Top Tips

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 30^th 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 30^th 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.