Was not able to close FY 18-19 and also forget to backup. Thus, unable to close FY19-20

[JILC]

Now realised that I forgot to close FY18-19 and also did not backup. Now trying to close FY19-20, but the Close a Financial Year assistant defaulted to close FY 2019.

How can I close FY2019 and do a backup or is this necessary?

If FY2019 is closed, and I get a backup, I should be able to close FY2020. I already did a backup of FY2020 though.

I can get help on this please - thanks

[Tracey_H · Accepted solution]

Hi @JILC 

Thanks for your post. Closing financial years does need to be done in order so you will need to close 2019 before you can close 2020. You can check your current financial year in Setup>>Company Information>>Current Financial year, if it is 2019 then that year has not been closed as yet.

You can't go back and do a back up for the EOFY 2019 now. When you close that financial year you can do another backup but it will include all transactions up to the date you do the back up. I do recommend taking regular back ups during the financial year in case you do need to refer to previous period. 

I would also recommend speaking to your accountant before closing the 2020 financial year. Generally speaking you would not close the previous year until the year end adjustments have been entered by your accountant and your tax lodged.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[JILC]

Thanks Tracy

So I can close EOFY 2019 - do a backup even though it will include all transactions up to the date I do the backup. Then in the company information it should show the Current Financial Year 2020 - then I can also close EOFY 2020. Then I will start the new FY 2021 (as I have not started entering data yet).

With this process I should not lost the data for FY19-20 that just completed.

Please reply again so that I can action on this.

Thanks 

JILC

[Tracey_H]

Hi @JILC 

You do not need to close the 2020 financial year to enter transactions for the 2021 year. I recommend that you do not close the 2020 financial year until advised to do so by your accountant.

If the 2019 has been finalised by your accountant you can close that year. This help article explains closing the financial year: Close the financial year

Please let me know if you need further help.

[JILC]

Thanks Tracy for the prompt reply.

I just closed FY2019. The FY2020 is now showing in the company information as current financial year. However, as you advised, I am not closing it yet and I can start entering data for FY2021.

Kind regards,

JILC