EOFY Checklist

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.

Phoenix EOFY Checklist Download

Quick Reference Guide - End of Reconciliation interval, BAS period or Financial Year
FUNCTION
TASKS
HINTS
Reconciliation
1. Generate Reconciliation Report
Print/Preview in reconciliation will display a Reconciliation Report. This report details any uncleared transactions.
2. Write off out of date, unpresented cheques or confirmed duplicate/unwanted transactions
Use Write Off function if entries are in current Financial Year
Contact us if there are balances in a previous Financial Year
Customers / Suppliers
1. Generate Aged Balance Report
Confirm balances for each month
Make corrections where required
2. Open New month
Only action if the monthly balances are correct
Assets & Liabilities
1. Generate Net Worth report for current period
Confirm balances are correct
Update Asset values at least once a year
Assets
1. At least once a year; update values
Confirm closing head against a recent physical count
Physical – Livestock Accounts
1. At least once per year; Generate a Livestock Report for each separate Livestock Account.
A dummy valuation with 0.00 transaction will keep the period current
IE; Sheep as one report, Cattle as another
Reconcile with Livestock module Livestock report
Update livestock movements e.g. Deaths, Natural Increase, Transfers & Valuations
Physical – Commodity Accounts
1. At least once per year Generate a Commodity Report for each Commodity Account
Confirm that Closing Balances in each sub-account agree with current actual quantities and values
Update commodity movements e.g. Production, Losses, Used, Transfers & Valuations
GST
1. Open GST Return
Confirm Opening Balance is approx. equal to GST Paid or Refunded
Confirm Closing Balance is approx. Equal to GST Refund/To Pay
2. Generate a Sheet + Transaction List report for the current quarter
Review the GST Report ensuring FTC regimes are up to date
3. Complete Bas
Use GST Report, FTC Calculations Summary & Wage summary reports (if applicable)
4. Finalise GST
Action any reminders
General
1. Generate Trial Balance Report
Confirm the trial balance report balances i.e., Total Debits = Total Credits
2. Backup and share data (if applicable) if not using Phoenix Live
Send backup to accountant/advisor for review (if applicable)
Backup to Phoenix Warehouse or other external location
Budgets
1. Compare actuals to projected
Generate a budget comparison in Reports in Financials
2. Forecast future cashflow balances
In Budgets use ‘Load Projected’ to replace budget figures with actuals to date
Payroll
1. Check that each employee has an email and a TFN recorded
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
2. Check that each employee has their TFN lodged with the ATO
Running the ‘TFN’ report will quickly compile this information
Clicking the ‘show’ button will reveal all un lodged TFN
To lodge these, click on the actions button and click lodge electronically.
3. Review the data to be lodged
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
4. Run a finalisation event
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.
Click on the Start Finalisation Event button and follow the prompts.
5. Notify employees of the completed finalisation event
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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