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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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Xero – EOFY checklist – How to prepare the books for End Of Financial Year

Xero logoXERO have many resources to assist you to prepare the books for your accountant - but more importantly for you to have an accurate set of books to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER!

Your books/accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!

When is the Australian financial year?

The Australian financial year (also the Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe.

1. EOFY checklist - Summary

  1. Reconcile bank, PayPal, Stripe, Square and credit cards to 30 June date to the statements
  2. Reconcile Payroll, PAYG, super
  3. Finalise Payroll STP
  4. Stock Take – reconcile Inventory
  5. Sales and Purchases all entered as dated up to 30 June
  6. BAS – review detail reports and any adjustments required ready for 28 July
  7. State Payroll Tax – report in July
  8. Superannuation – previous month or quarter – due 28 July
  9. Workcover – can lodge online in July, once Payroll completed

There is also a XERO checklist for small businesses. DOWNLOAD XERO CHECKLIST

2. Key Dates to action

Here are the key EOFY milestones you need to know or check out the Australian Tax Office (ATO) for the full list of dates.

EOFY dates (xero resources Jun21)

3. Resources from Xero to prepare end of financial year

Processing payroll

Understand how to review, reconcile and amend your payroll, so you can finalise and lodge your Single Touch Payroll (STP) declaration by June 14.

Register for beginners payroll webinar

Download payroll checklist

Watch a refresher
Closing the books

Familiarise yourself with everything from stock taking inventory, to bank reconciliations and closing off your accounts.

Download processing checklist

Download EOFY basics one pager

Register for EOFY processing webinar

Setting up for the new year

With the financial year ending, it's the perfect time to do a business check-up, celebrate the highs and lows of the year and refocus on business goals.

Download tasks for your tax period one pager

Stress response and resilience course

Plan your online growth for the new FY

Download tasks for your tax period one pager

For the new financial year, try to set up systems that:

  • Limit the amount of work you have to do at tax time;
  • Give you a running report of business performance (so you don’t have to wait till this time next year to find out how you’re doing);
  • Create an automatic audit trail.

Online accounting software automates data entry, so your books are always up to date. That’s great for end of financial year and the tax season, but it also means you can create a P&L statement or a balance sheet whenever you like – not just at tax time. And because you’ll have digital records of everything, there’s no need to fear an audit.

Also, ask your accountant to come up with a tax plan for the new year. They’re in a much better position to lower your tax bill if they can put a 12-month strategy in place.

4. You may need to do a stock take

Unused inventory needs to be declared as an asset. You’ll need to count what you have and assign a value to each item.

If you carry a lot of inventory, consider getting an app to keep track of it. An inventory app allows you to record inventory as you buy it. It’ll also sync with your sales system, so items are subtracted from your inventory as they’re sold.

The main XERO Resource Page Get your business ready for EOFY is packed with all the key things to do!

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support –

No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” –

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

Email  This email address is being protected from spambots. You need JavaScript enabled to view it.  or

call 0407 361 596 Australia

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MYOB – EOFY (End of Financial Year) accounting procedures: Account Right & Essentials

images/MYOB logo new.JPGThere are plenty of MYOB resources to assist you organise your books/accounts for your accountant, but more importantly for you to have an accurate set of accounts to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER! Your books/accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!

 

1. EOFY – End of Financial Year key dates – Tax Time Planner

This calendar is a great tool where you can select the date to see key compliance tasks and actions that need to be taken, as well as industry tax deductions lists and a FREE EOFY email course! – click this image –

images/MYOB EOFY calendar2020.JPG

2. MYOB Account Right

Several End-of-year procedures need to be carried out to prepare your company file for the coming year. By reconciling and completing the year in your company file, you are effectively bringing the company file up to date.

These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.

Your payroll, invoices, purchases statement reconciliations as well as finally your inventory should be counted, valued and, where necessary, adjusted in your company file.  Here is a video about Year End in Account Right -

images/MYOB EOFY Quick Guide.JPG

At the MYOB End of Period page is where you begin. The resources include end of Month, Financial and Payroll Year things that you should do. Overall it’s about checking the accounting records to ensure they are complete, accurate and reconciled to key support documents such as bank and credit card statements.

Other helpful Links

3. MYOB Essentials

For users of MYOB Essentials - see the end of year page & video on what to do. You can also find FAQs and The Help Centre there.

 

images/MYOB A Quick Guide.JPG

Other helpful Links

 

4. Software Upgrades

Essentials updates are AUTOMATIC – no need to fiddle with any downloads!

 

5. Want help with upgrading?

Need to talk about what is available without obligation or any pressure or sales pitch? Then call Paul! 0407 361 596

 

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email  This email address is being protected from spambots. You need JavaScript enabled to view it.  or call 0407 361 596 Australia
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