New Financial Year Roll over plus data entered in new financial year without file being roll over??

[relizah]

Good day MYOB team, can someone assist with my query below:

Our year end 31/12/2020 but due to few hiccups, we have not rolled over to new Financial Year till Feb 2021.

However our team has been posted transactions made in January 2021 (Cheque payments, sales invoices, sales collections). Please need assistance on following queries:

1. Can we still rollover to new financial year (2021) without transactions posted in January 2021 being affected or deleted? (no need to delete transactions posted in 2021 and repost again))???

2. Balance Sheet - will the rollover to New Financial Year affected the balance sheet for 31/12/2020 due to transactions posted in January 2021?

Please need your assistance

Regards

Rengen

[relizah]

MYOB Team

Please assist

[Steven_M]

Hi @relizah 

AccountRight is designed to allow the users to run a financial year or two behind the current one. As such, the close a financial year process can be completed at any time through File>>Close a Financial Year.

If you are entered transactions into the new financial year already prior to closing that previous financial year those entered transactions will not be impacted and will remain in the company file after the financial year has been rolled.

You also indicated the Balance Sheet, this will not be impacted. The only change would be that the Current Year Earnings will be moved into the Retained Earnings account thus reflect a different balance.

[relizah]

Thanks.

Also please confirm if the balance sheet figures for year (31/12/2020) will be for that accounting period if we do a rollfoward to new year??

Currently balances are changing due to transactions being posted (Mainly cash at bank, Accounts receivables,Accounts Payable)

[Steven_M]

Hi @relizah 

On the Balance Sheet front, the balances of assets, liability and equity accounts will remain the same as they were before the end of the financial year rollover after that completing that financial year rollover.

The best example is to take a real-world example, say you have $10,000 in your bank account at the last day of the financial year. You close that financial year you still have $10,000 in your bank account.

[relizah]

Thanks. final query as this will be the first time we doing rollover using AccountRight.

If I have $10,000 in my bank account at the last day of the financial year, however I close the financial year and do roll over 1 or two months after the financial year with payments and collections made within the 2 months before the rollover, will I still have the $10,000 in my bank account if i wanted to print the report for the last financial year?? thanks for your help

[gavin12345 · Accepted solution]

Hi @relizah 

As mentioned by @Steven_M , when you run the FY rollover process does not matter. This is because MYOB uses the transaction date to determine the account balance as at a particular date. So if you enter a transaction in Jan 2021 and the transaction date is in Jan 2021, this will not affect the bank balance as at 31 Dec 2020.

If however you enter a spend money transaction in Jan 2021 and the transaction date is 16 Dec 2020, this will affect the bank balance as at 31 Dec 2020.

Hope this helps

Gavin