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Change year end from June to December

Experienced Partner DTull
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Change year end from June to December

Hi, I am looking to change a clients AccountRightLive file from year end 30 June to 31 December, and am comfortable with what Ive read re the End of year procedure at 30/6/2018 changing to December 2018 after rollover;

ie year end 30/6/18 will be a 12 month year

then the next period will be a 6 month "year" to 31/12/18. Is this correct?

 

Then after that, the 12 month year to 31/12/2019 begins as required.

So my other query is; how does this effect the Payroll year? Does this still stay as 30 June reporting years?

Thank you

Darren

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Ultimate Partner GDay53
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Re: Change year end from June to December

@DTull

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

Darren the simple answer is yes.

The Payroll year end NEVER changes it is always 30th June.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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Experienced Partner DTull
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DTull
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Re: Change year end from June to December

Thanks Greame, was also after confirmation of the first part of my post, re the End of year procedure at 30/6/2018 changing to December 2018 after rollover;

ie year end 30/6/18 will be a 12 month year

then the next period will be a 6 month "year" to 31/12/18. 

Then after that, the 12 month year to 31/12/2019 begins as required.

Is this correct?

Many thanks

Darren

MYOB Moderator Neil_M
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Re: Change year end from June to December

Hi @DTull

 

In terms of how AccountRight will handle changing the end of the financial year, it will adjust the file so that the financial year lines up with the newly chosen date. So if your financial year ended in June then you changed it to December, there wouldnt be two separate "years". Instead the financial year would show as January to December, there wouldnt be a six month year

 

I recommend having a look at the section “How do I change the last month of a financial year?” On our help article Close the financial year. This section does discuss how the changing the last month in the financial year impacts the file, in terms of data entry and some things to be aware of

Regards,
Neil

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Experienced Partner DTull
14 Posts
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Australia
DTull
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Re: Change year end from June to December

Thanks Neil

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