MYOB essentials

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Experienced Cover User sunny14
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sunny14
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MYOB essentials

Hi Everyone

I am adjusting the reports from MYOB essentials  done by previous accountant for financial year 2015.  She had done the bookeeping from yr 2015 until current. My questions is that do I need to rollover yr 2015 to yr 2016, then close yr 2015?

I can not find the rollover function from the MYOB essentials.

Thank you

3 REPLIES
MYOB Moderator CloverQ
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Re: MYOB essentials

Hi @sunny14,

 

Financial years in Essentials Accounting are not closed off, therefore, there is no need to roll over the year. 

 

Having said that, once you do finalise a financial year, it is suggested to lock that period under the Business Details section, so that period does not get edited accidentally. 

 

Hope this helps.


Kind regards,
Clover
MYOB Client Support
Experienced Cover User sunny14
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sunny14
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Re: MYOB essentials

thank for your reply.

One question please kindly clarify:

The  financial year  2015 profit will transfer to balance  sheet account "current year earnings" plus opening balance of "current year earnings"?

where can I check the opening balance of "current year earnings" of yr 2015? 

Thank you for your help

MYOB Moderator Tallie_M
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Tallie_M
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Re: MYOB essentials

Hi there @sunny14,

 

At the start of a new financial year, the current year earnings moves across to the retained earnings account. If you've been using MYOB Essentials for a span of several financial years, this retained earnings account should hold the sum of all the amounts at the end of each financial year.

 

You can therefore check what the end current year earnings balance was for 2015 by running the balance sheet report and clicking into the retained earnings account. This should show you all the transactions that affected the account in question.

Warm Regards,

Tallie

MYOB Client Support
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