It’s that time of the year, END OF FINANCIAL YEAR.
Every business would have essentially maintained their bookkeeping all year round nevertheless there are several business owners out there who may have time limitations and struggle to be on top of their accounts and bookkeeping. Following these few pointers will ensure that your accounts are all reconciled and balanced to be presented to your accountant.
Begin by reconciling your bank accounts, receivables and payables.
Do a stock take at the end of June and reconcile your inventory.
Reconcile your payroll and GST for the year before lodging the June Quarter BAS so that any variations with the ATO for the previous quarters could be adjusted in the June quarter.
If you have any outstanding tax liability, it is advisable to reconcile the ATO statements to make sure that you have included the interest charges.
Likewise reconcile the vehicle or equipment lease accounts, if any, to ensure the interest charge is included on the company books.
Don't freak out, if you cannot manage all of this, HS Bookkeeping Service are here to help, give us a call on 1300 664 796.
Once your accounts are all up to date, you will need to provide the information to your accountant for the taxation purposes. Most accountants will require the following information:
Company MYOB or QuickBooks File
Bank Reconciliation Report
GST Reconciliation Report.
PAYG Reconciliation Report.
Receivables and Payables Reconciliation Report.
Lease documents of any new lease started during the year
Inventory Valuation Report
Getting this information organised could save you time, money and stress.
Experiencing difficulty with keeping up with the year end requirements, give HS Bookkeeping Service a call on 1300 664 796 and we can take care of your accounts to ensure you accounts are all up to date for the end of financial year and help you meet with the end of financial year statutory obligations.