As another financial year comes to an end, there’s a few things you can do to make the annual reporting process easy.

1. Accounting Software: Check your cashbook system, (e.g. Xero, MYOB) to ensure your information is up to date and accurate. Check the following:

  • Bank accounts should be reconciled to balance date and the balance should match what your bank statements show. There should be no un-coded items remaining from the financial year.
  • Accounts payable are up to date. Any old amounts showing have been checked that they are not a double up of an expense paid already. Anything dated 31 March or earlier should be recorded as an account payable even though it won’t be paid until April or later.
  • Accounts Receivable. Ensure old amounts owing to you have been followed up for payment and any Bad Debts are written off before balance date.
  • Review the profit and loss and cashflow reports to check your coding looks okay. 
  • Check asset purchases during the year have a description attached and if it’s on a repayment arrangement, include this in the information you send your client manager.

If you need assistance, or have reason to want someone to review your cashbook, please get in touch with your Client Manager.

2. Stocktake: Write off any obsolete stock and at stocktake time, record the value of stock based on the lower of cost or sale price. Stock on Hand with a value of $10,000 or more must be recorded in the annual accounts.

3. Additional Information to set aside:  We’ll need certain information from you to support your file, even if you use cloud-based software. This includes information such as:

  • Statements verifying closing bank balances/loan balances
  • Invoices for fixed assets purchases or sales
  • Sale & Purchase/Settlement agreements for property
  • Insurance statements
  • Hire Purchase agreements
  • Details of loan terms, interest rates and security held
  • Closing Stock/Work In Progress/Crop on Hand values or numbers of livestock on hand.  

Your Client Manager will be in contact with you soon if your balance date is 31 March.