What are end of month procedures?

The month-end close is the collection of financial accounting information, review, and reconciliation of records each month. This is a reporting requirement for some companies, and helps businesses keep accurate records throughout the year. The most important closing period comes at the end of the financial year.

How do I close end of financial year in MYOB?

To close a financial year Go to the File menu and choose Close a Year > Close a Financial Year. The Close a Financial Year assistant opens.

How do I end a period in MYOB?

Lock a period

  1. Go to the Setup menu and choose Preferences.
  2. Click the Security tab.
  3. Select the Lock Periods: Disallow Entries Prior to option, and choose the relevant date. This selection places a lock on all transactions prior to the date selected.
  4. Click OK.

Do I need to close a financial year in MYOB?

Note that you don’t need to close your financial year at any particular time. You can continue to use your company file after the last month of your current financial year.

How do you do month end reconciliation?

Here are the steps you can expect to cover when you want to reconcile accounts for month end:

  1. Record Incoming Cash.
  2. Review Accounts Payable.
  3. Reconcile Accounts.
  4. Reconcile Petty Cash.
  5. Review Fixed Assets and Inventory.
  6. Assemble Financial Statements.
  7. Final Review.
  8. Confirm transactions.

What happens when an end of year rollover is done?

What happens when I roll over my company file? In theory when rolling over a company file to a new financial year, the closed and reconciled entries from the previous financial year are purged from the database. This results in a decrease of the file size and an increase in software performance.

What should I do at the end of my financial year?

End of financial year

  • Check what record keeping and other tasks to complete.
  • Find out what tax deductions and concessions you can claim.
  • Check your tax agent is registered.
  • Keep up-to-date with tax changes.
  • Be wary of tax refund scams.
  • Review your finances.
  • Review your business and marketing plans.

Why is it useful to lock dates for year end?

Accounting locking is used to prevent transactions being posted on or before a specific date. Use it during your year end. Only the person who lock them can make accounting adjustments.

How do you do month end closing in accounting?

The Steps of the Month End Close Process

  1. Collect Information. Closing the books is a data-intensive task.
  2. Combine the Parts of Accounting.
  3. Reconcile Accounts.
  4. Consider Inventory and Fixed Assets.
  5. Write Up Financial Statements.
  6. Final Review.
  7. Prepare For the Next Closing.
  8. Less Manual Work.

What are the steps for closing entries?

The basic sequence of closing entries is as follows:

  1. Debit all revenue accounts and credit the income summary account, thereby clearing out the balances in the revenue accounts.
  2. Credit all expense accounts and debit the income summary account, thereby clearing out the balances in all expense accounts.

What accounts should be reconciled at month end closing?

Here are the steps you can expect to cover when you want to reconcile accounts for month end:

  • Record Incoming Cash.
  • Review Accounts Payable.
  • Reconcile Accounts.
  • Reconcile Petty Cash.
  • Review Fixed Assets and Inventory.
  • Assemble Financial Statements.
  • Final Review.