As a simple guide and reminder of some of the things you will need to do at the end of the financial year, if using MYOB, please read the following tips for the end of the financial year (provided by MYOB).
However, these are a general guide only. If you want any further information or clarification on any of these please give us a call.
Remember to backup before you do anything!
(Note: Payroll details are at the bottom of this note)
Step 1 Enter all transactions for the financial year
Step 2 Backup the company file
Step 3 Do a stocktake
Step 4 Reconcile your bank accounts
Step 5 Reconcile your accounts receivable
Step 6 Reconcile your accounts payable
Step 7 Reconcile your inventory
Step 8 Reconcile GST control accounts
Step 9 Review accounts and reports
Step 10 Provide information to your accountant
Step 11 Enter end-of-year adjustments provided by your accountant, and only then
Step 12 Start a new financial year
N.B. IF YOU USE PAYROLL THESE EXTRA STEPS ARE NEEDED
Step 1 Process the last paycheques for the year.
Step 2 Make sure all employees have a Tax File Number entered on their card.
Step 3 Make sure workers under labour hire arrangements have been identified.
Step 4 Print Payroll Reports
Step 5 Balance PAYG (Pay As You Go) Tax.
Step 6 Print PAYG Payment Summaries (Individual Non-business). (we recommend printing/saving them to Microsoft Office Document Image Writer or a similar package so that future copies can be printed if required).
Step 7 Make two backups.
Step 8 Start a New Payroll Year.
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