Financial year reporting periods

Moloney
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Financial year reporting periods

Hi

 

We set up our company in Myob accountright from 1 July 2018.      My understanding is that you can have 3 years open to report on (In this instance would be 2019, 2020 and 2021.     I am trying to run P & L for the current financial year (2021) but it won't let me select past 2020.     It appears that i have to close 2019 year first.   Problem is that i have not finalised my adjusting journals for 2019 so i can't close it but need to start reporting on 2021.      If you can have past year, current year and next year, why is it not letting me set up 2021 year.

 

Sorry if this is the wrong board to post in but all other options were not related.

 

Thanks

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Steven_M
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Re: Financial year reporting periods

Hi @Moloney 

 

AccountRight 2020.3 and below will allow the user to produce certain reports such as the Profit and Loss, for the current, next and last financial year that the company file is in. You can check the financial year that the company file is in via Setup>>Company Information. Should you be needing to run a report outside of that period, closing the financial year would be the recommendation. This will update the financial year by one so you can produce those reports for the next financial year.

 

If you have yet to fully close that financial year, you could look at taking a backup and then restore that backup locally (or take a copy of the local file), close the financial year and produce those reports for you within that copy of the file. This way you are not impacting the current company file.

Kind regards,
Steven

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Moloney
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Re: Financial year reporting periods

Hi Steven

 

Our company is set up from July 2018, so shouldn't I be able to have 2019, 2020 and 2021 without closing 2019?

 

Some reports are giving me an option to go back to 2018 year but that year isn't open for me to close.

 

thanks

Mel

Steven_M
MYOB Moderator
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Re: Financial year reporting periods

Hi @Moloney 

 

What is the current financial year and last month in reporting period listed in Setup>>Company Information?

 

Assuming you are in the 2019 financial year and June was the last month in that year (sounds like you are with a conversion month of July 2018), you would be able to run the reports for 01/07/2018 - 30/06/2019 (current), 01/07/2017 - 30/06/2018 (last),  01/07/2019 - 30/06/2020 (next). Outside of that period i.e. 01/07/2020 - 30/06/2021 would require a close of the financial year.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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