As always, here are a lot of things to consider before the end of the financial year.
Here are our top 5 bookkeeping tips to help make year-end run a smoothly as possible.
- Process and make superannuation payments for employees before 30th June to ensure you get a tax deduction for the payment.
- Once you’ve run your last payroll for the financial year reconcile payroll liability accounts (wages payable, superannuation payable & PAYG withholding payable) and finalise your Single Touch Payroll reporting. You can also reconcile, prepare and lodge WorkCover, payroll tax & Taxable Payments Annual Report (if applicable).
- Review aged debtors & creditors to ensure all amounts being carried are recoverable or payable.
- Reconcile all bank, credit card, loan and petty cash accounts.
- Perform a stocktake if applicable on 30th June to ensure correct stock valuation.
If you have any questions in relation to the above or any other bookkeeping matters, please contact your Holman Hodge adviser.