Financial Year Notification

[Pelican5237]

I am trying to print a P&L for July 2018. The error message is 'Please enter a valid date'.  The following shows in the drop down menu:

Last yr  FY 2016 Does this mean FY July 2015 to June 2016 or July 2016 to June 2017

This yr FY 2017 - Does this mean July 2016 to June 2017 o or July 2017 to June 2018

Next yr FY 2018 - Does this mean July 2017 to June 2018 or July 2018 to June 2019

I began my company file in March 2017 my company file tells me financial yr is 2017 - If this is July 2016 to July 2017 why is there a previous FY and how do I get rid of it?

[IanChait]

Hi @Pelican5237

The year relates to the end date, so FY 2018 is from 1/7/17 - 30/6/18.

To get the report, you need to enter the actual date range as well, not just select the FY.

[Kym__Yeoward]

Hi @Pelican5237

In Setup - Company Information, check your current financial year and it's last month.

When you began your file in March 2017, you would normally have been in the financial year ending 30 June 2017, unless you were in New Zealand (see below).

In AccountRight, reports can be printed for the prior year, current year and next year.

Assuming your file has not yet been rolled-over into the 2018 financial year,

currently you can only print reports for 2015-16, 2016-17 and 2017-18 (to 30 June 2018).

You would not yet be able to print reports for the 2018-19 year - including July 2018.

This situation often happens when tax accountants delay sending you their year-end general journals, e.g. for 30 June 2017. If this is your case, ring your tax accountant and tell him / her that you need these urgently, to close 2016-17 and rollover your file. Better still, grant them online access as an Accountant / Bookkeeper (in Setup / User Access), so they can key the entries and rollover your file - straight away ! Be polite but firm !

Once you have no more general journals to go into 2016-17:

- do a backup (File \ Backup) then

- close that year (File \ Close a year \ Close a Financial Year)

You will then be in the 2017-18 year - where you can also run reports for 2018-19 (e.g. July 2018 or your September quarter BAS).

P.S. The New Zealand financial year runs from 1st Aoril to the following 31st March.

Kym Yeoward, CPA & MYOB Advisor

Darwin (Palmerston)

[Pelican5237]

Thanks for your reply. Yes, I understand the dates need to be entered, and they are, but the message still appears.

So, how do I get rid of the "Last Yr" which is 2015-2016 which doesnt even have any data in it, if my company info says we are in 2017 so that I can print a P&L for July 2018????? This was my original question as I need to print the P&L for July 2018 and, even when I enter 01/07/2018 to 31/07/2018, (see attaches) a pink error box appears saying "Please enter a vallid date". So please tell me how to remove Last Year (FY2016), which shouldnt even be there as this company file was not created till March 2017. I would very much appreciate any early reply as my boss is desperate for his report

[Steven_M]

Hi @Pelican5237

The financial year is always the year that it ends i.e. 2017 would be financial year July 2016 - June 2017.

Now, AccountRight allows for the user to produce certain reports for the current, next and last financial year that your company file is in.  You can see the financial year your file is in via Setup>>Company Information. In your case, you sound like you are in the financial year 2017, so you can produce the reports for the following years: July 2015 - June 2016 (Last), July 2016 - June 2017 (Current) and July 2017 - June 2018 (Next)

If you do need to produce a report outside that range i.e. July 2018, you would need to update your current financial year. This can be done by File>>Start a new year>>Start a new financial year. By completing this process, it will update your financial year by one year i.e. you would be in 2018 and can produce the reports for 

July 2016 - June 2017 (Last), July 2017 - June 2018 (Current) and July 2018 - June 2019. For more information on starting a new year please see Help Article: Close the financial year

Note: Throughout this post, I have assumed you are using a standard Australian July - June financial year.

[Pelican5237]

Thanks for your reply Steve. I am very glad to know how the notification of the FY works.

I do understand EVERYTHING in your second paragraph, that is why I asked my original question.

If I do start a new financial year Steve, does that mean I have to colse 2016-2017.

I did not create this company till March 2017 (2016-2017 fy) so why does “Last Yr” show as 2015-2016` (see attached)? I need to get rid of the 2015-2016 fy, how do I do that?

