End of Year Checklist 2014 – 2015

Customer ________________________________________

Date___________________

Person Responsible_____________________________________

There are many tasks you can do now which will make 30 June easier.  Some you can do at any time and others need to be close to the end of year.  Please also keep in mind that this is a pretty big list and you will need to work out which items apply to each customer.

 

Can you prove every item in the balance sheet?

Have you checked the risk items in the Profit & Loss?

Have you checked the reconciliation / audit reports built into your software?

Do your payroll reports and compliance items reconcile?

Have you locked the file?

Compliance:

Are the BAS’s lodged?

Was FBT Applicable?

Were the PAYG Summaries lodged and distributed?

Was the work cover rateable remuneration declaration completed?

Was Payroll tax applicable?

Business Checks:

Are all the appropriate insurances included?

Are all the registrations included?

Are all the assets capitalised appropriately?

 

Does it look and feel right?

Pre-End of Financial Year Checklist

Customer ________________________

Date______________________

Person Responsible_______________________________________ 

There are many tasks you can do now which will make 30 June easier.  Some you can do at any time and others need to be close to the end of year.  Please also keep in mind that this is a pretty big list and you will need to work out which items apply to each customer.

 

Item Yes No Notes/ Action Points

Accounts Payable

Review payables list and correct the following:

Example:

Any unpaid bills in dispute

Yes

 

Finalise adjusted invoice with Smith & Co
Any unpaid bills in dispute      
Any credits that have not or will not be claimed      
Does the total payables equal the balance in the balance sheet      
Any foreign currency adjustments      
Be prepared – is TPAR required?      
If yes, are all ABN’s entered?      
Is software set up for TPAR correctly?      
       

Accounts Receivable

Review debtors list and correct the following:

Are the debts genuine?      
Write off any bad debts.      
Does the total of the debtors equal the balance sheet at the same time?      

Payroll

Do you need to be Super stream compliant? Are you ready?      
Confirm up to date addresses for employees?      
Are there any TFN’s outstanding?      
What is the preferred delivery method of PAYG Summaries? Do you have it information ready?      
Will you need to do Payroll Tax Annual Declaration?      
Do you have the Workcover log in details for the Workcover Rateable Remuneration Declaration (WRRD)? Do you need FBT information from the accountant to complete WRRD?      

Balance Sheet

Does the balance sheet as at 30 June 2014 agree with the accountants’ version?                                                             If no please speak to the accountant about correcting it and the tax implications?      
Stock take – is a stock-take required? Note: if stock value has not changed by more than $5,000 it may not be required (ask your accountant). Also stock take is not required to be done on 30 June exactly.  (https://www.ato.gov.au/Business/Manage-your-invoices,-payments-and-records/Stocktakes-and-assets/Stocktakes/ )      

Fixed Assets

Look at the new assets and make sure the description is appropriate and if you can estimate the effective life.      
Do any items need to be written off?      

 

 


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