Starting New Financial Year
Hello, if the current financial year showing has not been updated for a few years can this be fixed without affecting any of the past or present data recorded. I have MYOB Lite.
Forum Discussion
Hi, I haven't start a new financial year since 2020, what should I do in regard to this, also, is it any affect on my accountant side if I do 1 by 1 now?
Ritz
Hi ritalee92,
If you’re using AccountRight, you can close multiple financial years one at a time. Before closing each year, make sure any adjustments your accountant requires have been entered and create a backup of your company file. Closing a year doesn’t change your transactions, but it does update account balances. Here are the AccountRight steps.
If you’re using MYOB Business, you can keep using your file after the financial year ends, so you don’t need to start a new financial year straight away. Before starting one, make sure your books and any accountant adjustments are ready. Starting a new year updates category balances, and you can still enter transactions in a previous year if you remove the lock date. See the MYOB Business end-of-year steps.
Since it hasn’t been started since 2020, it’s best to check with your accountant before making changes so they can confirm the right next step for your file.
Regards,
Sai
