EOFY End of Financial Year Reports and Other Recommendations

The purpose of this guide is to provide a checklist of tasks we recommend you should do at the end of financial year to make sure you have checked the data on the Reports to be submitted to the Accountant/Book keeper. Please check with them on what is required as this is meant as a guide and they may require further information for your business. You may also want to check with your accountant for any other recommended procedures like write off of expenses and if there are any Capital Purchases Claims you can make for the cost of your Autosoft system purchase.

1. Make sure all ‘End of Month’ tasks are up to date i.e;

Debtor Invoices- Go through all outstanding Jobs/Invoices in the Job Control Center to see if you can Finalise any outstanding Debtor Customer Invoices. For the guide on how to do this click here - https://autosoft.zendesk.com/hc/en-us/articles/227214007-How-to-Use-the-Job-Control-Centre
Debtors Payments - have been Finalised (where possible) https://autosoft.zendesk.com/hc/en-us/articles/227216467-How-to-Do-a-Debtors-Run-Balances-and-Payments-of-Debtor-Customer-Accounts
Creditor Invoices - All Outstanding invoices to be received in have been Finalised
Creditor Payments have been processed (where possible) https://autosoft.zendesk.com/hc/en-us/articles/227211287-How-to-Do-a-Creditors-Run-Balance-Report-Payments-and-Export-to-online-Banking
Non Creditor Payments/Journals/General Invoicing - Any other company payments have been processed. https://autosoft.zendesk.com/hc/en-us/articles/227211347
Undeposited funds – all funds that have been banked have been processed to the Bank Account https://autosoft.zendesk.com/hc/en-us/articles/227212967-How-to-Process-Undeposited-Funds
Bank Reconciliation – all Bank Reconciliations are up to date and have been Processed https://autosoft.zendesk.com/hc/en-us/articles/227212807-How-to-Do-a-Bank-Reconciliation-Run-

2. Additional Procedures

Stock take- we highly recommend you count, check and adjust your stock values as incorrect stock flows to incorrect report data https://autosoft.zendesk.com/hc/en-us/articles/227217067-How-to-Do-a-Stocktake-or-a-Stock-Adjustment-in-Autosoft
Till Variances - if you have been keeping track of your till variances, it may be time to Journal them to an Expense Account. https://autosoft.zendesk.com/hc/en-us/articles/227213107-What-to-Do-With-Your-Till-Reconciliation-Variances
Close the GL Calendar - for the previous periods / open next period - https://autosoft.zendesk.com/hc/en-us/articles/227213027-How-to-Open-and-Close-Posting-Months-in-the-Calendar
Run a Backup - Backups are recommended DAILY but definitely make sure you do another one at EOFY and have it copied to a hard drive or other devise which is/can be taken OFFSITE. https://autosoft.zendesk.com/hc/en-us/articles/227218787-How-to-Backup-your-Autosoft-Database
Update Your System- https://autosoft.zendesk.com/hc/en-us/articles/227218927-How-to-Do-Autosoft-Latest-Version-Update

3. Reports

These are the reports generally needed by your accountant/book keeper at the end of financial year. Please check with them for further information or reports they may need.

Reports Console – Stock -

Stock Value – this report must be run on the date and time it is needed. i.e Run it at the end of trade on the 30^th June

Reports Console - General Ledger -

GL Balance Sheet
GST BAS Amounts
Profit & Loss

A guide on the above reports and how tro cross check the data on the is here https://autosoft.zendesk.com/hc/en-us/articles/227212027-How-to-Process-Your-End-of-Month-Tasks-and-BAS-Reports-

4. Payroll

Update Your System - with Payrol, for the latest Tax tables and other changes as per our advise from the ATO, running the latest version update is impeccable. https://autosoft.zendesk.com/hc/en-us/articles/227218927-How-to-Do-Autosoft-Latest-Version-Update
Employee Group Certificates - https://autosoft.zendesk.com/hc/en-us/articles/227214707-How-to-do-Payroll-Employee-Group-Certificates-End-of-Financial-Year. Or there is a video available here http://www.youtube.com/watch?v=h8ZThzSTHg4
Payroll Tax Tables - this must be done BEFORE you can process your first payroll for the next financial year. http://www.youtube.com/watch?v=yTzVDFmTHXU
Payroll Super/Entitlement or any other ATO advised changes - Check with the ATO for any changes to Superannuation or Other Employee Entitlements then follow this guide on how to update Super https://autosoft.zendesk.com/hc/en-us/articles/227214767-Payroll-Superannuation-Changes-How-to-update-the-Employees-Super-Percentage-in-the-Payroll-System. For any other Entitlement Changes, refer to your Payroll Manual or search the knowledge base for guides.