Forum Discussion

Trusted User

6 years ago

Financial Year Roll Over

Hi,

I closed the Financial year back in Aug this year. Today I realised there are some sales pending payment and adjustment from Feb 2019 and June 2019. We are waiting for full payment on one of them. The other one, we have received part payment and we need to add more work to it. We are a mechanical repair w/shop and we are still working on his car. I read about rolling over to last year but it says we cant edit or delete the sales.

Is there any way I can make changes to thoses sales?

Thanks

Steven_M
6 years ago
Hi yoshu

When you roll back a financial year you can only add new transactions to the closed financial year, you are not able to delete or edit an already recorded transaction. You can reverse that transaction if necessary (the reversal being a new transaction).

GDay53
Ultimate Cover User
6 years ago
yoshu

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

The normal procedure is to ONLY roll the year over after the accountant has completed your End of Year Financials and you have an Accounts Adjustment Journal to entry.
Once you roll over the year you can't go back and change things.
The best thing to do is to Restore a backup from before the roll over and then enter everthing again since that date. If that is too much work would you be able to do a journal to correct the information. And if that is no good then how about closing the old invoice and opening a new one from the beginning of the financial year.
- yoshu
  Trusted User
  6 years ago
  Thanks for the options. 1st one is too much work. 2nd one I dont know how to do. The 3rd one seems more doable. When you say close the old invoice, how do I do that as one has half payment to it and other one has nil payment. I was thinking of reversing the sale (MYOB allows to reverse sale even if i dont roll over to previous yr?). And reopening another invoice and applying credit to that sale?
  
  Let me know how to close the sale and if the reverse sale option is ok please.
  - Steven_M
    Former Staff
    6 years ago
    Hi yoshu
    
    I would recommend consulting an accountant to discuss the best course of action. However, reversing that invoice into the previously rolled back or the start of the current financial year would generate a credit note which you can then apply back to the invoice (or another) to close it.