I very much appreciate the time you guys put into this but I find that whenever I ask a question, the question seems to be lost amongst all of the detail I get in the answer. My original query was that I cannot print a p&l for July 2018. I added the extra info about the “Last”, “This” and “Next” to help so that I could find out how to close “Last” and I got replies telling me I had to enter the dates as well as choose the fy. I ALREADY KNOW THAT! I print date reliant reports ALL TH TIME. My boss wants his report for July so I go online and say:

‘I cannot print a p&l for July 2018”. I say what appears on screen including that ‘Last” shows as 2016 (FY2015-2016, even though the company was not started till March 2017 and my company info shows ‘2017’ as current, which is correct) and ask what do I do to print the report. I receive more than one reply and I still don’t know how to print the report I need.

I thought I made clear that I was talking about the Australian financial year when I typed July xxxx to June xxxx, I'm sorry I wasnt clear on that point

 I would very much appreciate it if I could find out how to close/delete/get rid of the 2015-2016 fy from this company as I have been trying to do four days now.

[Steven_M]

Hi @Pelican5237

Great to hear that you have a basic understanding, I always feel that it is important to pass on the basic information as it can aid in the answer or understanding of the program.

In terms of your enquiry, when you create a company file, regardless of when you create it and the conversion month you are always going to have a last financial year. So, even though you created the financial year in March 2017 you will still have a last financial year (of 2016). You can't get rid of that last financial year per say, however, you can close the current financial year and update it to the be the next financial year, effectively updating that last financial year in the process. For example, you are currently in 2017 if you close that year you will be updated to the 2018 financial year, thus moving the last financial year from 2016 to 2017.

To answer your question directly i.e. how to produce your a Profit and Loss for July 2018, you would need to update your financial year. This can be done by File>>Start a new year>>Start a new financial year and completing that process. Do ensure that you have a backup of that file before completing that task. 

Let us know how you get on and if you require further assistance

[Pelican5237]

Yes Kim I have checked that the current fy in Company Information is July 2016 to July 2017 (as you can see from the screenshot of the Profit and Loss filters I attached with my post)

I was in Australia when I created this company and yes it was in March 2017 (FY2016-2017). This is when data was entered into this company for the first time.

I am currently in the 2016-2017 financial year AND DO NOT WISH AT THIS TIME TO ROLL OVER TO FY2017-2018.

WHAT I WANT TO DO IS GET RID OF "LAST YEAR (FY 2016)" AS IT HAS NO DATA IN  IT. HOW DO I DO THAT?

I understand everything single thing you typed about financial years and financial year reporting, but NONE OF THAT is the problem. I cannot yet roll over 2016-2017 but I cannot print reports for f/y 2018-2019 as 2015-2016 is open EVEN THOUGH NEVER USED WITH THIS COMANY.

Please tell me how to correct this.

Please see new screen dump showing the above

[Steven_M]

Hi @Pelican5237

As mentioned, you are always going to have a previous/last financial year regardless of when the file was created and whether that year was used or not.

If you are needing to update the financial year, you would be going to File>>Close a year>>Close a Financial year. This will update the financial year by one and thus update the financial year so those reports can be run.

If you are not ready to update the financial year but do wish to run a report that is governed by the financial year (such as the Profit and Loss) you could take a backup of the company file (File>>Backup), run the necessary report and then restore that taken backup (so you are in the previous financial year ). The other option would be to close the financial year, run the report and then rollback a the financial year (File>>Close a year>>Close a financial year).

[gavin12345]

Hi @Pelican5237

The fact that Last Year (FY 2016) appears in the drop down is NOT what is stopping you from generating a report for part of the 2018/19 FY. 

This is simply a limitation in MYOB, it will only allow you to generate a report for one FY ahead. As you are in FY 2017, you can generate a report for FY 2018 but NOT FY 2019. You don't get any 3 year period. You only get Last FY (even if there is nothing there) This FY and Next FY.

What some users do if they can't roll to FY 2018 yet is as follows:

• make a copy of the company file called Test2018.myox or similar
• open that copy and roll FY to 2018
• generate reports etc then delete Test2018.myox

Open and keep using current company file which is in FY 2017. 

Regards

Gavin