Payroll and financial year roll over

Sah

Hello,

 

My AccountRight Company file is currently set as:

2017/18 Previous year

2018/19 Current Financial Year

2019/20 Future Year (Current Payroll Year)

 

If the adjustments for 2018/19 financial year are not ready to be entered and the financial year not rolled over to 2019/20 by 30/6/20, will that mean that I will not be able to enter transactions from 1/7/20 and start the 2020/21 payroll year, or will it just mean that I will not be able to access 2017/18 reports?

 

Thank you

 

Sa

gavin12345

Hi @Sah 

 

The current Financial Year and Payroll Year are important settings in MYOB, however they are independent. You can be in the 2021 Payroll Year while you are in the 2019 Financial Year.

 

Payroll transactions can only be entered in what is the current payroll year. All transactions (inc payroll) can only be entered in the current financial year (or a later FY). 

 

If you leave the FY as 2019 you will still be able to enter transactions in 2021 or 2022 or 2023 etc. What you won't be able to do is generate reports like financial statements other than for FY2018 (prior) FY 2019 (current) and FY2020 (next). BAS statements will also be affected.

 

Regards

Gavin