Wrong Financial Year

[PingH]

Hi, Im new to MYOB Accountingright Premier.

Current product using is Accountingright Premier AU 2021.5.2

My company profile set a wrong financial year. 

Current financial year should be 2021: 1 Jan 2021 to 31 Dec 2021. 

Last financial year should be 2020: 1 Jan 2020 to 31 Dec 2020.

Entries for 2020 have been key into MYOB and also 2021. Any advise if we change a new financial year without any affect any entries in MYOB?

As this will affected the P&L report, also unable to generate the report for 1 Jan 2020 to 31 Dec 2020.

[Steven_M]

Hi @PingH 

Closing a financial year in AccountRight company files can be actioned in the Desktop application through File>>Close a financial year.

In your case, due to the setup of your file you want to complete that financial year rollover process twice. The first time, you will be given the following window - giving you only January to select as the Last Month in the financial year.

Once you have completed that financial year rollover, you want to complete the process again this time updating the last month of the next financial year to be December and the required financial year period.

[PingH]

Hi, 

I've entered some entries 2020 in myob but yet to be finalized.

If I close financial year 2020 in MYOB, will this affected my entries 2020 cant be edit/ delete / add new entries?

If we close financial year 2020, is financial year 2020 date can be re-adjust to 1 Jan 2020 - 31 Jan 2020?

As we hope that P & L / BS report can be generate from 1 Jan 2020 - 31 Jan 2020.

[Steven_M]

Hi @PingH 

AccountRight 2021 allows users to edit, delete and change transactions in a previous financial year.

Once complete the process outlined in my previous post, the financial year would be January to December allowing you to run reports for the financial year (January to December).