Financial Year History kept in MYOB

Contributing Cover User Hirnay
6 Posts
Contributing Cover User
New Zealand

Financial Year History kept in MYOB

Hi there.

 

We use AccountRight Standard NZ 2017.1.1 in our business. When running Reports in this system, I can currently see the following years:

- Next Year (FY 2018) - our current trading year

- This Year (FY 2017) - our prior year which has not been rolled yet and currently going through the year end process with the accountants

- Last Year (FY 2016) - the prior year to 2017 which has been rolled.

 

My question is whether it is possible to have more years visible in the system, so that we can:

- run P&Ls and Balance Sheets with these historical comparatives,

- see the G/L transations for these years?

 

Is there a setting in MYOB whereby we can choose how many historical years we can see and use the data from?

5 REPLIES
MYOB Moderator Neil_M
5,061 Posts
MYOB Moderator
New Zealand

Re: Financial Year History kept in MYOB

HI @Hirnay

 

Thanks for your question.

 

Certain reports, such as the Profit & Loss and Balance Sheet reports, are hardcoded to display only three years. Currently there is no setting within AccountRight to change the number of years that these reports can be displayed for.

 

This does mean that if you were wanting to produce these reports for a period outside this three-year window, you would need to look to a restored backup of your file to view that information. So if for example you wanted to view a report for FY 2015 then you would need to restore a backup from prior to the FY 2016 year had been rolled.

 

Please do feel free to post any other questions that you may have



Kind regards,
Neil
MYOB Client Support
Contributing Cover User Hirnay
6 Posts
Contributing Cover User
New Zealand

Re: Financial Year History kept in MYOB

Hi Neil.

 

Thank you for your reply.

 

If I did as you said and restored the backup from the FY 2015 year, would it overwrite the FY2016 data? i.e. would I then see FY 2015, FY 2017, and FY 2018 in MYOB?

 

 

MYOB Moderator Neil_M
5,061 Posts
MYOB Moderator
New Zealand

Re: Financial Year History kept in MYOB

HI @Hirnay

 

If you stored the AccountRight company file online, then if you are going to restore a file you have two choices. If you elect to restore the backup file online then it will overwrite the current online file and if anyone were to access the online file then they would only see the information contained within the backup.

 

Conversely if you restore the backup file locally to a computer then it would create a new copy of the file on that computer. It wouldn’t overwrite your existing company file. It’s worth mentioning that when you restore the file locally you will need to have a different file name for each restored file.

 

Each file only contains three consecutive financial years, for example FY 2016, 2017 and 2018. So, if you restored an older backup which had a current financial year of 2015, then that file would only show you the information for the financial years of 2014, 2015, 2016. That being said if you were in your current file and needed to view an older report outside of the date range you would need to then open the restored backup file and retrieve the information you required before returning to the current up to date file.



Kind regards,
Neil
MYOB Client Support
Super Partner Kym__Yeoward
1,100 Posts
Super Partner
Australia

Re: Financial Year History kept in MYOB

Not with AccountRight, which only allows reports for Prior Year (e.g. 2015-16), Current Year (2016-17) & Next Year (2017-18).

 

However you can run reports for earlier years on AccountRight data (e.g. P&L Statement and Balance Sheet), using the Calxa add-in.

 

Calxa comes in  two versions:

- Calxa Express for small businesses  ($30/mth) - includes great cashflow forecasting

- Calxa Premier for non-profit organisations ($150/mth) - great reporting for projects (jobs)

Many public accountants use Calxa - so another option could be to invite your accountant to access your AccountRight online file as an Adviser. They can then run Calxa reports for you, for a small fee.

You can also access a free 30 day trial version here - Calxa - free trial version

 

Kym Yeoward - MYOB CC & Calxa Partner

Darwin (Palmerston) NT

Ultimate Partner Seattle
1,337 Posts
Ultimate Partner
Australia

Re: Financial Year History kept in MYOB

@Hirnay @Neil_M @Kym__Yeoward

 

My recollection is that there has been past discussions on the Community about the 3 year limitation within MYOB.

 

I understand that Xero allows a six year P&L.

 

If I had a dream, every Tax Accountant would prepare Financial Reports with a six year history.

The world of Accounting does at times move very slowly.

A new client recently showed me a Balance Sheet covering six years - it was very useful.

 

Let us know your thoughts.

 

Duncan

Duncan Smith
Business Advice + Tax
www.businessadviceplustax.com.au
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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