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Prior year adjustments

KiwiDK

Is it straightforward removing the lock on entering transactions and making prior year adjustments?

Is there a process/procedure guide for how to do this in MYOB Business?

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Accepted answers

Doreen_P

Hi @KiwiDK,

You're welcome! Once you enter your prior-year changes, retained earnings and related balances are recalculated automatically.

Cheers,

Doreen

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DuncanS

@KiwiDK @Doreen_P

I have Retained Earnings per FY for a few years

Eg Earnings FY25 Earnings FY24 Earnings FY23 Earnings prior FY23

Duncan

KiwiDK

Thank you.

As I need to make these changes to the prior year data after year end, is there a need to do anything to rerun year end roll over, or are retained earnings etc recalculated automatically?

Thanks

David

Doreen_P

Hi @KiwiDK,

It’s straightforward to remove the lock so you can enter transactions dated before the lock date. You just need to head into your settings and untick Prevent changes prior to the lock date. We’ve also got this link that runs through how to remove the lock so you can pop in those prior-dated transactions.

Cheers,

Doreen