Cloud Version MYOB Year end rollover and P&L accounts

[Schhetri]

IN MYOB AccountingRight  end of financial year does not have to be rolled-over to the new financial year and the balance sheet for the new financial year balances with the retained earnings updated. but With the cloud version of MYOB the balance sheet does not balance and it is out by the profit/loss amount form the previous financial year. You have to rollover the financial year for the balance sheet to balance. Once you roll-over the financial year you can’t post entries for the previous financial year P & L accounts ?

[CloverQ]

Hi @Schhetri 

Both the desktop app version and the online browser version of AccountRight work the same in this front, the balance of your current-year earnings account is transferred to your retained earnings account when the financial year is closed, and you can still enter transactions in the closed financial year if needed. 

I'd suggest checking out these two Help pages for more details, if you have any further questions please feel free to let us know:

Close the financial year (desktop app)

End of financial year in Australia (browser)