Closing several prior Financial Years from 2018 upwards to 2022

[Casperpng]

Hi

I have one data file that has not been closed since 2018. How do I close off each financial year for 2018, 2019, 2020, 2021 and 2022?

I am currently using MYOB in 2023 and when trying to close the fincial year, its giving the Year 2023 to close. Do I close 2023 and go back to the prior years or how do I do this?

[gavin12345]

Hi @Casperpng 

To see the current financial year, see Setup Company Information. If this shows 2023, all previous years have been closed. - perhaps by another user.

Regards

Gavin

[Casperpng]

@gavin12345 

Is there a way to open the closed accounts?

[gavin12345]

Hi @Casperpng 

Please explain with an example what you are trying to do, also what version of MYOB you are using (see Help > About AccountRight).

When you rollover from one financial year to another (or close a financial year), this of itself does not remove any transactions. So you should be able to view the transactions from a prior year (closed year). Some versions of MYOB allow you to 'purge' closed transactions of the previous year when you do the FY rollover. Or you can choose to keep them. If the transactions have been purged, then you cannot view them. You would need to restore a backup from that period.

Regards

Gavin

[RexWescott]

Thank you for sharing your experience. I have also encountered a similar problem and would like to know how this can be done most efficiently. I imagine it can be quite tricky, especially if you have a lot of transactions and need to close several fiscal years. Maybe someone knows some tips or best practices to make this easier and safer? I would appreciate any information or advice.

[Celia_B]

HI @RexWescott 

Thank you for your post. 

Closing a financial year in your AccountRight company file is a regular task that does need to be completed. This task can be completed anytime, however, we do recommend speaking to your accounting advisor as there may be year-end adjustment transactions and potentially other end of year tasks that my need to be completed before that closing year. 

You don't need to close your financial year at any particular time, if you're not ready you can continue to work in your file. You can transact in a closed financial year, this Help Article has detailed information: Transacting in closed financial years.

You can check what financial year your company file is in. Setup>> Company Information >>Current Financial Year lists the current financial year of the file.  A financial year can be closed in AccountRight using the File>>Close the Financial Year option and following the Close a Financial Year Assistant.  We do recommend ensuring that you have a backup of the Company file prior to closing the financial year. 

Let me know how you go and if you still need further assistance with this. I'm happy to assist you.

If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.

Cheers, 

Cel

[FHCom]

Hi!

I'm currently using MYOB Premier v13 and we are still on Financial Year 2018, how do I close years 2019, 2020, 2021, 2022? Do I need to close it year by year starting to 2018 or can I just close 2022? Also, if I close year 2022 does it affect the past month (January to July) of the current year of 2023?

[gavin12345]

Hi @FHCom 

As this is an forum for Aust and NZ users, suggestions/advice for other regions may not apply. So it is best to check with the forum or distributor in your region.

With local versions of MYOB, you must rollover one year at a time. I recommend an appropriately named backup after or before each rollover, so you can restore the correct backup should you need to examine a specific year later. This is also important in case the rollover fails.

Rolling over a FY does not affect any recorded transactions. Each transaction is stored according to the transaction date. The balance sheet and P&L statements are updated with transactions based on the transaction date as well as the Last Month. So if your last month is June, all transactions dated in June 2023 will be part of the FY ended 30 June 2023. 

Regards

Gavin

[Earl_HD]

Hi @FHCom ,

Thank you so much for your post and welcome to the Community Forum! Sorry to hear that you were having problems about closing your Financial Year. I really appreciate your patience and understanding about this issue and I do apologize for the delayed response. 

Regarding your issue, you'll need to roll over each financial year or you can just create a new file. Every roll over of each FY you would need to take a back up of your file for it to take effect. 

Please do let me know how you go on this.
Regards,
Earl