Complete 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 2024 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 2024 MYOB Advanced Business operations, ensuring a more efficient and effective end-of-year experience.

So, let’s dive into each section and shed light on the steps you need to take to close your EOFY 2024 with MYOB Advanced Business in the most efficient way possible.

Closing the modules


Cash Management Transactions

  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 Reconciliation

  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 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.

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.

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. 

 

Finalise and release Fixed Asset 

  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.

 

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:


Taking Snapshot and Close 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.

 

Ease Your EOFY 2024 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 2024 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 2024 with MYOB Advanced Business! 

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