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35149238's avatar
35149238
8 months ago

Opening balance date

Hi I just started using MYOB for my school's project.  I am supposed to set the financial year to be 2024 and opening balance date to be July 2023. But I accidentally created a new financial year ...
  • Shella_A's avatar
    Shella_A
    8 months ago

    Hi 35149238,

     

    It's great to have you in the Community Forum!

     

    Thank you for your post. You can indeed change the opening balance month, but not the year, in business settings. The conversion date is related to the opening balance date; this date is the point where you have chosen to start entering information into the MYOB file. Also, your account opening balances are directly related to the opening balance date specified in your business settings.

     

    I highly recommend seeking assistance from your accounting advisor when making any changes to this.

     

    Feel free to reply if you have any other queries. I would also recommend getting in touch through our online help center, MOCA, if you still need immediate assistance for this.

     

    Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this information. 

     

     

    Kind regards,

    Shella

Shella_A's avatar
Shella_A
MYOB Staff
8 months ago

Hi 35149238,

 

It's great to have you in the Community Forum!

 

Thank you for your post. You can indeed change the opening balance month, but not the year, in business settings. The conversion date is related to the opening balance date; this date is the point where you have chosen to start entering information into the MYOB file. Also, your account opening balances are directly related to the opening balance date specified in your business settings.

 

I highly recommend seeking assistance from your accounting advisor when making any changes to this.

 

Feel free to reply if you have any other queries. I would also recommend getting in touch through our online help center, MOCA, if you still need immediate assistance for this.

 

Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this information. 

 

 

Kind regards,

Shella

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