eofy checklist

Quarterly / End of Financial Year Checklist

Here is a checklist of some of the tasks you need to do as a small business owner prior to the end of the financial year.

 Pay outstanding creditors prior to the end of the quarter.
 Pay superannuation monthly for any employees.
 Look to pay the June superannuation for employees prior to 20 June so you include the expense in the current year.
 Reconcile all business bank accounts monthly in your accounting system, to pick up any errors quickly.
 Review your debtors regularly and contact any customers promptly if invoices have not been paid within your normal terms of trade.
 If you run debtors and/or creditors in your accounting system, check that the balances in the debtors and creditors report match the general ledger balances each month.
 If you have employees check the payroll system balances match the general ledger balances for the quarter.
 Review the full list of GST transactions from the accounting system for the quarter prior to completing your Business Activity Statement.

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