I get asked a lot about backing up MYOB files, when, where & how. I must say that I always tell my clients (and their staff) or students that it is critical that you backup every time you enter data.
Why, you ask?
Because MYOB like any other data, software or hardware can be prone to failure. Now it may not be the MYOB software itself, but a virus or other outside influence, such as power outage, could attach itself to the MYOB data and corrupt it.
Many people do not service their PC’s like they should (you wouldn’t treat your car like that) and any hardware failure could make it impossible to retrieve the data. Where are you then?, stuck on the highway with no RACV, because you did not keep an up to date backup copy of your MYOB data. This could be extremely time consuming and expensive with re-entering all that data over again!
If you do make backup copies of your data, do not leave them on your PC or in the same place as your PC.
Why you ask?
Because, if they are on your PC and it is stolen, not only is your PC gone but so is your data. If your Office or Home has a fire, it also burns up your back copies, so you must take your backups off site and away from your PC for storage.
You should also take end of financial year and end of payroll year MYOB data backups separately. This is because MYOB discards some information from the previous year’s work so that the data file does not become too large.
Mark these backup data files accordingly in case for any reason you need to restore the data to look at discarded information such as payroll data.
These ends of year data backups should definitely be kept securely as they are your financial records for that year and as such should be kept for a minimum of five to seven years under current law.