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relizah's avatar
relizah
Contributing User
5 years ago
Solved

New Financial Year Roll over plus data entered in new financial year without file being roll over??

Good day MYOB team, can someone assist with my query below:   Our year end 31/12/2020 but due to few hiccups, we have not rolled over to new Financial Year till Feb 2021.   However our team has b...
  • gavin12345's avatar
    gavin12345
    5 years ago

    Hi relizah 

     

    As mentioned by Steven_M , when you run the FY rollover process does not matter. This is because MYOB uses the transaction date to determine the account balance as at a particular date. So if you enter a transaction in Jan 2021 and the transaction date is in Jan 2021, this will not affect the bank balance as at 31 Dec 2020.

     

    If however you enter a spend money transaction in Jan 2021 and the transaction date is 16 Dec 2020, this will affect the bank balance as at 31 Dec 2020.

     

    Hope this helps

    Gavin

Steven_M's avatar
Steven_M
Former Staff
5 years ago

Hi relizah 

 

AccountRight is designed to allow the users to run a financial year or two behind the current one. As such, the close a financial year process can be completed at any time through File>>Close a Financial Year.

 

If you are entered transactions into the new financial year already prior to closing that previous financial year those entered transactions will not be impacted and will remain in the company file after the financial year has been rolled.

 

You also indicated the Balance Sheet, this will not be impacted. The only change would be that the Current Year Earnings will be moved into the Retained Earnings account thus reflect a different balance.

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