End of year check list

At the end of each financial year there are a number of things you need to do and some things you can do to make our job easier and to ensure the information you give us is both complete and accurate.

Please ensure you complete the Client Questionnaire form(s) we have sent you. You will need to complete one form for each entity we are completing tax returns for (company, partnership, trust, personal etc)


Simple checks to ensure the accuracy of your information are:

□          Bank Accounts – check they are reconciled up to the end of balance date e.g. 31/3/14 (including credit card accounts).

□          Petty Cash – check it balances and all transactions are showing in your computer package.

□          Loans – check there are 12 payments coded to the relevant accounts.

□          Power, Telephone (landline) & Mobile – check there are 12 payments for each account.

□          Rent – check there are 12 payments for the year.

If you use an accounting package for your record keeping then check the appropriate code and simply count the number of transactions against that code for the year. There may be small variations in some instances so make sure you know why there is a variation. For example you may have paid a telephone account late (after the end of the financial year) and it appears in the next year’s processing. Make a note of these variations and give us the information – it will save us asking you for it later.


Other information

□          Sundry Debtors – reconcile your debtors and check you have given us the correct figure on the client questionnaire and this equals what your computer package says.

□          Sundry Creditors – reconcile your creditors and check you have filled out the client questionnaire and this equals to what you computer system says plus additional creditors like March GST and PAYE.

□          Stock on Hand – make sure you have taken a stock take at balance date and have put the correct figure on the client questionnaire.

□          Fixed Assets – ensure any new assets you have purchased that are over $500  have been coded to a fixed asset code and listed on the fixed asset schedule attached to the client questionnaire. Be as descriptive as you can about what the asset is (e.g. Compaq Presario C700 Notebook Computer) or better yet, attach a copy of the receipt for the purchase of the asset.

□          Home Office – check you have provided us with up to date figures on the client questionnaire.  If you have already claimed home office please specify what you have claimed.

□          Finance Agreements – if you have taken out any new finance agreements for the year (such as an insurance policy or to purchase a new vehicle), locate a copy of the agreement (or contact the lender to obtain an additional copy) and send in with your annual accounts information.

□          Once you have checked everything off and have sent a back up to Savage & Savage you need to lock the period at 31/3/14 under preferences (MYOB) or Financial Settings (Xero).  This will stop you from entering any further information into previous financial year.  If you need to enter anything into your last financial year and we still have your books then you need to let us know otherwise our journals may not be correct when entered onto your system.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *