Keeping data for 5 years / new sub
I'm currently a sole trader using Business Lite, and my accountant has just recently set up a Pty Ltd company for me. I'm about to move all of my business across to the new company.
I chatted w...
Forum Discussion
Hey bonez_AU,
Moving from a sole trader to a Pty Ltd is a big step, and you’ve summed up all the right concerns, especially around keeping everything tidy for the ATO. Because MYOB Business is fully online, once your subscription ends, you won’t be able to get back into your file after the 30 day period. It’s really important to jump in and download or print out anything you’ll need later. Like those receipts attached to purchases because the export options are a bit limited and there isn’t a quick way to grab everything in one go. Starting fresh with a new subscription makes it easier for your new company setup. Make sure you save those must-keep docs before saying goodbye to your old file.
Cheers,
Doreen
Hi Doreen,
Thanks for getting back to me, but this cannot be the only way forward, surely?
I've got 2 years worth of stuff in my current subscription, how is it possible to just 'jump in and download anything you'll need later'.
Even if I were to open up every single purchase transaction and download the PDF's, I'd just have a bunch of PDF's with no context.
What happens if I am audited by the ATO in 3 years from now? I'll have a bunch of supplier tax invoices to show them along with my bank statements. That can't be enough?
Surely there is a way for MYOB to give me a full dump of the data that I have uploaded since day one?
Hi bonez_AU,
Totally get where you’re coming from. Once that data extraction period wraps up, you won’t be able to get into the file anymore. The good news is, you can still pull out everything you need before the cutoff. I know dealing with loads of data can be a bit of a headache, but giving things a clear label tends to make life heaps easier.
At this point, the only way to keep your info is through the method mentioned.
Regards,
GenreveHi bonez_AU , I understand that MYOB will (if you insist) give you a bulk download of your file's attachments, but the file names are meaningless character strings.
We have a process for downloading attachments for item/service purchases and spend money, where the file names are meaningful, ie they contain supplier (6 chars) plus MYOB ref plus invoice # plus bill date. Spend Money transactions file names are slightly less detailed. All this makes searching for particular bills later much easier.
If you wish to know more, please email me at the address given on our home page. (datawise.co.nz)
You will need to print all the reports that you may need later.
Hi Mike,
Thanks for the info. Any idea how to get MYOB to provide the bulk download? I've just spent 30 minutes going around in circles with their offshore live chat support, who insist that it isn't possible.
Hi bonez_AU , sorry to hear that. Try logging in to myaccount.myob.com, and select get support, then fill in the form as per the sample below.
