Start a New Financial Year/Rollover

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Start a New Financial Year/Rollover

Hi MYOB Team

 

We just upgraded from Account Premier to AccountRight. Please refer below my query in regard to Start of Financail year/Rollover.

 

We did complete all month end procedures and year end financial tasks as well as closing current financial year 2019. We would like to start a new financial year 2020 however there is no option to create this in the AccountRight as compared to Account Premier (In Premier when you do rollover, this will create a new MYOB file).

 

Do we need to fo a rollover so we create a new AccountRight File  that should be indicated as 2020 or should we use the same file (file name is Tr********** 2019). 

 

Thankyou for your assistance

 

regards

rengen

 

 

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MYOB Moderator
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MYOB Moderator

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Re: Start a New Financial Year/Rollover

Hi @relizah 

 

AccountRight 2019 works on the principle that you Close a Financial Year. This is completed via File>>Close a Year>>Close a Financial Year.  If you have used AccountRight Classic (v19) it is basically the same action but with an updated naming convention.

 

What this process will do is close off the previous financial year allowing you to be in the next financial year. For example, if you are in the 2019 financial year completing the Close a Financial Year process will close the 2019 financial year allowing you to be in the 2020 financial year.

 

Typically, clients will retain the one company file which can be multiple financial years i.e. you don't necessarily need to start a new company file for each financial year. However, some clients use a naming convention with their company file to add the financial year to the file name. This is perfectly fine. Although, the system will not automatically update the name of that file when close your financial year. Should this be required, you would be looking at navigating to the company file and renaming it. and in some cases going Setup>>Company Information and updating the company name listed in that window. 

Kind regards,
Steven

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