EOFY Checklist

EOFY Checklist

person writing bucket list on book

No matter the size of your business, end of financial year is a busy time when things can get a bit overwhelming.

Here is a checklist for you to make your EOFY easier.

Record keeping

It is required by law that records of all financial transactions related to your business are kept so you have proof of what income was generated and what expenditures you incurred.

Checklist

Records you need to provide your bookkeeper and accountant with so they can complete your accounts and prepare your year end reports and tax return:

  • Bank statements with a closing balance as at 30 June
  • Debtors listings – receivables as at 30 June
  • Creditors listings – payables as at 30 June
  • Stock value as at 30 June
  • Purchases made during the year
  • Proceeds from a sale of any equipment or property
  • Details of any finance arrangements
  • List of business assets
  • Details of any government related payments, grants, rebates
  • Loan statements (if any) with total interest paid and balances as at 30 June
  • Summary of payments to contractors, labour hire payments, etc.
  • Motor vehicle expenses including fuel, registration, insurance, repairs & maintenance, log books, odometer readings, total business kilometers travelled for the financial year, etc.
  • Copies of insurance policy certificates and total premiums paid
  • Business travel documentation
  • Cash expenses

Why your bookkeeper and accountant need all of these from you

Year end accounts processing is complex that includes a lot of tasks to be performed.

We’ve listed a few of them for you to understand what needs to be done:

  • Reconcile Accounts (bank accounts, credit cards, petty cash, bank loans, clearing accounts, undeposited funds, EFTPOS / PayPal / Shopify / Stripe etc., payroll clearing to mention a few)
  • Reconcile Debtors and Creditors (write off bad debts if any, reconcile the balance sheet, reconcile foreign currency debtors and creditors, review advanced deposits, review outstanding orders, review returns and credits, etc.)
  • Reconcile Superannuation (reconcile unpaid super to super liability account, reconcile superannuation expense, review salary sacrifice super payments, etc.)
  • Reconcile PAYG Withholding (reconcile unpaid PAYG to PAYG liability account, check that PAYG paid reconciles with payroll summary data, etc.)
  • Reconcile Payroll Tax for the year
  • Review and Prepare Taxable Payments Annual Report (TPAR)
  • Prepare STP Final Event (this is to finalise Single Touch Payroll for the year and lodge with the ATO so Employee Income Statements are prepared and made available via myGov)
  • Reconcile Loan Accounts and Inter-Company Loans (review Directors Loan, reconcile inter-company loans and make sure balances are the same, etc.)
  • Reconcile Inventory (write off obsolete stock, ckeck stocktake balance, etc.
  • Reconcile GST Control Accounts
  • Review Assets Bought and Sold within the Financial Year (review last year Depreciation Schedule for assets to write off or sold, review all asset purchases in the year)
  • Prepare Financial Reports to provide to the Accountant
  • Make EOY Adjustments provided by the Accountant

When all the necessary tasks have been completed, your accounts are clean and ready for the preparation of your tax return.

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