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End of Year Processes 2020

To assist you with ensuring that the transitioning of your End of Year processes with your MYOB Exo Business systems is as smooth as possible, the Helm team has compiled some simple notes to guide you.

We encourage you to refer to your own month end processes first - as each business has a different process and Exo set up. The instructions below will help you with those next steps.

If you have any questions for our team on your Year-End roll over - or indeed any other aspects of your Exo System please do not hesitate to contact one of the team.

Remember; the Helm Support Team remains accessible and available to provide you support as required during the current COVID-19 shutdown period.

The Year End process in Exo is essentially like any another month end process, other than the extra step of creating and reviewing the new financial year periods (which usually never need to be changed).

Debtors, Creditors, Stock and Work in Progress (if applicable) Valuation reports for your Financial Year end are required by your accountant in order to complete your Financial Statements so it is crucial this end of year roll over process is managed carefully. 

Recent versions of MYOB Exo Business have a suite of retrospective reports for use with Debtors, Creditors and Stock, and Job Cost sites have been provided with a customised retrospective report for Work In Progress.  The Foreign Exchange functionality has been enhanced to aid in posting realised and unrealised gains/losses to the current or prior period.  This means there is more flexibility in dealing with transactions in the just completed year, as well as processing new transactions.  However, care is required to understand how the Foreign Exchange calculator screens are to be used so you press all the right buttons in the right order and run the right reports.

While most of our clients now have their own month end processes well defined, the following steps outline our suggested end of year considerations. 

Example tasks for the year end roll over

  1. Process all transactions possible (particularly stock related – Receipts, Costings and Supplies) up until the end of the last month of the Financial Year.  
  2. Once all Stock transactions are entered, initialise and complete a Stock Take if required.
  3. Run the End of Period as you would for any other month end – including ensuring a backup is completed in the unlikely event of a rollover failure. 
Assuming no change of balance date – please close the boxes that show the next financial year periods.
  1. Remember to set up the new Sales Year and Periods in Exo Business Analytics, Business Admin Settings or ExoConfig
  2. Continue to process transactions in the new financial year as per usual.

Perform other month end tasks as per usual

  1. Process any transactions remaining transactions for the prior financial year.
  2. Where you utilise Exo foreign currency processes, once all Foreign Exchange transactions are entered and all payments are allocated and posted to the GL, perform the Prior period Foreign Exchange Rate Variance Calculation Re-evaluation from the Closing Rates tab of your maintain currencies screen.
  3. Ensure your Debtors Aged Balance Report and the Creditors Aged Balance Reports match to your GL Trial Balance.
    • The Control Reports in Exo and System Integrity Widget in Accountants Assistant should assist with this
  4. Print your Stock Valuation and keep in a safe place, perhaps save a PDF of this report.  Post Closing Stock to the GL
    Do the same for Work In Progress if you are a Job Costing site
During the first weeks of the New Year, clients generally find adjustments, or additional transactions that need to be put into the prior period – i.e. last year.  This can still be done as usual.
  1. Repeat steps 7-9 and ensure Debtors, & Creditors reports for the prior period are printed and match the General Ledger to the end of the financial year.
You should find the retrospective reports still balance to your GL after running further Foreign Exchange Adjustments.

We strongly recommend saving PDF versions of these reports and workings in a safe place for reference by your accountant.
  1. Once all final prior period transactions are posted, and you are satisfied the end of year Trial Balance is as correct as you can make it, the Period Status for last year can be locked. 
    You should not allow any more transactions to be posted to the last year from this point forward.  Should the need arise; transactions will have to be posted to the first day of the New Year, unless done with the knowledge and support of your accountant.
Please be aware that once the end of year has been “designated” as closed and your data forwarded to your accountant, you should not reopen periods and post back.  Your accountant will check that the end of year balances remains the same in your system and it only causes them more work next year if transactions have been posted back to the now completed year.

Fixed Asset Register

Your asset register has a separate year end process which cannot be completed until all asset additions, disposals and depreciation has been processed.  We recommend this is not completed until your accountant has reviewed your asset register and advised of any adjustments – this may be some months after year end.  You should also ensure your Asset Reports balance to your General Ledger as of Financial Year end.

You should not calculate depreciation past the year end point or your asset register will need correcting by the Helm team to resolve opening balance issues.

Accountants End of Year Adjusting Entries 

Your accountant should provide you with any adjusting entries that are required to the closing values once they have completed their work and finalised your financial statements for the year.  You should obtain from them details of the adjusting Journal/s required to update your year end balances within Exo to their finalised balances.  Processing these adjusting journals will then align your Exo system with the finalised reports ensuring your balances for the new financial year are now up to date.  If you do not complete this step, then your accountant will expend more time than required compiling the next years’ results. 

  • Note – journals should not be posted to Debtors, Creditors, Stock control or Retained Earnings accounts. Please contact us for advice on correctly posting any adjustments to these accounts to avoid implications on your ongoing ability to reconcile your ledgers.
  • We are happy to assist with reviewing and posting these journals.

Again, If you have any questions for our team on your year-end roll over – or indeed any other aspects of your Exo system please do not hesitate to contact us.


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