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Cover User
caro
Posts: 2
Registered: ‎28-06-2012
Australia
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What is the current financial year?

Is the 2011-2012 Financial year considered the 2011 financial year or the 2012 financial year in company set-up?

I haven't had to do 'year end' before and company set-up says the Current Financial year is 2011, but I have no idea if it was rolled-over last year.

Thanks

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Ultimate Partner
Clive
Posts: 3,277
Registered: ‎11-01-2007
Australia

Re: What is the current financial year?

Hi

 

FY2011 finished 30/06/2011  FY2012 will finish 30/06/2012.

 

Regards

Clive Williams

MYOB Certified Consultant & Accredited Trainer; Ostendo Consulting Partner
Cert IV Financial Services (Bookkeeping); Cert IV Training & Assessment; BAS Agent 92620 006
Providing on-site MYOB support in Sydney, the Blue Mountains and Hawkesbury
Remote support available for MYOB throughout Australia
Mobile: 0418.657.833 AH (02) 4754.4151
email: clive@crwservices.com.au website: www.crwservices.com.au
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Cover User
caro
Posts: 2
Registered: ‎28-06-2012
Australia
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Re: What is the current financial year?

Thanks, that is what I thought, but I was being told otherwise. I appreciate your help.

Caro

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User
brettpix
Posts: 1
Registered: ‎23-08-2012
Australia
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Re: What is the current financial year?

HI Clive

 

This is my first time on this site. I have actually moved my business close to you (Richmond).

 

I have also been having similar issues re date. Under Current Financial year it says 2012. So I assume that means current FY ending 20/6/2012. Great. You state what I thought.

 

BUT when am in Payroll - Print payment summaries, trying to print group certificats, I go individual non-business, I go through the screens, but when I 'Print Payment Summaries' prints for YE 30/06/13.

 

I am trying to print group certificates. How do I get for the current year?

 

Thanks in advance for any assistance.

Brett

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Ultimate Partner
Clive
Posts: 3,277
Registered: ‎11-01-2007
Australia
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Re: What is the current financial year?

Hi Brett

 

There are two years used in MYOB, financial year and payroll year.  From your description the payroll year has been rolled over to 2013 - you have to do this before you can enter pays for the 2013 year.  Before starting a new year (payroll or financial) MYOB prompts you a number of times to make a backup copy of the file.  To print the payment summaries for FY2012 you will have to locate the backup of the file made before the new payroll year was started and open that file.

 

Regards

Clive Williams

MYOB Certified Consultant & Accredited Trainer; Ostendo Consulting Partner
Cert IV Financial Services (Bookkeeping); Cert IV Training & Assessment; BAS Agent 92620 006
Providing on-site MYOB support in Sydney, the Blue Mountains and Hawkesbury
Remote support available for MYOB throughout Australia
Mobile: 0418.657.833 AH (02) 4754.4151
email: clive@crwservices.com.au website: www.crwservices.com.au
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Cover User
Vic58
Posts: 1
Registered: ‎06-06-2013
Australia
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Re: What is the current financial year?

Thank you for answering  the question of what financial year this is. I have not had to do the roll over myself before as the accountant used to do it. As we are in 2012 - 2013 I now presume the Financial year should be 2013. Should this be what my MYOB is set on as the current financial year? When I roll over in July am I rolling over both the Financial Year and the Payroll year so they will both be set for 2014?

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Super User
gavin12345
Posts: 298
Registered: ‎26-10-2012
Australia

Re: What is the current financial year?

[ Edited ]

Starting a New Financial Year will not affect the Payroll year, these 2 are kept separate for a good reason.

 

Most users will Start a New Payroll Year early in July as they cannot process payroll with a July payment date until they have started a new payroll year. Before doing this they finalise all the pays and make any adjustments they need for the payroll year just ended (there are Support Notes on what to do), generate their Payment Summaries and make a backup.

 

Starting a new payroll year clears all the payment summary records and payroll year to date entries (but not accruals) for each employee, in preparation for the new payment summary details.

 

Most users do not Start a New Financial Year until their accountant or bookkeeper has advised them to. This happens after all the end of financial year transactions have been processed, for example depreciation and interest expenses, errors detected during any reconciliation processes are corrected, end of year profit has been distributed if necessary etc etc. (There are Support Notes of the things required before starting a new financial year). Even if your financial year is say 2013, you can still process transactions for the 2014 financial year. However once you have rolled over to the 2014 financial year, any changes to 2013 financial year transactions, (new, altered or deleted) can have unexpected consequences especially for those who do not very clearly and correctly understand what they are doing.

 

I suggest you do not start a new financial year until your accountant/bookkeeper or whoever checks your profit and loss and does your taxes etc has advised you to.

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