Previous Year Profit and Loss

[pippackham]

How can I print reports from previous financial years without a backup? Can the information be supplied by Myob?

[Steven_M]

Hi @pippackham 

AccountRight 2020.3 will allow the user to display Profit and Loss reports for the Current, Next and Last financial year that the company file is in. The current financial year of a file can be found through Setup>>Company information. For example, if your current financial year is 2020 you would be able to display the Profit and Loss for 01/07/2018 - 30/06/2019 (last), 01/07/2019 - 30/06/2020 (current) or 01/07/2020 - 30/06/2021 (next) - assuming a Standard Australian financial year.

If you are needing a Profit and Loss outside that period, then you would be looking at restoring a backup prior to closing the financial year. 

I'll just note that we are working on expanding that reporting out to remove the financial year governance from some reports like we have with AccountRight 2020.3 release. Clients will see more of this removal of financial year governance from reports in our next release (due out later this quarter).

[Emma9]

You do understand that ATO asks accountants to keep a five-year record, don‘t you? If an accounting software cannot help the accountant to get the P&L and BS easily, why do we use it?

[Steven_M]

Hi @Emma9 

We are looking at removing restrictions for reports governed by financial years to allow users to access those older financial years reports without needing to restore a backup.

Work was done on with AccountRight 2020.3 to remove those financial year restrictions on the following reports, with additional reports,  including the Balance Sheet and Profit and Loss reports, being targetted for future releases:

• General ledger (summary)
• General ledger (detail)
• GST (summary – cash/payments)
• GST (summary – accrual/invoice)
• GST (detail – cash/payments)
• GST (detail – accrual/invoice)