The Ultimate EOFY Checklist
Jun 30, 2023Is your business ready to take off on a financial journey as the End of Financial Year (EOFY) draws near? Just like preparing for an exhilarating flight, it's essential to ensure a smooth ride by organizing your finances before the year ends.
To help you navigate through this crucial period, we've created a concise EOFY checklist.
INCOME
β Check that all sales have been entered, and all payments have been allocated. If using Point of Sales system, check that income in PoS matches income in bookkeeping software.
BILLS
β Check that all bills have been entered correctly
RECONCILIATIONS
β Check that all bank accounts have been reconciled.
β Review and fix unreconciled transactions and duplicates.
β Make sure the balances match the bank statements.
β Save copies of bank statements.
PAYROLL
β Ensure that the payroll clearing account is NIL.
β Ensure that superannuation payable & PAYG Withholding balance shows only what is owing.
DEBTORS/RECEIVABLES
β Review the debtor's list:
- Duplicate contacts
- Credits
β Ensure payments have been allocated to correct contact
β Make phone calls where too old
β Consider if any debtors are not going to pay
CREDITORS/PAYABLES
β Review the creditor's list
- Duplicate bills — if already paid it should not be on this list
- Credits
β Ensure payments have been allocated to the correct contact
β Contact suppliers to make a payment arrangement when necessary
PROFIT AND LOSS
β Review to see if anything looks incorrect and fix it.
β Look at month-by-month reports to review trends or misallocations.
BALANCE SHEET
β Review to see if anything looks incorrect and fix it. Each line item should be verified.
Now that you have a comprehensive checklist to guide you through the End of Financial Year process, it's time to ensure a smooth landing for your business. Don't let the turbulence of financial tasks slow you down or cause unnecessary stress.
Don't let the turbulence of EOFY catch you off guard! Our team of experts is here to assist you every step of the way.
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