Checklist for EOFY Bookkeeping
It is the end of financial year time!
To help you prepare your business for the closing of financial year, here are some items to tick off!
1. Calculate your Stock on Hand (or Work in Progress for some businesses) as at 30 June 2019.
2. Make sure all of your bank accounts are reconciled in your accounting software as at 30 June 2019. Keep a copy of the 30 June 2019 statement as your accountant will ask this to confirm your account balances.
3. Check your Accounts Payable Reconciliation Report and Accounts Receivable Reconciliation Report and make sure that there is no out of balance amounts as at 30 June 2019.
4. If you have clearing accounts or suspense accounts, review the transactions listed there and try to clear those transactions. Most of the times, they will be due to allocation error.
5. Review your Accounts Receivable Report to see if there are old debtors. If there are, take steps to chase up the old debts to see if they are recoverable.
6. Check your payroll accounts (ie. wages, super expense, wages payable & super payable) to see if there is any errors and that there is no underpayments or overpayments.
7. For businesses not yet using Single Touch Payroll (STP), get ready to prepare your PAYG Payment Summaries after 30 June 2019. You will need to distribute these to your employees (even if their withheld amount is nil) by 14th July 2019 and they are due to be lodged with the ATO by 14th August 2019.
8. For businesses using Single Touch Payroll (STP), once you have done your final pay run for 30 June 2019 financial year and you are happy with all your payroll figures, you will need to make a finalisation declaration for your payroll. Once this is done, the ATO will receive a notification that you have provided all required information for the financial year through your STP reporting. If you only started reporting STP in the 30 June 2019 financial year, you will have until 31 July 2019 to submit your finalisation declaration. You are not required to produce PAYG Payment Summaries for your employees as they will have the information directly from the ATO through their myGov accounts.
9. For business that are required to lodge a TPAR (Taxable Payments Annual Report), please start getting ready to prepare the report as this is due by 28th August 2019. Starting 1 July 2018, the following industries are required to lodge TPAR: building & construction services, cleaning services, courier services, road freight services, Information Technology services and Security, investigation or surveillance services.
Please contact Crosscorp if you need assistance with your end of financial year work!