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END OF FINANCIAL YEAR CHECKLIST

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!!