Important Warning on Year End Purging

This is an important warning to all MYOB users who are responsible for processing year end and rolling into the next year.

When you roll MYOB into a New Financial Year you are presented with several screens to tell the system if you want to purge closed transactions in prior financial years. 

If you use the default options then you will loose data (closed transactions) that BI4Cloud relies upon to produce analytical reports in prior years

Once the data is purged from this file it's gone for good.

Bi4Cloud relies upon transaction detail data to produce reports and it is this detail that provides the ability in BI to drill down to transactions. If you purge the detail then this data is no longer available.

Keep data from previous financial years in the MYOB file.

When you Start a New Financial Year you will be presented with several screens. In the screen below ensure you tick the highlighted checkbox 'Keep Closed Transactions from Prior Year' and then chose the cut-off for financial years you will never need to report on. Minimally you should keep this year and last years financial data.

We suggest you pick a date which is at least two years old.

Best Practice Analytics

In Joni Mitchell's words "You don't know what you've got till it's gone"

You should really consider the value of historical sales and purchases and keep copies of prior years MYOB files if you do have to purge.

These historical MYOB files can be connected and sync'd to BI4Cloud as seperate company files and then enquired upon should the need arise. You can connect and disconnect as required.

I was recently asked "Why would we need to see old sales" and my response was that this is the history of your commercial relationship with those companies and it's information that could be really useful as a source for revised relationships and new business.

They may have been a bad debtor so you will need to be prudent on terms.

They may have been a large purchaser of widget X which you could no longer source but you now have an alternate product that could interest them. 

Much more detailed Customer Relationship Management than just a name and contact details.

 

bi4cloud.com

 

 

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    Pam Pitt

    Would this article only relate to MYOB users who are still using the classic versions of MYOB, rather than AccountRight Live and Essential users, where the years are closed?

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