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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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MYOB – EOFY (End of Financial Year) accounting procedures: Account Right & Essentials

images/MYOB logo new.JPGThere are plenty of MYOB resources to assist you organise your books/accounts for your accountant, but more importantly for you to have an accurate set of accounts to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER! Your books/accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!

 

1. EOFY – End of Financial Year key dates – Tax Time Planner

This calendar is a great tool where you can select the date to see key compliance tasks and actions that need to be taken, as well as industry tax deductions lists and a FREE EOFY email course! – click this image –

images/MYOB EOFY calendar2020.JPG

2. MYOB Account Right

Several End-of-year procedures need to be carried out to prepare your company file for the coming year. By reconciling and completing the year in your company file, you are effectively bringing the company file up to date.

These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.

Your payroll, invoices, purchases statement reconciliations as well as finally your inventory should be counted, valued and, where necessary, adjusted in your company file.  Here is a video about Year End in Account Right -

images/MYOB EOFY Quick Guide.JPG

At the MYOB End of Period page is where you begin. The resources include end of Month, Financial and Payroll Year things that you should do. Overall it’s about checking the accounting records to ensure they are complete, accurate and reconciled to key support documents such as bank and credit card statements.

Other helpful Links

3. MYOB Essentials

For users of MYOB Essentials - see the end of year page & video on what to do. You can also find FAQs and The Help Centre there.

 

images/MYOB A Quick Guide.JPG

Other helpful Links

 

4. Software Upgrades

Essentials updates are AUTOMATIC – no need to fiddle with any downloads!

 

5. Want help with upgrading?

Need to talk about what is available without obligation or any pressure or sales pitch? Then call Paul! 0407 361 596

 

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email  This email address is being protected from spambots. You need JavaScript enabled to view it.  or call 0407 361 596 Australia
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