Incorrect financial year used at setup

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Jennibee
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Incorrect financial year used at setup

Hello we are a small business and very new to AccountRight - we imported the data for this financial year from MYOB desktop version.  The conversion month is showing as July 2006 (should have been July 2016) and the current financial year shows as 2015 (should be 2017).  Is there a way to fix this or do we need to delete all the data and start again and if so how do we do that.

We would appreciate your help.  Thanks very much Jenni

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MYOB Moderator Steven_M
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Re: Incorrect financial year used at setup

Hi @Jennibee

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


Once a company file has been created you are unable to change the conversion month of a company file. If it does need to be changed you would be looking at starting a new company file with the correct month set up. In terms of the financial year this is easily adjusted forward using the File>>Close a year function, advancing a financial year in one close a year cycle (i.e. 2015 to 2016, 2016 to 2017).

 

In your case, you actually are in an unusual situation. Normally when people have incorrectly set the conversion month they have set it ahead of time rather than in the past like you have.You have two options available to yourself:

  • Create a new company file with the correct conversion month and financial year.
  • Leave the company file how it is and just advance through the financial years going forward until you get to the correct year.  Personally, I don't see any real issue with that however it is probably something that I would encourage you to speak to an accountant about.

Do let us know how you get on and if you require further assistance.

Kind regards,
Steven

MYOB Community Support

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Ultimate Partner ronatbas
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Re: Incorrect financial year used at setup

@Jennibee@Steven_M

 

Just to add a little to @Steven_M excellent comments. MYOB works on a three year system, where you can access live data from these periods. They are referred to as This Year, Last Year and Next Year. If you keep your file one year behind the current financial year you can always access the current financial year. Whereas if you take it through to FY2017 you will be able to access FY2016, 2017 and 2018. If you are like most businesses the FY2018 will be empty. In your particular case this will be true of FY2015 for this year but in coming years you will appreciate the flexibility.

 

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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Jennibee
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Re: Incorrect financial year used at setup

Thank you very much Steven we really appreciate your advice - we'll run your suggestion past our accountant before we meddle with it and make it worse :-) Kind Regards jenny
Jennibee
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Re: Incorrect financial year used at setup

Thank you very much Ron - we really appreciate your help

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