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We are multiple years behind in rolling over (in AccountRight Premier). Our accountant has advised us to do this.
How do I roll over multiple years and do back-ups? Do I have to back-up each year separately then roll-over separate years?
Can someone please advise how I action this from go to whoa? i.e. back-up this and process, roll over done this way and what I have to repeat and when?
In advising you to rollover your accountant should have provided a an alignment journal or at least a copy of the trial balance used for the last submission to the ATO. Once you have that journal you can determine which date you can roll forward to. Assuming this FY 2018 then you can roll to FY2018 and enter the alignment journal. If there is no alignment journal for FY2018 do not roll to that year.
Thank you for getting back to me.
My accountant never gave me aither of these, and I don't recall having to use those years ago. I would have thought he would have given them to me if required as he's normally pretty good with these things. Not that I'm doubting you, I'm just confused. Is there a way to do it without these?
Ideally, you should be ensuring that all transactions are entered into the company file before closing the financial year. This should include any adjustments from an accountant or other sources.
Without going into too much detail, to avoid unnecessary confusion, AccountRight 2018 does allow for the user to roll back a financial year should they have missed entering a transaction(s). I view this feature as a last resort and ideally if you enter all those transactions in the first place you don't need to use that feature. If you are needing to use that roll back feature our Help Article: Rolling back a financial year. Note: You can only roll back the previous year and you can't make changes to existing transactions only add new ones.
In terms of completing the end of financial year processes our Help Article: End of financial year tasks would go through that full process including reconciliations, taking a backup and closing that year.
Thank you for your reply.
I did a back-up. If it is for multiple years will it cover them all?
Also, in the link for closing off a financial year you sent it says Go to the File menu and choose Close a Year > Close a Financial Year. Under File it has Start a New Year, but not Close a Year. Is that what I go to, and what are the instructions from there?
The File>>Back up process will back up the company file as it is when you did that backup. This will include all data in the file i.e. the current financial year and previous financial years data
The Help Article linked before was for the AccountRight 2018 range. If you have the Start a New year option it would indicate that you are on the AccountRight Classic (or AccountEdge) range - Starting a new financial year would be the process you need for that product range. However, the process is similar enough between the two versions.