Share your ideas for improving the new AccountRight. Vote on ideas and discuss them with the MYOB product development team.

AccountRight

Close Financial Year: Access previous year

Cover User

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1 Post
Cover User
Australia

This area needs to be looked at by the MYOB team.

 

We really need to be able to access our Closed Financial Year in full.  A lot of other Financial Software allow this.

 

I can not see the point of  having three financial years on a systmen if you can not access all three of them.

 

"Closed Financial Year - Access"

Current Status: Done
Last Changed: April 2016

Hi Everyone

With the release of AccountRight 2015.1 comes the ability to roll back a financial year. This can be completed by File>>Close a Year>>Roll Back a Financial Year. Rolling back a year allows for a user to create new transactions and reverse (not edit or delete) existing transactions. We would encourage you to discuss with an accountant in regards to whether this process for your requirements. 

Help Article: Rolling back a financial year has more information in regards to this feature and AccountRight 2015.1 now available has more information in regards to the obtaining AccountRight 2015.1

10 Comments
MYOB Moderator Liam_M
3,488 Posts
MYOB Moderator

Thanks for your suggestion @TouSm21.  Anyone who would like to be able to edit data in closed financial years, please cast your vote here.

MYOB Moderator Liam_M
3,488 Posts
MYOB Moderator

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 open a closed financial year, add adjustment journals and close it again.

Experienced Cover User Kelly81
260 Posts
Experienced Cover User

I think the point may be being missed. I understand that once a financial year is closed you can not even see the data. This is what is required.

 

The ability to undo a closed financial year is a bit scary. It means that auditors will never accept the data. Also it means one wrong mistake and the data won't stack up to what your accountants have compilied the accounts on.

Ultimate Partner jenniek
2,427 Posts
Ultimate Partner

I agree with @Kelly81 - if you have closed a financial year it should stay closed. Auditors and accountants will not like the ability to change the figures once end of year accounts are complete. However I would need to be able to print reports and gain information from previous financial years.

Experienced Cover User Kelly81
260 Posts
Experienced Cover User

Hello @jenniek,

 

Yes, I want the ability to do reports and gain information but not change data.

 

Hopefully MYOB have thought of the auditing / accountant side of it...

 

Thanks.

MYOB Moderator Steven_M
32,904 Posts
MYOB Moderator

Hi @jenniek & @Kelly81 

The current plan with the Roll back a financial year option will allow you to do reporting, create transactions and reverse transactions/not delete them. In saying that I've shared your comments with the team.

Experienced Cover User Kelly81
260 Posts
Experienced Cover User

Hello @Steven_M 

 

We shouldn't have to roll-back in order to view previous years data.

 

Also no one else's system allows you change data after the roll-over is done.

 

No other system allows you to do that.

 

I can see major issues with the proposed change and I also think that the customers request that started this feature has been mis-interpreted.

 

Thanks.

Experienced Cover User Kelly81
260 Posts
Experienced Cover User
Community Manager Suja_P
5,883 Posts
Community Manager

Hi @Kelly81 and @jenniek,

Thank you very much for your comments. We understand your concerns about the possible issues that can be caused by reopening a closed financial year. What we are currently working on is the ability to Reverse a Financial Year rollover process and not entirely reopen a closed year. This option will reverse the effect of the rollover and allow accountants to enter any year end adjustments that they may have missed out on due to a premature rollover. It will not allow editing or deleting of any transactions in the previously closed off year. Also you will still have an audit trail of the new transactions that have been entered in since the reversal. Further more the User Access area can be used to only allow select users the ability to reverse a financial year.

As for accessing old data once the year has been rolled over - the new AccountRight range does not purge transactions during a rollover, therefore all of the information is available in the file even after the rollover. However as you've mentioned some reports are not available for the closed year and this is something that we will be looking into in future updates.

More information on the financial year reversal function will be available once it is implemented. I do hope I've been able to clarify our plans in the meantime. 

Regards,

Suja Pillai
Social Support Manager
MYOB Australia Pty Ltd

MYOB Moderator Steven_M
32,904 Posts
MYOB Moderator

Hi Everyone

With the release of AccountRight 2015.1 comes the ability to roll back a financial year. This can be completed by File>>Close a Year>>Roll Back a Financial Year. Rolling back a year allows for a user to create new transactions and reverse (not edit or delete) existing transactions. We would encourage you to discuss with an accountant in regards to whether this process for your requirements. 

Help Article: Rolling back a financial year has more information in regards to this feature and AccountRight 2015.1 now available has more information in regards to the obtaining AccountRight 2015.1