That time of year rolls around quickly – the 30th June will be on you before you know it. So we have some reminders for you as you start reviewing your data file. Take the opportunity to talk to your bookkeeper about any plans for next year as your bookkeeper can help you better understand comparisons: This year/Last Year within your Profit & Loss and Balance Sheet. ACT NOW. Review and clarify all Balances on the Balance Sheet 1) Bank Loans & Clearing Accounts. Reconcile all Bank & Credit Card Accounts. Check the balances of your other Bank Accounts such as: Undeposited Funds, electronic clearing, clearing accounts, loan accounts & payroll clearing. Generally a clearing account should be zero at 30 June or you should be able to explain the balance to your accountant. 2) Debtors (Customers) & Creditors (Suppliers) - Review your Aged Payables & Aged Receivables. Write off Bad Debts. Check your Customer Deposits, do they equal your Customers Orders Paid? Check your Suppliers Deposits, do they equal your Suppliers Orders Paid? Review outstanding Sales & Purchases Orders. If you deal with Foreign Currency talk to your accountant regarding the rate of exchange for 30 June 3) Assets. Make sure you supply all the details of assets purchased to supply to your accountant. 4) Stock. Complete a stocktake. Check your actual stocktake match’s the Stock on Hand in your Balance Sheet 5) BAS & GST Accounts. Reconcile GST to June BAS. Reconcile BAS amounts reported for the year. Correct any mistakes. 6) Payroll & Payment Summaries. Reconcile PAYGW, W1 & W2 to BAS’s. Reconcile Superannuation and Payroll Tax. Prepare Payment Summaries and supply them to Employee’s by 14th July, 2013 7) Superannuation. Match your SGC payments to your Superannuation Liability Account. Review how you pay your SGC, could you use an electronic method such as the Medicare Superannuation Clearing House? 8) Backup, Backup, Backup & BACKUP
Posted on: Sun, 23 Jun 2013 04:46:40 +0000
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