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closing financial year and changing last month of financial year

blanchemaree
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closing financial year and changing last month of financial year

Hi I am trying to close the current financial period which was 13 months for some reason someone stuffed up and set it up like this. I need the financial year to be from october and finish in september. The current closing month is July and when I try and close the current finacial year and change the month last month in financial year to September it shows as 1/10/20-30/09/21 when it should be 1/10/21-30/9/22 soon as I select the months before July it shows the year 2022 I dont understand why....also I have entered transactions from last October to december will I lose all this data or will it transfer over as well?

 

Look forward to someones reply.

 

 

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gavin12345
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Re: closing financial year and changing last month of financial year

Hi @blanchemaree 

 

Firstly any transaction you enter won't be lost. MYOB will use the transaction date to allocate it to a FY.

 

Secondly, make a backup before going any further (as a precaution as MYOB's behaviour is not always predictable).

 

Next, if your current FY is ended June 2021, moving to the FY 2022 ended in Sep 22 is a 2 step process. First your year need to change to a FY ended Sep 2021, (make another backup) then you change the FY to end Sep 2022. Each FY can have a max of 12 months, you can't have a FY with 15 months. This is why you can't go from FY ended 30 June 2021 to FY ended 30 Sep 2022.

 

Regards

Gavin

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