MYOB Premier EOFY

Question

Hi, the company that I have just joined are still using MYOB Premier desktop version.

Can someone please tell me if I need to close off 2023 and roll over the year before I can start 2024 entries?

We do a lot of time billing for labour hours and I have to start billing process for July. The accountants are not ready to process EOFY adjustments just yet. What are the options?

Leneth_A · Answer

Hi @ShobnaBali, 
 
Thanks for your post. Please allow me to extend to you a very warm welcome to the Community Forum. I'm glad to assist you with this. Apologies for the delay in responding and thank you for your patience and understanding on this matter. 
 
Regarding your inquiry, you may still work in July 2023 without closing the FY2023. Also, I am grateful that @gavin12345 has offered helpful points for your concern. 
 
 
Please don't hesitate to post again if you need help in the future.

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

ShobnaBali · Answer

Hi Gavin,

Thank you . Sorry , the versions\ is Accountright Premier V19.

I am talking about the non-payroll accounting. Simply put, can I still work in July 2023 without closing off the FY2023? Or do I have to create FY 2024 first.

Thanks

gavin12345 · Answer

Hi @ShobnaBali

Don't confuse Payroll Year with Financial Year.

You don't mention what version of MYOB Premier the company uses. MYOB have desktop versions known as AccountRight Premier v19 and AccountRight Premier AR2023 - see Help > About to identify.

In v19, you need to make a backup and then use File > Start a New Year > Start a new Payroll Year to change the Payroll Year from 2023 to 2024 before you can process payroll transactions in July. You should also load the new tax tables - only available from a 3rd party.

In AR2023 you should make a back up before you first process payroll in July. When you process payroll and set the Payment date to 1 July or later and press next, MYOB will automatically close the 2023 Payroll Year and open the 2024 Payroll Year. It will also load the tax tables, provided you have a subscription.

Other (non Payroll) transactions dated 1 July and later can be entered (in all versions of MYOB) without changing the Financial Year. You should only close the Financial Year after the company accountant has finalised all FY 2023 transactions including end of year journals.

Regards

Gavin