Wrong Financial Year

Question

Hi,&nbsp;&nbsp;I have just registered for GST and it is showing some very high numbers that don't make sense.&nbsp;&nbsp;I just my settings and realised that I have never updated my financial year ( it is still in 2021 in the settings. ) I expected this to be done automatically.&nbsp;I was registered for GST in the past ( 2015 to 2021 or so ) and have been using myob since 2014 I believe.&nbsp;&nbsp;Can I just simply update the financial year in the business settings to the current one or will this mess up my whole myob records? Is there anything I need to do before or after to ensure all records are accurate?&nbsp;&nbsp;Thank you for you help!

mrco191 · Answer

Financial yearCurrent financial year2021Last month in financial yearJuneFinancial Year1 Jul 2020 to 30 Jun 2021Opening balance dateJuly 2015Cannot record transactions before1 Jul 2015&nbsp;here is the full info.&nbsp;

genreve_s · Answer

Hi mrco191,
&nbsp;
You can only update the financial year to the next year, not go back to a previous one. If you are updating the financial year from 2021 to the current, you should be able to do it. Doing this won't change any values in your file, but it's always a good idea to make a backup if you are using AccountRight desktop before moving to the next financial year since it can't be undone. Check out this link for more info on closing a financial year.
&nbsp;
Regards,Genreve

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Wrong Financial Year

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