Closing several prior Financial Years from 2018 upwards to 2022

Casperpng

Hi

I have one data file that has not been closed since 2018. How do I close off each financial year for 2018, 2019, 2020, 2021 and 2022?

 

I am currently using MYOB in 2023 and when trying to close the fincial year, its giving the Year 2023 to close. Do I close 2023 and go back to the prior years or how do I do this?

Celia_B

HI @RexWescott 

 

Thank you for your post. 

 

Closing a financial year in your AccountRight company file is a regular task that does need to be completed. This task can be completed anytime, however, we do recommend speaking to your accounting advisor as there may be year-end adjustment transactions and potentially other end of year tasks that my need to be completed before that closing year. 

 

You don't need to close your financial year at any particular time, if you're not ready you can continue to work in your file. You can transact in a closed financial year, this Help Article has detailed information: Transacting in closed financial years.

 

You can check what financial year your company file is in. Setup>> Company Information >>Current Financial Year lists the current financial year of the file.  A financial year can be closed in AccountRight using the File>>Close the Financial Year option and following the Close a Financial Year Assistant.  We do recommend ensuring that you have a backup of the Company file prior to closing the financial year. 

 

Let me know how you go and if you still need further assistance with this. I'm happy to assist you.

 

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

 

Cheers, 

Cel