In ABSS MYOB, this process is called Start New Year.

With ABSS software, you do not need to close your financial year at any particular time. You can continue to use your company file after the last month of your current financial year.

You will use the same data file and continue your work as usual even after entering 1 Jan 2022. The 2022 Opening Balance will appear automatically as in Balance Sheet 31/12/2021.

You still can edit 2021 data until you do Start New Year. Once Start New Year is done, no editing nor entering data 2021 is allowed. Please make sure 2021 data is correct and balance as audited.

Please only do Start New Year only after audit completed, adjustment all updated. Reports are all tally as audited. Normally it will be in June, July 2022 or later.

Please do Backup before Start New Year and name it with a special name such as PRM1217 ABC SDN BHD Backup before closing 2021.
In the future you will know which file is last backup before start new year.

Income Statement and Balance Sheet Report you can see is for 3 years.
If your data file This Year is 2021, meaning you can see report for
Last Year (2020)
This Year (2021)
Next Year (2022)
To see what is your Current Year (This Year), see in Setup, Company Information.

Complete the tasks listed below to close your financial year and start a new one.

Task

1

Complete month-end tasks

2

 Perform a stock take

3

 Provide information to your accountant

4

 Enter end-of-year adjustments

5

 Back up your company file

6

 Start a new financial year

7

 Optimise your company file

Important Note:

Please alert when you come to the screen below, please tick and choose from what year you want to keep the previous year data.
If you don’t tick this, it will delete all previous year data. It will only keep the current year data only.

For more detail, you can see in ABSS MYOB software, top menu HELP or contact us as info@abytech.com