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
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 30th 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-
- 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.
We also have a series of YouTube videos on EOFY Tips;
EOFY TIP 1 The GL Calendar http://www.youtube.com/watch?v=vEFdhi622xQ
EOFY TIP 2 Payment Summaries http://www.youtube.com/watch?v=h8ZThzSTHg4
EOFY TIP 3 Payroll Tax Tables http://www.youtube.com/watch?v=yTzVDFmTHXU
EOFY TIP 4 End of Financial Year Process http://www.youtube.com/watch?v=ZANHrM0CIZ0
For further information please contact the Autosoft team and we can organise a consultation with a Training or Accounting Consultant.