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MYOB & Quickbooks – Year End – Align with Accountant’s Trial Balance and Profit & Loss
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Published on Thursday, 11 April 2013 12:06
After your accountant finishes your tax returns for the business andyou have the accountant’s reports back – it is good practice to align your software to the tax return / accountant’s reports. The action to take depends on the following questions:
- Did the accountant use your MYOB/Quickbooks datafile or just reports you sent?
- Did he give a Trial Balance? Can you ask him to give one?
- Otherwise we can use the Profit & Loss (Income Statement) and Balance Sheet (Financial Position).
- I get the Trial Balance from your MYOB/QB at 30/6/xx (year end)
- We then compare the two, and work out the difference – increase or decrease – the amount the MYOB needs to be adjusted to align with the accounts as the accountant finalised, and as were then reported as your Year End company accounts to the Aust Tax Office.
- We enter a General Journal to make the adjustment, and label it “Year End 12 adjust accounts to Accountant (name)”. You keep the trial balance and reports to explain the changes, and keep with the Year End papers for YE12, then archive!
