Many of our clients find the concept of financial year roll forward confusing. First of all, if you are a Xero user, don’t worry about it! There is no formal roll forward process with Xero. With MYOB, there is still a “close year” (Live) and “start a new financial year” (Classic).
The first thing to note is that MYOB allows users to report one full financial year prior and one forward from the current financial year. So there is no need on 1st July to roll forward the year. Assuming you are a company or a trust, you must first get your accountant to prepare the final financial statements and lodge the appropriate tax return. You then will have to record the final adjusting journal entries to agree MYOB to your financial statements (we can help you with this!). Ensure that the profit and loss and balance sheet reports agree with the financial statements.
Then, and only then, should you roll forward your year. Once the year is rolled forward, all date ranges for the prior financial year are locked. This means you can look but you cannot touch.