year end checklist

Keeping a sound track of your records

At the end of each financial year, all businesses have reporting requirements to meet and commitments to the ATO.
Following is a list of tasks that we recommend should be completed to ensure that your reporting is complete as possible. It is a good practice to do the following at the end of your GST reporting cycle.

Reconcile your Bank accounts
Reconcile your Accounts Receivables
Reconcile your Accounts Payable
Reconcile your Inventory if appropriate (before processing any July transactions)
Review your accounts and reports
Enter adjustments
Set up Lock Periods
Set up your Business Activity Statement information and prepare your Business Activity Statement.
Back up your data file
Start a New Financial Year (not at end of GST cycle) WARNING wait until your accountant has advised all adjustments to year end before resetting the year.
Optimise your data file.