Forgot to start a new financial year last year.

TML726

I believe you can now start a new FY.

After starting a FY, I review the Chart of Accounts and move unused Accounts to the bottom of the list starting with a Z. They can also be ticked as Inactive.

Many MYOB users use Names not Numbers.

I always tick "Keep Closed Transactions from Prior Financials Years". This may be important in case of a ATO Review/Audit.

Duncan

TML726 

Is the File online with the Tax Accountant invited to access?

A Tax Accountant should advise a Business Owner and Bookkeeper when the FY is complete so the FY in MYOB can be closed.

Do the MYOB Financials agree with the Financial Reports prepared by the Tax Accountant?

Duncan

I believe the tax accountant did advise the bookkeeper to close the FY in MYOB (22-23), unfortunately, it was forgotten. Yes, the Apr 22 - Mar 23 MYOB Financials agree with the Financial Reports prepared by the Tax Account. Could you please confirm the correct step to move to the next FY (23-24), thanks.

TML726 

I would email the Tax Accountant, with a current printout of the MYOB Reports for FY23, asking for clearance to close the FY.

Duncan

Thanks, we have double-checked MYOB Financials agrees with the Financial Reports prepared by the Tax Accountant for FY23 (Apr 22 - Mar 23), in this case, can we start next FY24 (Apr 23 - Mar 24, which our Tax Account will start to review) and generate the reports for the period from Apr 24?

Also wish to confirm, that not ticking "Keep Closed Transactions from Prior Financial Years" will not affect our Tax Accountant to review FY24 (Apr 23 - Mar 24).