The end of year rollover can be a bit tricky with MYOB and some employees will be asking if they can get their payment summaries before the 14 July deadline. It’s always good to get these out in the first week of July if you can. (Note: I won’t worry about going in to detail on year end procedures for Quickbooks here because it does not require you to close the financial year.)

I’ve provided a summary of year end processes for both the financial year and the payroll year below. There is also a very good support page on the MYOB website which contains links to various support notes – see End of Year Support

The support notes can be quite detailed so here is also a bit of a summary for your end of year process in MYOB below:

Backup Process

  1. Make sure you reconcile the bank account to the 30th of June.
  2. With the MYOB file open, create a backup and save it in a folder called “Prior Year MYOB Files” or similar.
  3. You will also need to have an unzipped version of the file to run the payment summaries, so we will also put a full copy in the prior year folder.
  4. To do this, close the MYOB file and go to windows explorer. Copy the current MYOB file into the prior year folder.
  5. Then, while still in windows explorer you should go to the current MYOB file and rename it “Company Name FYCurrent Year
  6. Your current MYOB file is now the file we will work with going forward but by making a full copy in the prior year folder, we will still be able to access prior year’s information which will not be accessible in the current file after we roll the years over.

Payroll Year-end Rollover

You will not be able to start entering payroll transactions in July until you have rolled the payroll year over. However, once you have rolled the payroll year over you will not be able to print payment summaries. You should print the payment summaries before you roll the payroll year over, or you can use the prior year file we created above.

Once the payment summaries have been printed you can roll the payroll year over through File-Start a New Year

Detailed Guide:

End of Payroll Year Guide


Financial Year-end Rollover

You should not roll over the financial year until final tax entries for the current year have been received from the tax accountant and entered. Keep the “current year” as the previous financial year and just run reports for “Next Year” until the Tax Return has been finalized.

Before you roll over you should make sure you get any tax entries from the tax accountant for the current financial year before you roll over, otherwise you will not be able to run any profit and loss reports for the new financial year. If you are unsure of this, just email a copy of the current MYOB file to the tax accountant to check (if the file is too big to email you can use to send files up to 100MB)

To actually do the rollover go to File/ Start a New Year/ Start a new Financial Year

Detailed Guide:

End of Financial Year


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