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  • Setting up AccountEdge mid-year

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This support note describes how to convert to AccountEdge from other accounting software mid-year. This ensures your financial figures are accurate for the entire financial year.

Australia only: If you have started using the Payroll module after the payroll year has commenced, see Commencing payroll mid year (Australia only).

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Brett Easier is the bookkeeper for a panel beater's shop. For the past 8 years Brett has prepared all invoicing and books manually. Brett is ready to move onto a computerised accounting system, bringing with him the first 7 months' details from his manual accounting system.

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title1. Set up the company file

Setup your new company file using the New Company File Assistant (Setup menu > as described in the AccountEdge help (Australia | New Zealand). As Brett is moving onto MYOB software in AccountEdge in the month of February, make the Conversion Month February. Be sure the correct conversion month is selected.

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Once the conversion month is confirmed it cannot be changed. 
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title2. Prepare financial reports
Prepare a Profit and Loss Sheet and Balance Sheet up till the time of conversion using the previous method. In Brett's case he will require a Profit & Loss Statement from the 1st July till 31st January and a Balance Sheet as at 31st January.
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title3. Enter account opening balances
  1. In your MYOB accounting softwareAccountEdge, go to the Setup menu and choose Balances then choose Account Opening Balances. The Account Opening Balances window appears.
  2. In the Opening Balances column, click an account's balance and overtype with the correct opening balance.
  3. Repeat for all relevant accounts.
  4. Click OK.
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  • As the conversion month is not the first month of the financial year, AccountRight  AccountEdge will allow you to enter figures into Income, Cost of Sales, Expense, Other Income, and Other Expense categories. If the conversion month was the first month of the financial year, the ability to place amounts into these accounts would not be available.
  • When running reports, these opening balances will be reported at the date of your conversion month. 
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title4. [Optional] Assign opening balances to historical months
If you need to obtain monthly Profit & Loss and Balance Sheet reports, rather than seeing all the opening balances as of the conversion month, it is not necessary that we recreate all data for the period from the start of the financial year to the conversion month in MYOB. To do this, after entering you opening balances at Task 3 above, we break that balance up into the monthly totals in the account history.
  1. Go to the Accounts command centre and click Accounts List.
  2. Click the zoom arrow next to the applicable account.
  3. Click the History tab as shown below. End of month balances for all Profit & Loss and Balance Sheet items can be entered here. Your software will allow you to insert end of month balances for accounts in the current financial year except for the month prior to conversion. The month prior to the conversion month obtains its balances via the Account Opening Balances window.
  4. Click OK.

The balance of Profit & Loss accounts in the month prior to the conversion month equals the account opening balance discounted by any amounts placed in the preceeding months balances for the current financial year.

As shown in the example below, we have entered an opening value for the Expense Account 6-1000 as $5234. This is shown in the Account History as the final balance for June.



As we enter values into May, April and March, the value of June is automatically reduced.


Using the multi-period Profit & Loss report on this account, you can now report on the values for each month, where previously you would only have had 1 value of $5234 showing for June.


Your software also allows the user to enter Account Historical Balances up to 12 months prior to the current financial year. By entering historical data prior to the current financial year, This Year versus Last Year Balance Sheet and Profit and Loss reports will become available.

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title5. Enter historical information for cards and inventory

This information will allow you to produce analyse sales reports by Customer, Items and Salesperson including this year versus last year.

To enter sales history for Customers and Employees:

  1. Go to the Card File command centre and click Cards List.
  2. Click the Customer or Employee tab (as applicable).
  3. Click the zoom arrow next to the customer or employee (as applicable).
  4. Click the History tab.
  5. Enter sales information for the applicable year and period.
  6. Click OK.

To enter sales history for inventory items:

  1. Go to the Inventory command centre and click Items List.
  2. Click the zoom arrow next to the applicable item.
  3. Click the History tab.
  4. Enter sales information for the applicable year and period. Use the back and forward arrows to navigate between financial years as highlighted in the example below.
  5. Click OK. See example window below.
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title6. Enter balances for control accounts and bank accounts
Enter opening Trade Debtors, opening Trade Creditors, outstanding Cheques and Deposits not yet credited. 
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titleRelated topics

Commencing payroll mid year (Australia only)

Setting up a new company file (Australia)

Setting up a new company file (New Zealand)