AAG's End of Financial Year Checklist

Getting Ready for

Tax Time

1.    Review Debtors Listing – identify any old/uncollectible amounts which need to be written off.  Identify and correct any inaccurate amounts – ask AAG if you need assistance.

2.    Review Creditors Listing – check the amounts listed are still owing and there are no double ups.

3.    Clear out the suspense account – ask AAG if you are unsure where these items need to go.

4.    Obtain copies of all bank statements, loans, credit cards at 30 June and provide to AAG.  Reconcile these to the balance sheet balances at 30 June.

5.    Stock on hand and work in progress – complete a physical count of stock on hand, record amounts, values and the date and time.

6.    Fixed Assets – ensure all assets included your ledger have enough detail for us to add to the fixed asset register.  Review the Fixed Asset ledger in the prior year financials and identify any items to be scrapped/disposed of.

7.    Reconcile Wages and Salaries per your general ledger to payroll reports.  Ensure Superannuation expense in the profit & loss matches the amount on the payroll reports.

8.    Review PAYG withheld and Superannuation liability accounts and ensure they only include the unpaid amount at balance date (30 June).

9.    Review a detailed General Ledger and ensure all like transactions are coded to the same account.  Ensure GST coding is correct.