We understand that often book work isn’t high on your list of farm priorities, and it’s often EOFY when the effects of that come into light. Here is a quick and easy to checklist to work through to reduce the stress of EOFY.
For most businesses in Australia, the financial or fiscal year ends on 30th June. This also coincides with the end of another BAS period and the end of a reconciliation interval – which presents us with other reporting obligations. It is 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 team are here and happy to help with any of your Phoenix requirements.
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Quick Reference Guide - End of Reconciliation interval, BAS period or Financial Year
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FUNCTION
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TASKS
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HINTS
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Reconciliation
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1. Generate Reconciliation Report
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Print/Preview in reconciliation will display a Reconciliation Report. This report details any uncleared transactions.
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2. Write off out of date, unpresented cheques or confirmed duplicate/unwanted transactions
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Use Write Off function if entries are in current Financial Year
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Contact us if there are balances in a previous Financial Year
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Customers / Suppliers
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1. Generate Aged Balance Report
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Confirm balances for each month
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Make corrections where required
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2. Open New month
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Only action if the monthly balances are correct
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Assets & Liabilities
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1. Generate Net Worth report for current period
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Confirm balances are correct
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Update Asset values at least once a year
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Assets
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1. At least once a year; update values
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Confirm closing head against a recent physical count
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Physical – Livestock Accounts
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1. At least once per year; Generate a Livestock Report for each separate Livestock Account.
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A dummy valuation with 0.00 transaction will keep the period current
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IE; Sheep as one report, Cattle as another
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Reconcile with Livestock module Livestock report
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Update livestock movements e.g. Deaths, Natural Increase, Transfers & Valuations
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Physical – Commodity Accounts
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1. At least once per year Generate a Commodity Report for each Commodity Account
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Confirm that Closing Balances in each sub-account agree with current actual quantities and values
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Update commodity movements e.g. Production, Losses, Used, Transfers & Valuations
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GST
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1. Open GST Return
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Confirm Opening Balance is approx. equal to GST Paid or Refunded
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Confirm Closing Balance is approx. Equal to GST Refund/To Pay
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2. Generate a Sheet + Transaction List report for the current quarter
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Review the GST Report ensuring FTC regimes are up to date
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3. Complete Bas
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Use GST Report, FTC Calculations Summary & Wage summary reports (if applicable)
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4. Finalise GST
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Action any reminders
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General
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1. Generate Trial Balance Report
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Confirm the trial balance report balances i.e., Total Debits = Total Credits
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2. Backup and share data (if applicable) if not using Phoenix Live
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Send backup to accountant/advisor for review (if applicable)
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Backup to Phoenix Warehouse or other external location
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Budgets
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1. Compare actuals to projected
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Generate a budget comparison in Reports in Financials
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2. Forecast future cashflow balances
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In Budgets use ‘Load Projected’ to replace budget figures with actuals to date
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Payroll
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1. Check that each employee has an email and a TFN recorded
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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
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2. Check that each employee has their TFN lodged with the ATO
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Running the ‘TFN’ report will quickly compile this information
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Clicking the ‘show’ button will reveal all un lodged TFN
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To lodge these, click on the actions button and click lodge electronically.
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3. Review the data to be lodged
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To review what will be lodged in the finalisation event the ‘gross to net’ report is ideal.
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Select only the current financial year in the date field and then select Run.
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Review these figures
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4. Run a finalisation event
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To run the finalisation event, you will need to go to reports -> single touch payroll, in here you will see the Pay Events from throughout the year.
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Click on the Start Finalisation Event button and follow the prompts.
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5. Notify employees of the completed finalisation event
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Once the finalisation event is successful you will be able to click on ‘actions’, where you can ‘send notification’. This will use the email addresses recorded in the employee list to send notification of this event.
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