Thank you for sharing your experience. I have also encountered a similar problem and would like to know how this can be done most efficiently. I imagine it can be quite tricky, especially if you have a lot of transactions and need to close several fiscal years. Maybe someone knows some tips or best practices to make this easier and safer? I would appreciate any information or advice.
HI RexWescott
Thank you for your post.
Closing a financial year in your AccountRight company file is a regular task that does need to be completed. This task can be completed anytime, however, we do recommend speaking to your accounting advisor as there may be year-end adjustment transactions and potentially other end of year tasks that my need to be completed before that closing year.
You don't need to close your financial year at any particular time, if you're not ready you can continue to work in your file. You can transact in a closed financial year, this Help Article has detailed information: Transacting in closed financial years.
You can check what financial year your company file is in. Setup>> Company Information >>Current Financial Year lists the current financial year of the file. A financial year can be closed in AccountRight using the File>>Close the Financial Year option and following the Close a Financial Year Assistant. We do recommend ensuring that you have a backup of the Company file prior to closing the financial year.
Let me know how you go and if you still need further assistance with this. I'm happy to assist you.
If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Cel
Hi!
I'm currently using MYOB Premier v13 and we are still on Financial Year 2018, how do I close years 2019, 2020, 2021, 2022? Do I need to close it year by year starting to 2018 or can I just close 2022? Also, if I close year 2022 does it affect the past month (January to July) of the current year of 2023?
Hi FHCom
As this is an forum for Aust and NZ users, suggestions/advice for other regions may not apply. So it is best to check with the forum or distributor in your region.
With local versions of MYOB, you must rollover one year at a time. I recommend an appropriately named backup after or before each rollover, so you can restore the correct backup should you need to examine a specific year later. This is also important in case the rollover fails.
Rolling over a FY does not affect any recorded transactions. Each transaction is stored according to the transaction date. The balance sheet and P&L statements are updated with transactions based on the transaction date as well as the Last Month. So if your last month is June, all transactions dated in June 2023 will be part of the FY ended 30 June 2023.
Regards
Gavin
Hi FHCom ,
Thank you so much for your post and welcome to the Community Forum! Sorry to hear that you were having problems about closing your Financial Year. I really appreciate your patience and understanding about this issue and I do apologize for the delayed response.
Regarding your issue, you'll need to roll over each financial year or you can just create a new file. Every roll over of each FY you would need to take a back up of your file for it to take effect.
Please do let me know how you go on this.
Regards,
Earl
