Resources

Australian Business Register
www.abr.gov.au

Australian Securities & Investments Commission
www.asic.gov.au

Australian Taxation Office
www.ato.gov.au

NSW Fair Trading
www.fairtrading.nsw.gov.au

NSW Office of State Revenue
www.osr.nsw.gov.au

End of Year Checklist for MYOB users

As a minimum, please ensure the following is done before you send your reports and MYOB file to your accountant. Of course, if you have engaged Affinity Business Services to do your bookkeeping, you don't need to worry about this, as we will take care of it for you!

Area
Details
Done
Reconciliations Ensure all bank accounts, including loans and credit cards are reconciled to 30/6/20XX. Check & investigate any unpresented items - do they need to be written off? Print a reconciliation report for each account.
Debtors Allocate any receipts previously unallocated. Review your debtors listing and write off any amounts that will not be recoverable. Run a Sales Reconciliation Summary report and ensure that the variance at the bottom of report is nil.
Creditors Allocate any payments previously unallocated. Review your creditors listing to ensure that it is correct and these amounts are owed to your suppliers. Run a Purchases Reconciliation Summary report and ensure that the variance at the bottom of report is nil.
Assets Check for movement in asset accounts throughout the financial year, ensuring that a full description is given. Copies of contracts to be given to accountant for major asset purchases. Review fixed asset register from the previous financial year and advise your accountant if any items have been disposed of or are obselete.
GST Ensure that each BAS payment has been correctly allocated to the GST Collected & Paid accounts. Ensure that the balance in the GST Collected & Paid accounts as at 30/6/20XX is reconciled with the amounts included on the June 20XX BAS.
Balance Sheet General Review your balance sheet and ensure that all items look reasonable.
Payroll Generate a Payroll Activity Summary report and ensure that your total gross wages and superannuation agree with the totals appearing in the profit and loss report. After the entry for the June BAS is posted, ensure that the balance of the PAYG withheld account is nil (allowing for rounding). Reconcile the W1 & W2 amounts on the BAS lodged for the year with the gross wages and tax withheld amounts on the Payroll Activity Summary report. If possible pay June superannuation before 30 June to obtain a tax deduction in the 30/6/20XX year.
Profit and Loss General Review your profit & loss account and ensure that all items look reasonable. Ensure that you have not included capital items in expense accounts.