Change financial year

[KLChew]

Hi, please be informed that my Company would like to change the financial year from 31 December to 30 June. The current fiscal period in my accounting system, MYOB Premier 13 is 1-1-2017 to 31-12-2017 but now I have to change it to 30-06-2018. So, I need your guidance to change the financial year without affecting my record in the system. I'm worried the change will affect the current record. Please advise. Thank you

 

[ESSAM]

It's depend on the system which you use ?

 

[QBslave]

Understand you want to change from a calendar year to a fiscal year. You can do anything you want internally, however, if you file your taxes in the U.S., you must notify the IRS of the change and explain why the change is necessary.

 

[Adeyemi Mafe]

I believe the question you are asking relates to your software system. Most Financial year are created when creating a new company on your software and it cannot be changed. I advise you recreate your company again if its a new year but for the backlog nothing can be done.