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Yoland's avatar
Yoland
6 years ago
Solved

How to change financial year?

Hi,

Our compnay has been using MYOB for a few years (but changed to MYOB online software in 2019) and I just realised that the current financial year is wrong being 2018. Though it does not affect most functions but some reports (like balance sheet report) don't work as not choice for year 2020. How do we change it to the right current financial year? Thanks. 

 

  • gavin12345's avatar
    gavin12345
    6 years ago

    Hi Yoland 

     

    'So after I do the back-up and close the FY 2018, system will automatic go to 2019 as current year?' - Yes.

     

    'Then to close FY 2019 to be able to go to 2020 as current year?' - yes - but only close 2019 if your accountant has finalised 2019 tax return and no adjustments are required for that year, and make a back first.

     

    'In one word there is no way in the system that we can manually change the current FY to be 2020?' - No

     

    Regards

    Gavin

4 Replies

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  • gavin12345's avatar
    gavin12345
    Ultimate User
    6 years ago

    Hi Yoland 

     

    'So after I do the back-up and close the FY 2018, system will automatic go to 2019 as current year?' - Yes.

     

    'Then to close FY 2019 to be able to go to 2020 as current year?' - yes - but only close 2019 if your accountant has finalised 2019 tax return and no adjustments are required for that year, and make a back first.

     

    'In one word there is no way in the system that we can manually change the current FY to be 2020?' - No

     

    Regards

    Gavin

  • gavin12345's avatar
    gavin12345
    Ultimate User
    6 years ago

    Hi Yoland 

     

    Use Close a Year from the File Menu. Suggest you take a backup before taking this step.

     

    Regards

    Gavin

  • Yoland's avatar
    Yoland
    6 years ago

    Thanks Gavin. 

     

    So after I do the back-up and close the FY 2018, system will automatic go to 2019 as current year? Then to close FY 2019 to be able to go to 2020 as current year? In one word there is no way in the system that we can manually change the current FY to be 2020?

  • Yoland's avatar
    Yoland
    6 years ago

    Thanks Gavin. Honestly, your are more helpful than the MYOB staff who I asked. LOL.

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