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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.
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.
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
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.