The end of the financial year is coming up quickly and its time we get everything in order to get our hard-earned money back in our pocket from the ATO!
So, what do we need to do? Where do I begin? We know it’s a stressful time and there is a lot on everyone’s plate so we wanted to make it that little bit easier for you all and create an end of financial year checklist for you to live by during this taxing time.
End of Financial Year Checklist
Reconcile all bank accounts
Reconcile credit cards
Write off bad debts
Reconcile to Balance Sheet
Review advanced deposits and show link to orders
Review outstanding orders
Review refunds or credits and apply to invoices or clear
Reconcile unpaid superannuation to Balance Sheet Superannuation Liability
Reconcile unpaid PAYG to Balance Sheet PAYGW Liability
Check PAYGW paid for the year equals payroll summary YTD Tax
Check PAYGW paid for the month/quarter = Payroll Summary Monthly/Quarterly
Reconcile payroll tax for the year
Flag suppliers for Taxable Payments Annual Reports
Report paid only supplier invoices
Send – prepare and create file for lodgement via SBR or ATO Online Services
Review last year Depreciation Schedule for assets to write off or sold
Review all assets purchases in the year have date of purchase, value and full description and maximise write offs
PROVIDE TO YOUR ACCOUNTANT
Profit and Loss Statement YTD
Balance Sheet at Year End
Receivables and Payables Reconciliation Summary at Year End
Inventory Value Reconciliation Report at Year End
Copy of all BAS’s for the Year
Copy of financed documents for any equipment or cars or other assets bought
Backup of client’s file and login and passwords
Feel free to print this checklist out and use it as a guide when getting all your financials in order for this year. We hope this helps ease your stress at this time of year and assists in a quicker process to get this burden off your back and that mula in your pocket!!