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Business Financials – Prepare now for End of Financial Year!

images/Business Financials2.jpgIt’s never too early to prepare for End of Financial Year – which is 30 June in Australia. You can start now, even though some tasks have to be completed AFTER 30 June.

Before you start Year End get the main basic regular tasks for the financial period up to date now:

·            Bank account - you have fully reconciled your account and it agrees with your actual bank statement balance;

·            Invoices - you have entered and approved all invoices;

·            Bills - you have entered and approved all bills;

·            Expense claims - you have entered and approved all expense claims;

·            Receipts received - you have banked all customer receipts;

·            Tax adviser role - make sure you email or call to ask if there are any issues to complete before 30 June.

Once the above have been completed, finish the steps again early July. Some reports that should be checked -

1.    Run a GST Exceptions / Reconciliation report. From here you can drill down to each transaction. Check each GST category, for example, the GST charged on income, GST charged on expenses, Excluded and GST-Free Expenses for any coding and GST treatment that looks incorrect.

2.     Run a Trial Balance. Any accounts that have odd figures?

3.     Reconcile all accounts on your Balance Sheet:

·        Bank account - make sure any un-presented cheques or payments are correct. Check your imported bank balance in Xero against your actual bank balance from your bank. Use the Bank Reconciliation report to help with this;

·         Run an Aged Receivables/Debtors and an Aged Payables/Creditors report. Write off any bad debts;

·         Check your BAS Returns and balance for the period;

·         Ensure you know what makes up the balance of all accounts in your Balance Sheet, including loans and fixed assets.

4.     Let your tax advisor know you have finished entering data so they can log in to your organisation in Xero to see/update what you've done and potentially complete the rest of the process.

5.     Your tax advisor can add journals and adjustments directly into online software.

6.     Your tax advisor is likely to verify balance sheet items and add entries for:

·         year-end manual journals

·         tax liability

·         accruals

·         work in progress

·         depreciation

·         loans

·         GST adjustments.

If your tax advisor is completing your accounts, they may want the paper copies of items on your Balance Sheet (such as loans, bank accounts, prepayments, GST statements) to check these against your Xero balances and ensure they are correct.

Get Your FREE “Avoid these GST mistakes”

There is 18 that the Tax Office see regularly – Get them right!

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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