Financial Year Roll Over

[yoshu]

Hi,

I closed the Financial year back in Aug this year. Today I realised there are some sales pending payment and adjustment from Feb 2019 and June 2019. We are waiting for full payment on one of them. The other one, we have received part payment and we need to add more work to it. We are a mechanical repair w/shop and we are still working on his car. I read about rolling over to last year but it says we cant edit or delete the sales.

Is there any way I can make changes to thoses sales?

Thanks

[GDay53]

@yoshu 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

The normal procedure is to ONLY roll the year over after the accountant has completed your End of Year Financials and you have an Accounts Adjustment Journal to entry.

Once you roll over the year you can't go back and change things.

The best thing to do is to Restore a backup from before the roll over and then enter everthing again since that date. If that is too much work would you be able to do a journal to correct the information. And if that is no good then how about closing the old invoice and opening a new one from the beginning of the financial year.

[yoshu]

Thanks for the options. 1st one is too much work. 2nd one I dont know how to do. The 3rd one seems more doable. When you say close the old invoice, how do I do that as one has half payment to it and other one has nil payment. I was thinking of reversing the sale (MYOB allows to reverse sale even if i dont roll over to previous yr?). And reopening another invoice and applying credit to that sale? 

Let me know how to close the sale and if the reverse sale option is ok please.

[Steven_M]

Hi @yoshu 

I would recommend consulting an accountant to discuss the best course of action. However, reversing that invoice into the previously rolled back or the start of the current financial year would generate a credit note which you can then apply back to the invoice (or another) to close it.

[yoshu]

Thanks Steven. I reversed and closed the sale with no payment. That was easy.

With the one with partial payment, I thought, after I generate the credit, the sale will automatically close and move to credit and returns. Then I would open a new sale and apply the remaining balance to that sale. But when I reversed the sale it was still unmodifyable even if I put current date.

My question is, If I do a roll over to last financial year will it let me modify the sale and allow me to use the partial credit to a new sale for the customer?

[Steven_M · Accepted solution]

Hi @yoshu 

When you roll back a financial year you can only add new transactions to the closed financial year, you are not able to delete or edit an already recorded transaction. You can reverse that transaction if necessary (the reversal being a new transaction).

[yoshu]

I have rolled back a year and successfully closed the sale from previous year and opened a new sale for the same customer on today's date and applied credit to it. So far so good. 

I went and checked the BAS/GST report for that time period Jan 19 to Mar 19 (the sale was dated feb 19) there is no change in any amounts in the BAS/GST. 

What other effect could this sale have on my accounts. I have tried reaching out to my accountant but they are away for XMAS/New year period.

Now i am planning to close the year and move to this financial year but thought I will ask before I do that.

[Steven_M]

Hi @yoshu 

The only other change that would have on your account would be the actual accounts themselves i.e. the debits and credits. This could be seen via the Account Transactions Accrual report.

I would recommend checking with an accountant to ensure that the debits and credits match what you are trying to achieve with recording those transactions.