As End of Financial Year for June 2017 is just around the corner, we need to do a few house- keeping items to make sure that our end of year is smooth and easy. As this is an important time, it can be a busy and stressful time of year for some, completing their bookkeeping, seeing their tax accountant for submitting tax returns and planning for the new financial year ahead.
Before you panic, here are some essentials tasks and responsibilities for you to complete before your end of financial year that may include -
- Conducting a stocktake.
- Summarising your debtors and creditors (In regards to debtors, you may need to chase up overdue accounts, or write off bad debts. You may need to send out Statements to your customers to remind them of payments due or overdue. Creditors, you may need to chase up credits that you have not yet received.
- Collate your invoices in regards to asset purchases, or expenditure on improvements to assets. Collate invoices of any asset disposals. Collating invoices ready for your accountant to calculate depreciation expense and maybe capital gains tax.
- Make sure your bank accounts balance to your bank statements, and check if there are any unreconciled items that you may need to investigate.
- Reconcile credit card statements.
- Make sure you have lodged all your obligations with the Tax Office. This includes BAS returns, PAYG withholding, Fringe Benefits Tax, Taxable Payments Reporting, and SuperStream requirements.
- Review your Profit and Loss and Balance Sheet reports, and investigate any odd entries.
- Collate loan statements if required from your institution, ready for your accountant.
- Check your GST paid and collected accounts, and make sure that you have coded your invoices both debtors and creditors to the correct GST items. For example GST-free, GST paid, GST collected, Capital Acquisitions, ABN not disclosed, Export Sales, Input taxed purchases, Input taxed sales, Not registered and Not Reportable.
Having a head start before end of June approaches, gives you time to look at your accounts and analyse items that need investigating, as well as having peace of mind before you give all your financials to your accountant.
If you need any help, please contact myself, as per website contact page.