We understand that often book work isn’t high on your list of farm priorities, and it’s often End of Financial Year when the effects of that come into light. Here is a quick and easy End of Financial Year Phoenix checklist to work through.
For most businesses in Australia, the financial or fiscal year ends on 30th June. This also coincides with the end of another Business Activity Statement (BAS) period and the end of a reconciliation interval – which presents us with other reporting obligations. It’s a time we take stock of where we are at, where we are going and where we want to be financially the same time next year.
At the EOFY, we want to highlight the tasks which occur at the end of each reconciliation interval, BAS period or financial year. When each of these are required can vary from business to business, but regardless of the timing, the processes will be the same.
By following the recommended procedures throughout the year, the end of the financial year can be relatively stress free.
Good luck for all things EOFY and remember that our support team are here and happy to help with any of your Phoenix requirements.
Download a copy of the End Of Financial Year Phoenix Checklist here.
End of Financial Year Phoenix Checklist
Reconciliation
Quick Reference Guide for End of Reconciliation Interval, BAS Period or Financial Year
Task 1
- Generate Reconciliation Report
Hint:
- Print/Preview in reconciliation will display a Reconciliation Report. This report details any uncleared transactions
Task 2
- Write off out of date, unpresented cheques or confirmed duplicate/unwanted transactions
Hints:
- Use Write Off function if entries are in current financial year
- Contact us if there are balances in a previous financial year
Customers / Suppliers
Task 1
- Generate Aged Balance Report
Hints:
- Confirm balances for each month
- Make corrections where required
Task 2
- Open new month
Hint:
- Only action if the monthly balances are correct
Assets and Liabilities
Task
- Generate Net Worth Report for current period
Hints:
- Confirm balances are correct
- Update asset values at least once a year
Assets
Task
- Update values at least once a year
Hint:
- Confirm closing head against a recent physical count
Physical – Livestock Accounts
Task
- At least once per year generate a Livestock Report for each separate Livestock Account
Hints:
- A dummy valuation with 0.00 transaction will keep the period current
- e.g. Sheep as one report, Cattle as another
- Reconcile with Livestock Report in the Livestock module
- Update livestock movements. e.g. Deaths, Natural Increase, Transfers & Valuations
Physical – Commodity Accounts
Task
- At least once per year generate a Commodity Report for each Commodity Account
Hints:
- Confirm that Closing Balances in each sub-account agree with current actual quantities and values
- Update Commodity Movements, e.g. Production, Losses, Used, Transfers and Valuations
GST
Task 1
- Open GST Return
Hints:
- Confirm Opening Balance is approx. equal to GST Paid or Refunded
- Confirm Closing Balance is approx. Equal to GST Refund/To Pay
Task 2
- Generate a Sheet + Transaction List Report for the current quarter
Hint:
- Review the GST Report ensuring FTC regimes are up to date
Task 3
- Complete BAS
Hint:
- Use GST Report, FTC Calculations Summary and Wage Summary Reports (if applicable)
Task 4
- Finalise GST
Hint:
- Action any reminders
General
Task 1
- Generate Trial Balance Report
Hint:
- Confirm the Trial Balance Report, Balances. i.e., Total Debits = Total Credits
Task 2
- Backup and share data (if applicable) if not using Phoenix Live
Hints:
- Send backup to accountant/advisor for review (if applicable)
- Backup to Phoenix Warehouse or other external location
Budgets
Task 1
- Compare actuals to projected
Hint:
- Generate a budget comparison in Reports in Financials
Task 2
- Forecast future cashflow balances
Hint:
- In Budgets use ‘Load Projected’ to replace budget figures with actuals to date
Payroll
Task 1
- Check that each employee has an email and a TFN recorded
Hint:
- If we run an Employee Details Report we will see this all in one place. Use ‘Tax File Number’ and ‘Email’ as the search fields. Rectify any missing employee details
Task 2
- Check that each employee has their TFN lodged with the ATO
Hints:
- Running the TFN Report will quickly compile this information
- Clicking the ‘Show’ button will reveal all unlodged TFN
- To lodge these, click on the ‘Actions’ button and click ‘Lodge Electronically’
Task 3
- Review the data to be lodged
Hints:
- To review what will be lodged in the finalisation event, the Gross to Net Report is ideal
- Select only the current financial year in the ‘Date’ field and then select ‘Run’
- Review these figures
Task 4
- Run a finalisation event
Hints:
- To run the finalisation event, you will need to go to ‘Reports’ then select ‘Single Touch Payroll’. In here you will see the Pay Events from throughout the year
- Click on the ‘Start Finalisation Event’ button and follow the prompts
Task 5
- Notify employees of the completed finalisation event
Hint:
- Once the finalisation event is successful, you will be able to click ‘Actions’, where you can ‘Send Notification’. This will use the email addresses recorded in the employee list to send notification of this event
If you have any questions with the above, please contact our Tech Support Team for assistance.
Cover Image by: E M Simshauser Pty Ltd.
