The last few weeks/ months have been very tough on many businesses, but here is our timely reminder for businesses: EOFY is fast approaching and the time to start your preparations is NOW. To assist you, we have created the below EOFY Checklist.
1. Reconcile your Accounts and make sure they are accurate and up-to-date, e.g. :
- Credit Cards
- Petty Cash
- Bank Loans
- EFTPOS, etc.
2. Reconcile Debtors & Creditors
- Write off bad debts after client reviews
- Reconcile to Balance Sheet
- Review outstanding orders, etc.
3. Reconcile Superannuation
- Reconcile unpaid superannuation to Balance Sheet Superannuation Liability
4. Reconcile PAYG Withholding
- Reconcile unpaid PAYG Balance Sheet PAYGW Liability
- Check PAYG paid for the year equals Payroll Summary
5. Reconcile Payroll Tax for the year
6. Review & Prepare Taxable Payments Annual Report
- Flag Suppliers for TPAR Report
- Report paid only supplier Invoices
7. Prepare Payment Summaries
8. Prepare STP Final Event
- Reconcile payroll to payroll reporting
- balanced any deduction or reimbursement accounts
9. Reconcile Loan Accounts and Inter-Company Loans
- Review Director’s Loan
- Reconcile Inter-Company Loans, ensuring balances are the same
10. Reconcile Inventory
- Write-off obsolete stock
- Check average cost of stock at Stock-take
11. Reconcile GST-Control Accounts
12. Review Assets bought & sold within the Financial Year
13. Provide your Accountant with all required documents and online access where needed
If you are struggling to get your head around EOFY and preparing the paperwork for your Accountant, our BAS Agents are here to help your business to get organised by 30th June 2020.
Contact us today for a free consultation.
Kind Regards,
The Three Bookkeeping & Admin Services