Forum Discussion

mrco191's avatar
mrco191
Contributing User
3 months ago

Wrong Financial Year

Hi, 

 

I have just registered for GST and it is showing some very high numbers that don't make sense.

 

 

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.

 

I was registered for GST in the past ( 2015 to 2021 or so ) and have been using myob since 2014 I believe.

 

 

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? 

 

Thank you for you help!

2 Replies

  • mrco191's avatar
    mrco191
    Contributing User
    3 months ago

    Financial year

    Current financial year

    2021

    Last month in financial year

    June

    Financial Year

    1 Jul 2020 to 30 Jun 2021

    Opening balance date

    July 2015

    Cannot record transactions before

    1 Jul 2015

     

    here is the full info.

     

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    3 months ago

    Hi mrco191,

     

    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.

     

    Regards,
    Genreve

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