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Changing when a financial year starts and ends

By default, the financial year in MYOB Acumatica matches your local financial calendar:

  • For Australia, 1 July to 30 June.
  • For New Zealand, 1 April to 31 March.

However, you might need to change these dates to match a parent company. For example, if your company is acquired by a US company, you might want MYOB Acumatica's financial calendar to match the US financial calendar.

The way you change your financial year's start and end dates company's depends on whether or not you have historical data.

The accounting impact of changing financial year structure

Changing your financial year is high risk. It can affect reporting, year-end processing and tax obligations. Test the change in a test site first and get approval from your company accountant before updating your live MYOB Acumatica site.

MYOB Acumatica holds the running net profit and loss values in the YTD Net Income account. When you process year end, the value in YTD Net Income moves to the Retained Earnings account. If you change the financial year and then process year end, the value in YTD Net Income will move to Retained Earnings.

The instructions on this page don't apply if your company:

  • Uses the Fixed Assets, Deferred Revenue or Deferred Expenses modules.
  • Has financial documents posted for future periods.

Instead, create a support request.

If you want to change historical transactions

Changing the dates on historical transactions requires custom work to be done by Acumatica. You would need to pay an additional cost for this custom work. The cost isn't included in your support plan.

Raise a support request to explain what you need, and we can give you a quote.

For example

Let's say a company has been using MYOB Acumatica for over a year when they realise the financial year is set up incorrectly. November 2023 was part of the 2023 financial year, but it should have been part of the 2024 period. This happened because the Belongs to Next Year checkbox was incorrectly left unselected. Because the company has a year's worth of data, they have to raise a support request to fix their financial calendar and keep their historical data.

If you don't want to change historical transactions

You can use the master financial calendar to edit your financial year, as long as you:

  • Do not have any transactions posted to the period that will become your new financial year.
  • Do not use the Fixed Assets and Deferred Revenue modules.

For example

Let's say it's November 2025 and the financial year has 12 periods from January to December. Due to a company restructure, the financial year will be extended until June 2026, for a total of 18 periods. After that, the financial year will run from July to June. Because it's still 2025 and there are no transactions in 2026 yet, you can use the master financial calendar to make your changes.

  1. Go to the Master Financial Calendar (GL201000) form.
  2. Make sure that the current financial year is the most recent. Delete any later years.
  3. To be able to modify the year, select the User-Defined Periods checkbox.
  4. In the Modify Financial Periods window, click Yes.
  5. Delete the adjustment period and save the changes.
  6. Add the periods you need.
  7. Enter the ending dates and descriptions for the new periods.
  8. Save the year.
  9. In the Update Financial Year window, select Modify financial year settings and click OK.

Tip: After changing financial periods, you should review and update your ARM reports to reflect the new periods.