Roll back financial years

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Contributing Cover User KACE
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Contributing Cover User
Australia
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Roll back financial years

Hi, I'm using AccountRight 2018.3 online.

I haven't closed the 2018 FY yet.  We recently amended our 2016 tax return and I need to add GJ entries for the 2016 FY, so this information can carry through to the 2018 FY balance sheet, but MYOB only rolls back one year.

Any ideas? 

 

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MYOB Moderator Steven_M
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MYOB Moderator
New Zealand
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Re: Roll back financial years

Hi @KACE

 

AccountRight 2018 will only allow for the user to roll back the previous financial year. 

 

In saying that, you mentioned that you haven't rolled the 2018 financial year, which would imply that you are still in the 2017 financial year. As such, if you were to roll back the financial year, you would roll back in the 2016 financial year.  Although, I would confirm what financial year you are actually in - Setup>>Company Information>>Current Financial Year.

If you do need to adjust a previous year value and you can't roll back into that year, the best feasible option would be to record a transaction in the current (or earliest year you can) financial year to affect the associated accounts. Note: I would recommend speaking to an accountant about that transaction and the effect it will have. The other option would be to restore a backup prior to closing that financial year, which would involve manually re-entering those transactions since taking that backup (which for most cases may not be feasible).

 

Kind regards,
Steven

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