Forum Discussion

TML726's avatar
TML726
User
2 months ago

Forgot to start a new financial year last year.

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).  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.

5 Replies

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    TML726 

     

    Is the File online with the Tax Accountant invited to access?

     

    A Tax Accountant should advise a Business Owner and Bookkeeper when the FY is complete so the FY in MYOB can be closed.

     

    Do the MYOB Financials agree with the Financial Reports prepared by the Tax Accountant?

     

    Duncan

    • TML726's avatar
      TML726
      User

      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's avatar
        DuncanS
        Ultimate Partner

        TML726 

         

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

         

        Duncan