This document covers topics concerning closing your payroll and fiscal year in MYOB accounting applications.
Can I write a paycheck for the next calendar year?
You can only write paychecks within the current payroll year. If you need to write a paycheck with the next calendar (payroll) year's date, you must start a new payroll year.
Can I enter other transactions for next year while in the current fiscal year?
You can write all other transactions into the next fiscal year. Your MYOB accounting program will retain all of these transactions when you start a new fiscal year.
How can I print my W-2s and W-3 if I close my payroll year?
Your W-2s can be printed or e-Filed from the backup copy you made of your company file before you closed the payroll year. Note: This does not apply to FirstEdge or BusinessBasics, which do not offer payroll options.
Can I retain closed sales and purchase in my file when I close my fiscal year?
In 2006, MYOB provided the ability to retain closed sales and purchase transactions when you close your fiscal year. This option is a selection you make during the Start a New Fiscal Year (SANFY) process.
Do I have to close my fiscal year on the date it ends?
You do not have to close your fiscal year in order to enter transactions for the next fiscal year. As a matter of fact, we strongly suggest you keep your fiscal year open as long as you need to ensure all fiscal transactions and adjustments have been made.