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.