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P&L Reports

Terrie2
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P&L Reports

How do companies run a current financial year profit and loss report if previous year is not closed. Our business does not close its financial year for a couple of months into new year, however the business needs to track the P&L each month and cannot until previous year closed ? 

This is our first financial year using MYOB and previous accountign package used, we were able to run all reports for current year before closing off.

Boss not happy

Appreciate responses

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gavin12345
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Re: P&L Reports

Hi @Terrie2 

 

This is how most businesses operate. FY 2022 just finished 30 June 2022 and it is certainly too early to roll the FY to 2023. However I suspect your problem might be that your FY as set in MYOB (see under Setup > Company Information) is actually 2021. And you should now be in a position to roll that to FY 2022. When the FY is set to 2022, you will then be able to generate P&L for July 2022 which is part for FY 2023.

 

Regards

Gavin

Terrie2
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Re: P&L Reports

Hi Gavin

 

Yes you are correct it is set at 2021. We only started using MYOB 1/07/2021.

Do I close off 2021 to have it roll to 2022, which will then let me access 2023 reports?

gavin12345
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Re: P&L Reports

Hi @Terrie2 

 

Yes. FY 2021 runs from 1 July 2020 to 30 June 2021. And if you started 1 July 2021, the FY could have been 2022 from the start.

 

Regards

Gavin

LRBooks61
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Accepted Solution Solved

Re: P&L Reports

Hi

 

MYOB accountright usually runs in a 3 year cycle

Last year, this year and next year therefore 20,21,22, if you can't get a P&L for 2023 I suggest that you need to roll over 2020 financial year

 

Hope that helps

 

Lisa

Terrie2
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Re: P&L Reports

Thank you this is now resolved

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