Forgot to start a new financial year last year.

Question

Recently I have been taking over the role and using the MYOB AccountRight, I am trying to generate reports for Apr 24 today, however, the reports are not available (please see the attachment for your reference). I just found out the previous staff forgot to start a new financial year after the accountant finalised the Apr 22~Mar 23 year-end financial reports. I wish you confirm the correct steps before I roll over to the new financial year (Apr 23~Mar 24).&nbsp; NOT Apr 24~Mar 25, as we have not finalised the financial report for 01/04/23~31/03/24 yet). can someone kindly advise, so I can be able to generate the reports after 01/04/24, thanks.

duncans · Answer

TML726&nbsp;I believe you can now start a new FY.&nbsp;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.&nbsp;I always tick "Keep Closed Transactions from Prior Financials Years". This may be important in case of a ATO Review/Audit.&nbsp;Duncan

duncans · Answer

TML726&nbsp;&nbsp;Is the File online with the Tax Accountant invited to access?&nbsp;A Tax Accountant should advise a Business Owner and Bookkeeper when the FY is complete so the FY in MYOB can be closed.&nbsp;Do the MYOB Financials agree with the Financial Reports prepared by the Tax Accountant?&nbsp;Duncan

tml726 · Answer

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.

duncans · Answer

TML726&nbsp;&nbsp;I would email the Tax Accountant, with a current printout of the MYOB Reports for FY23, asking for clearance to close the FY.&nbsp;Duncan

tml726 · Answer

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).

Forum Discussion

Forgot to start a new financial year last year.

Looking for something else?

Related content

STP PAYROLL STARTED MID FINANCIAL YEAR

Starting Out

Retained Earnings account balance after starting new financial year

Wrong Financial Year

Financial year wrong

End of Financial Year Employee

Wrong financial year

Missing transactions after starting a new financial year