Close Financial Year: Ability change transactions in a previous financial year

[scfsh]

When you are wanting to edit the amount of a reversal transaction (noting that you must record it first, then go back into it to edit) you are not able to edit, or even delete reversal transactions that have been created from a prior-year transaciton. I have contacted MYOB Tech Support and after doing a few different tests and having a look they confirmed with me that MYOB flags it as a prior-year and although being able to edit the reveral of a prior year wouldn't be an issue to your data (as the inital change is creating a new transaction in the current year) and does not allow you to change it. I would suggest please updating this so we are able to edit reversed transactions of prior-year data.

'Being able to edit (and delete) reversed transactions of prior-year data"

[Kelly81]

I don't like this idea. It would then mean that nothing stacked up to what the Accountant submitted for the financial accounts to the IRD or such like.

[jenniek]

You can change it - once the trasnaction is recorded - true you can't change it before you record it. but once it is recorded, you can go back and amend memo details etc.

[jenniek]

why would you want to change the amount?

[ronatbas]

There are somethings that should always remain total no-no's and this is one of them. Presumably the accountant has reported the previous year before it was rolled over - so any changes will not only affect your file but will make both the accountants record and the ATO record incorrect.

[scfsh]

.

[Liam_M]

We're pleased to say that the ability to undo a financial closing a financial year is currently in development and is planned for an upcoming release. This will allow you to open a closed year, and record adjustment journals, then close the year again.

[Steven_M]

Hi Everyone

With the release of AccountRight 2015.1 came the ability to roll back into a previous financial year. This allows for the user create transactions or reverse (but not edit or delete) existing transactions in that previous financial year.

For more information on this feature please see Help Article: Rolling back a financial year