Clearing Old Bank Feeds and Resetting for New Financial Year

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Clearing Old Bank Feeds and Resetting for New Financial Year

I've taken over the accounting. It appears my predecessor started to set up MYOB but didn't get very far.

What I wuld like to do, is effectiely clear out/ignore everything prior to 1 July 2018 & start agan. This would include making some chnages to the chart of accounts and setting up (or in some cases resetting) opening balances for Balance Sheet items.

Can this be done by hiding all bank feeds / transactions prior to 1 July 2018?

I don't want to trip myself up and wish to confirm that none of the following items will create a problem if I hide bank feeds

1. It appears bank feeds started sometime in 2015/2016 FY. (For example when I look at the trial balance report it indicates the current year is 2016)

2. The opening balance for the bank account states this is as of 1 July 2015 but the amount matches the opening balance as of 1 July 2017

3. I can only see bank feeds from 1 July 2017

4. About 3 months of bank feeds from July to Oct have been coded. The sales invoices during this period have been entered but still show as due.

 

Thanks in advance, all help appreciated Smiley Happy

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Re: Clearing Old Bank Feeds and Resetting for New Financial Year

Hi @Tony-00 

 

If you were wanting to start again in  an AccountRight file, you would be looking at creating an entirely new file. This would mean that the new file had none of the transactions or history of the current file as these would need to be entered into the new file.

 

Its entirely possible that the current financial year in the file may not match to the current calendar financial year, as the file needs to have the financial year rolled each year. AccountRight does allow you to forward date a transaction into a future year, relative to the financial year in the file.

 

If you hide a bank feed transaction in the bank feeds window, you’ll need to tick the corresponding transaction in Reconcile Accounts to ensure that transaction gets reconciled. For transactions that have been matched, the bank feed cannot be hidden without unmatching the transaction, and if that has already been reconciled you will need to undo that reconciliation first.

Regards,
Neil

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Re: Clearing Old Bank Feeds and Resetting for New Financial Year

Hello Neil,

 

Thanks for this. It appears that my hope for an easy solution of just hiding the transactions is not feasible. I've delved into the file more since the original post and have found other issues such as missing transactions. It looks like the only way out is to delete the file and create a new one. How do I do this?

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Re: Clearing Old Bank Feeds and Resetting for New Financial Year

Hi @Tony-00 

 

If you were looking at creating a new file, this is done through File >> New. This creates a new file with which you have 30 days before you need to activate it.

 

I recommend after creating a new file, taking the time to get it all correct and up to speed before you activate it. This way if you discover that you want to change something after setting it up you can create a new file to do so without the need to activate and deactivate files against the licence.

Regards,
Neil

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Re: Clearing Old Bank Feeds and Resetting for New Financial Year

Hello @Neil_M 

 

Thanks for this and the handy tip. I'll try it now.

 

Cheers,

Tony

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