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Hi jaci , thanks for the post, i'm happy to help clarify some of these points based on having an online file (and backup) instead of an offline one.
- ATO require records for 7 years, not 90 days.
- With an online file, old data is not purged, and when accessing your file via the browser, you can view all file history by simply changing the date in the report you are viewing. You do not need an offline backup to have 7 years of records.
- Timing for end of financial year.
- I definitely acknowledge that this was a difficult time to make the change, we announced the update to offline mode in April to give people plenty of time ahead of EOFY to make the necessary changes however.
- Big companies need to have a running backup taken off premises.
- Are you able to share any more supporting information around this? To my knowledge most/all of our competitors don't offer an offline backup, so I would like to take a further look at this mandatory rule and how it applies.
I would assume that MYOB hosting the online backup will be considered a back up that is not held on premise for that business.
- Are you able to share any more supporting information around this? To my knowledge most/all of our competitors don't offer an offline backup, so I would like to take a further look at this mandatory rule and how it applies.
- You shouldnt have to request a server backup.
- And ultimately you shouldn't need to do this either. The process (and cost) for a server backup retrieval has existed for years, this is not new or introduced to profit off the change to offline backups. Requesting a backup retrieval is an option I have been mentioning to customers who are concerned at the loss of offline backups but is definitely not something you need to do.
- If you are still operating your file offline using Server Edition, then you can still take offline backups.
- If you are operating your file online in PC Edition, then you have the online backups available and you can use report packs via the browser to download your important data if you close the business (for the 7 year record keeping)
Hi Mike,
Back again to make a comment on your post to Jaci 6 days ago.
My Clients, in the Film and Television industry, open a new Company to run a particular production (SPV). These SPVs only run for 12 - 24 months. Once the income tax return has been lodged the Company (SPV) cancels its MYOB subscription and is wound up. This does not stop the ATO calling for an audit in latter years, even if the Company is wound up.
Please advise what MYOB's answer to this dilemma is?
Regards, Bronwyn
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