Used wrong company file for the whole year

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Contributing Cover User
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Used wrong company file for the whole year

Hi,

 

Was wondering if anyone could provide some advice. At the end of the previous 2017.18 financial year, a copy of our myob file was given to the auditors for review. They made a few minor changes and gave us back the updated version.

 

I've just realised that when I closed the year and rolled forward the file, I didn't use the updated version from the auditor but the original version which is not correct. Big mistake on my end. But now that we're closing the 2018.19 financial year, the opening balance and closing balance from our financial reports don't match the myob reports. More specifically the Retained Earnings that was carried forward.

 

So instead of carrying on with file from the auditor and working forward from there, I stuck with the incorrect version and carried on from there..

 

Solutions I can think of (but unsure if possible):

1) Manually adjust the retained earnings from the prior year, effectively changing the closing balance of the file that was carried forward, even though the 2017.18 year has already been closed;
(I noticed that myob automatically post a general journal to DR Current Year Surplus/Deficit and CR Retained Earnings on 1st July as an End of Year Adjustment, could that be adjusted?)

2) Somehow save all the transactions from the current 2018.19 year and import it over the correct audited version from the prior year with the correct opening balances..

 

Or open to any suggestions that might also work.

 

Thanks

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Ultimate Partner
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Re: Used wrong company file for the whole year

Hi @NLCC , since you have been using the new AccountRight program for a few years, you should be able to roll back one year, enter the missing journals (which you can find in the accountant's copy), check that your balance sheet agrees to theirs and roll forward again. 

 

Hopefully the adjustments are limited to general journals, but not necessarily.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

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Contributing Cover User
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Re: Used wrong company file for the whole year

Hi Mike,

 

Thanks for the response! Would you know that if the company file is rolled back, adjusted, and rolled forward again, will the transactions and entries for the current year be lost? Or will everything still be captured when rolled forward?


Thanks,
Lawrence

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Re: Used wrong company file for the whole year

Hi @NLCC , everything will be retained once you roll forward. 


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

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