The ABSS (MYOB) Year-End Survival Guide: Do This BEFORE You Close

Agnes Lee
Dec 29, 2025
3 min read

Is It Time to "Start a New Financial Year"? Read This First.

It is that time of year again. The accounts are reconciled, the auditors are asking questions, and you are ready to roll your ABSS (formerly MYOB) company file over to the new year.

But wait.

Unlike cloud software where years just "flow" into each other, ABSS has a specific "Start a New Financial Year" (SNFY) process. Once you do this, the door to the previous year closes. Tight.

At Apscom Solutions, we see the same panic every January: "I closed the year, but the auditor wants me to add one more adjustment! What do I do?"

Here is the stress-free guide to closing your books in ABSS without losing your mind (or your data).

The Golden Rule: The "Archive" Strategy

Before you even touch the "File" menu, you need to understand one thing: You need two copies of your company file.

The "Archive" File (ReadOnly): This stays in the old year. You use this to look up history or show auditors old data.
The "Live" File (Active): This is the one you roll forward to the new year to start entering new invoices.

Why? Because once you "Start a New Financial Year," ABSS consolidates your P&L into Retained Earnings. You lose the detailed view of your past expenses in the "Live" file.

Step-by-Step: The Safe Way to Close

Step 1: The Housekeeping

Ensure all bank accounts are reconciled.
Print/PDF your key reports: Balance Sheet, P&L, Trial Balance, and Aged Receivables/Payables.

Step 2: Create Your "Archive" (Crucial!)

Go to File > Back Up.
Name this backup clearly. Example: "MyCompany_YearEnd_2025_PRE_CLOSE.zip"
Pro Tip: I also recommend doing a "Save As" of your actual .myo file and naming it MyCompany_Year End 2025.myo. Keep this in a separate folder called "Old Accounts."

Step 3: Start a New Financial Year

Go to File > Start a New Year > Start a New Financial Year.
Follow the Wizard:
- Back Up: (Yes, do it again if you skipped Step 2).
- Purge Information: The system will ask if you want to "Purge" (delete) old closed transactions and card files.
- Apscom Advice: Unless your file is huge and slow, uncheck the purge options. Keep the detail if you can.
- Keep Closed Transactions: Ensure the option to "Keep Closed Transactions from prior financial years" is ticked if you want to see history.

Step 4: Verify the Roll-Over

Once the process finishes, go to Setup > Company Information.
Check the "Current Financial Year" field. It should now show the new year (e.g., 2026).

Common "Oops" Moments to Avoid

❌ Mistake: Closing too early. ✅ Fix: Do not close the year in ABSS until your audit is 100% complete and all adjustments are entered. If you need to invoice in the new year before the audit is done, just keep working! ABSS allows you to enter transactions in the new year without officially "closing" the old one yet.

❌ Mistake: "I lost my P&L detail!" ✅ Fix: This happens because you closed the year. To see the old detail, you must open the Archive File (from Step 2) that you saved separately.

❌ Mistake: Forgetting the 13th Period. ✅ Fix: If you have audit adjustments, enter them in the "13th Period" if your version supports it, so they don't mess up your December monthly report.