Starting New Financial Year

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

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

Thank you Sheila, I still can't seem to get the income to appear in the history.  I will contact the support team and hopefully it will get sorted.

Kind regards

Margaret

Hi MargaretF7,

Sometimes older financial years can act up if there’s something with how income accounts are set up or if filters in the report are hiding bits and pieces. It might be worth a squiz in the account selections or checking if anything’s been made inactive. Give those reports another looks with all filters cleared, and if it’s still playing silly buggers give our Live Chat team a buzz via our virtual assistant, MOCA or by submitting a support case via MyAccount so we can dig a bit deeper and get you sorted.

Cheers,

Shella

Hello, i have rolled over to current financial year.  For some reason when i check the Profit and Loss reports for financial years 2020 and prior, it is not showing my income, the income section either shows some, or no income or header for income,  this was also the case even before I rolled over to current FY.  Any thoughts why?

Hi MargaretF7,

That’s a great catch, looks like the financial year hasn’t been updated for quite a while, so it’s time to roll it forward to the current year. With MYOB’s rollover, you can’t jump ahead multiple years all at once. You’ll need to close each financial year one by one to make sure your file lines up with your records. As for the lock date, it stops anyone from changing transactions before a certain point, but you can still check out and run reports for those locked or past years. Most reports let you pick date ranges like this year, last year, or even next year. It’s smart to print out any info or reports you need before rolling into a new financial year.

Cheers,

Princess

Also can the Lock Date affect seeing the full reports of previous years ?  I cannot see the full reports in the history of some previous years before 2020.

Kind regards 

Margaret

I realised it was still in current financial year 2022 when I checked the business settings, even though all  the entries are up to date for end of financial year 2025.  It gave me the option to start a new financial year to end June 2023. If I confirm this will this will I need to redo the steps to go to EOFY 24 and EOFY 25, or will it go straight to EOFY 25?

Hi MargaretF7, 

Good question! There’s actually no option in MYOB to change the financial year directly to a specific FY, the only way to move things forward is rolling over to the next financial year. Nothing major happens to your file, but just a heads up: figures for current and retained earnings get updated to match the new year.

If you want to see how it all works, have a look at the “End of Financial Year Tasks” article, especially the part about “Start a new financial year” it’s got all the details you’ll need.

Regards,

Genreve