As the end of the financial year approaches there are a number of tasks that need to be completed with respect to bookkeeping and accounting packages. If your business is one that uses MYOB AccountRight as its accounting program, this article may be very helpful.
At the end of the year, two of the important tasks to perform to your MYOB file is to roll the payroll year and to roll the financial year. Many people get confused by what each of these functions do and at what point they need to be completed by.
Payroll rollover
Rolling the payroll year is a process that finalises the payroll functions. You are unable to process payroll transactions in the new financial year until the prior payroll year is closed.
Below are links providing detailed instructions on how to complete the process of closing a payroll year:
– http://help.myob.com/wiki/display/ar/Closing+a+payroll+year
– http://myob.com.au/pdf/EOPYGuide
Year end rollover
Closing a financial year is a step further than closing the payroll year as it involves the whole file. Closing the payroll year only locks the payroll module yet allows transactions and alterations to be made to all other functions of the file.
Note: Closing the financial year completes that year and prevents any alterations or changes to be made to that year.
Below are links providing detailed instructions on how to complete the process of closing a financial year:
– http://help.myob.com/wiki/display/ar/Closing+a+financial+year
– http://myob.com.au/pdf/EOFYGuide
Both of these functions are integral in maintaining the integrity of your MYOB file and your accounting records. Care should be taken in completing both of these processes as making errors may be difficult and costly to correct.
We hope this article is helpful and if you’d like to discuss further or ask any questions that aren’t covered above feel free to contact our friendly staff.