General

End of Financial Year in MYOB EXO

23 February 2017 > General, MYOB,

The end of the financial year is right on top of us, so here is a reminder of the End of the Year process should your financial year end on 31 March.

This document contains screenshots through to version 2016.3

Check your Version Number

If you’re not sure which version of Exo you are using, select ‘Help’ and then ‘About

MYOB Exo | End of Financial Year | ERP Software

A new screen will open up and you will be able to see your Database version.

MYOB Exo | End of Financial Year | ERP Software

Set up the new financial year

Complete all of the procedures that you would normally complete before an End of Period rollover and backup the database. 

It is good practice to save this database backup labelled appropriately such as EOYbackup2016 where it will not be overwritten.

Open the End of Period Utility.

Before rolling the period, click Financial Year to review (and if necessary, set up) the financial periods for the next Financial year.

MYOB Exo | End of Financial Year | ERP Software

Click on the Next Year tab:

MYOB Exo | End of Financial Year | ERP Software

All periods for the new financial year (12 periods April > March) should appear on this tab.

If the periods for the new financial year have not yet been defined, this tab will be empty. If this is the case, click the Copy button to create periods for the new year based on the previous year.

If you do not have the ‘Copy’ button you will need to manually add the next financial years periods

MYOB Exo | End of Financial Year | ERP Software

Generally ‘dates in’ will be correct, if not change the transaction entry validation to ‘dates between’ and stipulate the correct date range 

MYOB Exo | End of Financial Year

This will add the financial periods from the previous year into the new year, but with the new year’s dates:

MYOB Exo | End of Financial Year | ERP Software

Check that the periods and date ranges for the new financial year are correct. If they are correct, you can now close the Financial Year window.

Otherwise, double-click on the first incorrect period, correct the details, and click Save. Continue with each subsequent period until they are all correct. Once they are all correct, close the Financial Year window.

Roll the Period

You will now be back in the End of period window. Tick all four ledgers as per a usual end of month rollover, and also tick 'End of Financial Year'.

MYOB Exo | End of Financial Year | ERP Software

Important: When rolling over ledgers into April, remember to tick the check box ‘End of Financial Year’.

Click Roll Period

You may see a pop-up reminder message such as this:

You may either:

Click 'Yes' and continue to roll without posting transactions (you can still post them later). 

  • The advantages of this approach are: Your end of year roll is not held up while subsidiary ledgers are posted. Unposted transactions in the subsidiary ledgers (Debtors, Creditors and stock) remain editable (subject to user permissions, allocation status and certain other constraints) until they are posted to GL.
  • The disadvantage of this approach is: An individual End of Year transfer transaction will be posted in the profit Brought Forward account for each batch posted into last year after the year end roll has been completed, rather than one single transaction (less clutter) representing the entire year’s profit.

OR

Click 'No', complete your GL posting, and then return to the start of this process.

  • The advantages and disadvantages of this approach are the inverse of the above.
  • Note: Your individual user permissions may prevent you from posting some or all ledgers to GL if this is not normally your role.

Click 'Yes'.

The following screen will appear up to Version 8.6:

In Version 8.7 and above it looks like this:

MYOB Exo | End of Financial Year | ERP Software

Click ‘Yes’ to review.

In versions up to 8.6 the next year tab will be populated with the next year’s information. Once you are satisfied the periods and dates are correct click the 'Use as Current Year' button.

Click the red cross to then close this window.

In version 8.7 and above the screen will show the new year’s information as current year, and the next year will be blank.

Make any changes as required and click 'Exit'. 

There is no need to fill in data in to the Next Year section.

MYOB Exo | End of Financial Year | ERP Software

The last screen you will see appear is this.  

MYOB Exo | End of Financial Year | ERP Software

Exit out of the screen.

Analytics/Management Report Year Setup

If you use Analytics (Version 8.2 and later) you will also need to set up the new financial year in this module.

If Analytics is installed, open the module and go to Setup -> Setup Analytics Years.

Go to Setup Analytic Years and click ‘New’.

MYOB Exo | End of Financial Year | ERP Software

Enter in the Name, Start and End of financial year. If your months reflect Calendar months, make sure that 'Calendar period' is ticked on.

MYOB Exo | End of Financial Year | ERP Software

Click ‘Save’ and close the screen.

Select the Setup menu and choose Setup Analytics Months.

Select the correct Sales Year and then click ‘Load’.

This will load all the correct months.

MYOB Exo | End of Financial Year | ERP Software

There should be a notification that the periods are loaded successfully:

MYOB Exo | End of Financial Year | ERP Software

The year should now look like this:

MYOB Exo | End of Financial Year | ERP Software

Click ‘Save’ before closing.

If you are using the sales Budgets facility and the Run Rate feature, you will also need to set up Budgets and Day plan. You can set these up later if you wish.

Watch our webinar on the processes to follow here

If you need assistance with rolling the end of year, please contact the Software Support Desk at support@focus.net.nz or 0800 12 00 99.

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