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 to tick off!
1. Calculate your Stock on Hand (or Work in Progress for some businesses) as at 30 June 2018.
2. Make sure all of your bank accounts are reconciled in your accounting software as at 30 June 2018.
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 2018.
4. 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.
5. Get ready to prepare your PAYG Payment Summaries after 30 June 2018. You will need to distribute these to your employees by 14th July 2018 they are due to be lodged with the ATO by 14th August 2018.
6. For business that are required to lodge a TPAR (Taxable Payments Annual Report), please start getting ready to prepare as it is due by 28th August 2018.
7. Remember that the $20,000 accelerated deduction is still available for eligible purchases