End of Year Processes

Year end is fast approaching, with our help it will be faster by ticking all the followings:

Ensure that all bank accounts are reconciled including credit card accounts.
Review your debtors listing and write off any amounts that will not be recoverable.
Run a Sales Reconciliation Summary report and ensure that at the bottom of the report the variance is ?nil?
Run a Purchases Reconciliation Summary report and ensure that at the bottom of the report the variance is ?nil?.
Run an Inventory Value Reconciliation report and ensure that the variance at the bottom of the report is ?nil?
Check for movement in asset accounts throughout the financial year and ensure that a full description is given
Generate a Payroll Activity Summary report and ensure that your total gross wages and superannuation agree with the totals appearing in your profit and loss report.
Review the PAYG withheld account and compare to the total on the Payroll Activity Summary report.
Ensure that each BAS payment has been allocated to the correct liability accounts in the general ledger.
Review your balance sheet and ensure that all items look reasonable
Review your profit and loss account and ensure that all items look reasonable
Ensure that you have not expensed anything that should be capitalised.