Here are some tips to help you get prepared for 30 June. Many of these items you can check and work on now, while you have time. Don’t leave it all until year end!
END OF YEAR CHECKLIST FOR MYOB USERS
As part of your year end bookkeeping please ensure the following is done before you send your reports and MYOB file to your accountant.
Of course, if you use UBS for your bookkeeping, you don’t need to worry about the below, we take care of it for you!
|Bank Reconciliations|| Ensure all bank accounts are reconciled to 30 June 2010.
Ensure after reconciling your account that any unreconciled items are researched and cleared.
Ensure that all bank accounts are reconciled including credit card accounts.
VERY IMPORANT. When you are reconciling all accounts to 30 June print a reconciliation report.
|Debtors|| Review your debtors listing and write off any amounts that will not be recoverable.
Allocate any credits which are not yet allocated to customers (if possible).
Run a Sales Reconciliation Summary report and ensure that at the bottom of the report the variance is ?nil?
|Creditors|| Review your creditors listing and ensure it is correct and these funds are owed to your suppliers.
Allocate any credits which are not yet allocated to suppliers (if possible).
Run a Purchases Reconciliation Summary report and ensure that at the bottom of the report the variance is ?nil?.
|Stock|| Ensure you have an accurate stock valuation figure for 30 June 2010 ? by way of stocktake.
Ensure that you make any stock adjustments needed so that your MYOB file reflects the correct stock count and value for each item.
Review your inventory listing and write off any stock that is obsolete or damaged.
Run an Inventory Value Reconciliation report and ensure that the variance at the bottom of the report is ?nil?
|Assets|| Check for movement in asset accounts throughout the financial year and ensure that a full description is given
Review the fixed asset register from the previous financial year and ensure that you still own the assets listed on that report. If any of these assets have been disposed of or are obsolete, please advise your accountant.
|Payroll|| Generate a Payroll Activity Summary report and ensure that your total gross wages and superannuation agree with the totals appearing in your profit and loss report.
Review the PAYG withheld account and compare to the total on the Payroll Activity Summary report.
When generating your PAYG summaries ensure that the total declared equals your Payroll Activity Summary report.
VERY IMPORTANT ? try to pay your superannuation liability before 30 June so that you get your tax deduction in the 2010 financial year.
|GST||Ensure that each BAS payment has been allocated to the correct liability accounts in the general ledger.|
|Balance Sheet General||Review your balance sheet and ensure that all items look reasonable.|
|Profit & Loss General|| Review your profit and loss account and ensure that all items look reasonable.
Ensure that you have not expensed anything that should be capitalised.