Changing a Financial Year

[ELB20]

Hi

We currently operate our financial year from 1 July to 30 June, however from 1 January 2023 we have moved to calendar year reporting as our financial year (i.e. 1 January 2023 to 31 December 2023).

I can see that I am able to change the final month of the next reporting year when I close a financial year however I want to confirm that if I close the current 2023 year (which wont be for a few months) and start a new year (with the new year to run from 1/1/23 to 31/12/23), that i will not lose anything processed in the new year?

The reason for the delay in the closing of the financial year is we need to await the auditor to sign off the financials for the period 1 July 2022 to 31 December 2022 and this is unlikely to occur before May 2023.

Can we continue to use the current MYOB file (with 1/7/22 to 30/6/23 financial year) until we are ready to change the reporting year to 1/1/23 to 31/12/23?

Thank you

[gavin12345]

Hi @ELB20 

You will not lose any transactions. MYOB will simply change the FY they are allocated to.

Remember 2 things:

• take a backup before starting a new FY - process can take awhile and if interrupted it will fail
• if your current FY ends 30 June 2023, you will need to first change to FY 2023 ended December as a 12 month period.

Regards

Gavin