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Sah's avatar
Sah
Contributing Cover User
5 years ago
Solved

Payroll and financial year roll over

Hello,   My AccountRight Company file is currently set as: 2017/18 Previous year 2018/19 Current Financial Year 2019/20 Future Year (Current Payroll Year)   If the adjustments for 2018/19 fina...
  • gavin12345's avatar
    gavin12345
    5 years ago

    Hi Sah 

     

    The current Financial Year and Payroll Year are important settings in MYOB, however they are independent. You can be in the 2021 Payroll Year while you are in the 2019 Financial Year.

     

    Payroll transactions can only be entered in what is the current payroll year. All transactions (inc payroll) can only be entered in the current financial year (or a later FY). 

     

    If you leave the FY as 2019 you will still be able to enter transactions in 2021 or 2022 or 2023 etc. What you won't be able to do is generate reports like financial statements other than for FY2018 (prior) FY 2019 (current) and FY2020 (next). BAS statements will also be affected.

     

    Regards

    Gavin

gavin12345's avatar
gavin12345
Ultimate User

Hi Sah 

 

The current Financial Year and Payroll Year are important settings in MYOB, however they are independent. You can be in the 2021 Payroll Year while you are in the 2019 Financial Year.

 

Payroll transactions can only be entered in what is the current payroll year. All transactions (inc payroll) can only be entered in the current financial year (or a later FY). 

 

If you leave the FY as 2019 you will still be able to enter transactions in 2021 or 2022 or 2023 etc. What you won't be able to do is generate reports like financial statements other than for FY2018 (prior) FY 2019 (current) and FY2020 (next). BAS statements will also be affected.

 

Regards

Gavin

Sah's avatar
Sah
Contributing Cover User
5 years ago

Hi Gavin,

 

Excellent - thank you for your answer.