Sold Business

Question

Hi

We have recently sold our business and in the process of finalising all transactions.   My query is what are the options for Myob in this situation as obviously we need access to the accounts for taxation finalisation at the end of the tax year but dont want to pay a subscription for the next 6 months.  We will have most finalised by the end of December but our accountant will need access come June 30th.   Thoughts and assistance greatly appreciated.

Regards

Jody

CamGuru · Answer

Hi @chris

I just wanted to jump on this thread as I have a similar query.

We are selling the business at the end of financial year and I am trying to find out what should happen with MYOB.

We will continue to need access to our MYOB file as not all customers will have their Invoices paid by the end of financial year and will still be making payments for the next couple of months. Therefore, we will also need the MYOB file for taxation purposes in the 2023/2024 financial year.

The new owners will also require access to Customer and Supplier Card Files, Sales History, Purchase History and Inventory.

We do not want the new owners to have access to our bank accounts that are linked to our MYOB file, nor do we want access to their bank accounts.

Our options that I can think of are:

- New owners take over the Serial No., however I believe we would lose access to the company file unless they create user access for us, which would give them access to our linked bank accounts and give us access to theirs

- We continue owning the Serial No. and provide the new owners with user access, which would also have the above issue

- New owners start their own MYOB account and company file and we could export the Customer and Supplier Card Files, Sales History, Purchase History and Inventory and the new owners could import this data into their company file

Can you please advise what the best way to proceed would be? I'm open to other options if they exist.

ChrisMYOB · Answer

Hello @Kingy

If you decide to cancel your subscription, we do suggest that you take a backup beforehand so that you can restore it locally to your computer. This will still give you access to your file in a read-only manner.

This way you will still be able to hold onto the file for end-of-financial-year taxation purposes and access all the reports you will need.

If my response has answered your inquiry please click "Accept as Solution" to assist other users to find this information.