Month End MYOB Requirements

  1. Back up your computer data file.
  2. Reconcile accounts:- Reconcile your Bank account

    - Reconcile your Accounts Receivable

    - Reconcile your Accounts Payable

    - Reconcile your GST control accounts (GST Collected and GST Paid)

  3. Review your accounts and reports
  4. Back up your data file after entering any end of month adjustments and lock the month to prevent entries after reporting has been completed.

 

Step 1 – Back up your data file before end of month adjustments

Only complete this step when all transactions up until end of the Month have been entered. Do not perform any end of month adjustments or enter any transactions for the new month before backing up your data file.

 

To backup your MYOB Company File

  1. Go to the File menu.
  2. We recommend you select the option to backup all data and Check Company File for errors.
  3. Click Continue.
  4. If you select to Check Company File for errors, the verification will run first.  When the data verification process is complete, a message will appear, describing the results of the test. If the process was successful click the OK button.  (If the process discovered errors in your company file refer to the tip below.)
  5. Click OK.
  6. The Save In window will then be displayed.  Using the Save In field drop down arrow, select the destination drive for you’re backed up data.
  7. Click on Save.

Make two sets of backups, keeping one on hand in your business premises and the other in a secure location away from your business.

 

Name and label all backups carefully and always note the last cheque or invoice number (this will help you identify those tricky Month-July transactions later).

 

For example, name the backup file:  “[Company_Name]_04A” and label the disk “[Company_Name] end of/6/04 Chq x Inv y – Backup_A]”.

TIP

The verification feature checks your company file for errors. Data verification can catch minor inconsistencies in your company file before they cause serious problems. If an error is detected during the data verification process, we recommend you run the Optimisation Assistant.

The Optimisation Assistant can make your company file more efficient and is capable of fixing certain types of data errors.

To run the Optimisation Assistant

  • Go to the File menu and choose Optimise Company File

Once you have optimised the file, perform the data verification procedure again to determine if the data errors have been repaired. If errors continue to be detected and the message refers to a particular transaction, open the transaction, review it or delete and re-enter it. If you receive a message referring to a record such as an inventory item or tax code, open the record to investigate its setup.

If the verification error does not specify transactions or records, you should restore the most recent backup of your company file and use that file instead. You should also check that company file for errors.

NOTE – If you are using MYOB Premier or MYOB Account Edge in a network environment, make sure all other users have logged out before running the Optimisation Assistant. Also run the Optimisation Assistant from the server or from the machine the physically stores the Company file.

 

Step 2 – Reconcile your accounts

Reconcile your Bank accounts

When you receive your bank statements for the period ending Month end of, you should reconcile your bank and credit card accounts.  This will ensure that your records match your bank’s records as at Month end of.

 

 

To reconcile a bank account

  1. Go to the Banking command centre and click Reconcile Accounts.
  2. Select the account you want to reconcile.
  3. Enter the closing date and balance of the bank statement.
  4. Mark the transactions that appear on your bank statement by clicking in the left column.
  5. If the ‘Out of Balance’ amount is:zero, you have successfully reconciled the bank account.  Click Reconcile and choose to print the Reconciliation report.  After printing the report, click Reconcile again and then click the Reconcile option.

    a non-zero amount, refer to support note ’440 Bank Reconciliation – Out Of Balance’ which can be found at http://support.myob.com.au.

If you need help reconciling a bank account, click the Help button in the lower left corner of the Reconcile Account window and click To Reconcile an Account in the page that appears.

 

Reconcile your Accounts Receivable (Trade Debtors)

By reconciling your accounts receivable, you are ensuring that the end of Month balance of the linked account for tracking receivables (usually named Trade Debtors in the Accounts List) matches your Customer Cards outstanding balances as of end of Month.

To reconcile accounts receivable

  1. Go to the Reports menu and choose Index to Reports.
  2. Click the Sales tab and highlight the Receivables Reconciliation Summary report.
  3. Click Customise and set the aging date to end of Month 2xxx.
  4. Click Display.
  5. If the ‘Out of Balance’ amount is:zero, the accounts receivable reconcile.  Print and store the report in a secure location.

    A non-zero amount, please refer to support note ’5end of Receivables Reconciliation’ which can be found at http://support.myob.com.au.

 

 

Reconcile your Accounts Payable (Trade Creditors)

By reconciling your accounts payable, you are ensuring that the end of Month balance of the linked account for tracking payables (usually named Trade Creditors in the Accounts List) matches your Supplier Cards outstanding balances as of end of Month.

 

To reconcile accounts payable

  1. Go to the Reports menu and choose Index to Reports.
  2. Click the Purchases tab and highlight the Payables Reconciliation Summary report.
  3. Click Customise and set the aging date to end of Month 2004.
  4. Click Display.
  5. If the ‘Out of Balance’ amount is:zero, the accounts payable reconcile.  Print and store the report in a secure location.

    A non-zero amount, please refer to support note ’665 Payables Reconciliation’ which can be found at http://support.myob.com.au.

 

 

Reconcile your GST control accounts (GST Collected and GST Paid)

If you pay and collect GST, you need to check that the balances in your GST control accounts are correct at the end of the financial year. These accounts are usually setup as Liability accounts and called GST Collected and GST Paid.

 

Cash Basis

If you are accounting for GST on a cash basis, the GST control accounts (which are accounted for on an accrual basis) and the figures at G9 and G20 on your BAS (which are accounted for on a cash basis) will not match because of timing differences.

 

Using the Tax Information Reconciliation report

The Tax Information Reconciliation report is used to check the activity of your Tax Codes and their linked accounts.  This will ensure that your GST liability has been correctly posted to the GST ledger accounts, and corresponds with the Tax Codes activity.

To print the report - 

  1. Go to the Reports menu and choose Index to Reports.
  2. Click the GST/Sales Tax tab and highlight the Tax Information Reconciliation report.
  3. Click Customise.
  4. Select Month if you remit your BAS monthly or April to Month if you remit quarterly.
  5. Click Display.
  6. Check the “Out of Balance” amounts for the GST Collected and GST Paid accounts.
  7. If the Out of Balance for an account is:zero, the control account reconciles.  Print and store the report in a secure location.

    A non-zero amount, please refer to support note ’1773 Using the Tax Information Reconciliation Report’ which can be found at http://support.myob.com.au.

 

 

Step 3 – Review your accounts and reports

You should review the key reports to identify potential issues.  Review the Accounts List, Balance Sheet and Profit and Loss reports as a minimum and look for figures that seem ‘out of the ordinary’ or unexpected.

To investigate amounts on the report, you can simply click the on-screen amounts, and use the Find Transactions window or the Edit Accounts window that appear to see what makes up the values shown in the report.

 

 

Step 4 – Back up your data file after end of month adjustments and lock up the month.

In finalising your accounts for the month, you may require some adjustments to be made.  After entering these adjustments, make two backups of your company file.  They should both be saved to removable media, such as CD.  Refer to Step 1 for instructions on backing up.

To lock up the month

 

  1. Go to the Setup menu and choose Preferences.
  2. Click the Security tab
  3. Tick the  Lock periods and set the relevant Month period of Month 2xxx.
  4. Click OK.