We closed out our fiscal year 2007 and started the new fiscal year 2008 file for our company and have encountered a problem with the archived 2007 file. We did make a back-up disc of our 2007 fiscal year.

The new 2008 year file seems to be correct and ready to go but upon trying to check on some information in the archived 2007 back-up file, something seems to be wrong. Files seem to be missing (purchases, sales invoice entries) although the inventory entries are fine as are Accounts Receivable and Card Files. What seems particularly odd is that when we look at "Company Information" under the Set Up tab, the 2007 archived file lists the "Current Year" as 2008 and not 2007.

We've never had this happen during close-out of previous fiscal years. I verified the files prior to starting the year end process and backed up the 2007 files as well. During the process of starting the new fiscal year, the program did "hang" (go very slowly) for an exceptionally long time and I called MYOB customer service for advice to be on the safe side. I was told not to worry about it and just let it "do its thing", that sometimes it takes a long time. Eventually it finally did finish whatever it was doing and indicated the operation was complete.

Has anyone had a problem like this before? I'm not sure if I should go into the 2007 file and run restore with my back-up disc or not to try and restore the 2007 files.

Any ideas would be greatly appreciated! Thanks in advance!

Ellyn at Schmidt's Appliance

Do you have a duplicate of your data file, before going to next fiscal year? Do you have a second stuffed file? I set my preferences to do the back up every time I close the data file. At end pay year and also at end fiscal year, I dupe the data file and do the back up procedure. I've been burned so many times.
I even burn CD/DVD of those data files.
I just opened my data file I have for the pay year of 12/31, to make sure I had correct W2 info, and $$$ for my worker's comp insurance annual "audit".

Thanks for a reply! Yes, I do have back-ups and burned a CD as well. I'm just wondering if I go back into my 2007 file if I can run the restore function to load the missing data again WITHOUT it messing up my new 2008 fiscal year. Luckily we don't do payroll with this program. We just use it for Inventory and Sales tracking.

I would quit your 2008 file, first. Then launch your 2007 data file, and review whatever it is you need to review. Caution: If you enter items like sales or anything, and then close & save, it will NOT come in to the 2008 year.

Since you have been making entries dated 2008, (I am still in 2007, but have made 2008 entries), you can not enter transactions for 2007; it won't let you as you have closed fiscal year!

If you've not done too many transactions for 2008 since you changed fiscal year, my opinion is to go back to a good file from 2007 fiscal year, unlock it, start using it; when you have entered data that you think was lost, go through all your procedures to save, dupe, archive, etc., make the reports you do, and then again go to next fiscal year. All your 2008 data that you entered in the file of new fiscal year will need to be re-entered.

I learned a hard lesson long ago: After I enter a transaction from a paper slip, I place an e with the date. If I ever lost anything, I know the date I had entered the transaction.

I am not so familiar with the restore function, but it may be to merely unstuff the archived file. However, whatever you do in an archived data file for a previous fiscal year will NOT appear in the next fiscal year. I only open older fiscal years, to review any reports.
Hope that helps.

You understand that moving to the next fiscal year, closes out all the income & expense accounts, in the process of advancing.

quote:

Originally posted by Ellyn98370:
Thanks for a reply! Yes, I do have back-ups and burned a CD as well. I'm just wondering if I go back into my 2007 file if I can run the restore function to load the missing data again WITHOUT it messing up my new 2008 fiscal year. Luckily we don't do payroll with this program. We just use it for Inventory and Sales tracking.

SO, you are not entering purchases. Not my decision, but why not the entire accounting process, to get you the reports. Maybe my thoughts are not what you need, and you'd be better off discussing with your financial advisor. I'm giving my experience with the program.

I hope that someone see my questions and answers about my issue of client statements after posting payments received to an order.

George

I appreciate your responses, George!
Our owners discussed this with their accountant and have decided to just leave things as they are as we are soon changing to another program anyway. All the missing information is on a CD and we have hardcopy invoices and sales receipts for everything.