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 and presents us with other reporting obligations. It is a time we take stock of where we are at and possibly where we are going and where we want to be financially the same time next year.
This period brings its own unique tasks to our financial record keeping but some of those tasks are also performed at other times during the year. At this time we want to spotlight the tasks which occur at the end of each Reconciliation interval, BAS period or Financial year. When each of these falls due 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 need not be stressful or much more work than any other time of the year.
Use the EOFY Steps link below to open our Quick Reference Guide which you can print or save a copy of for future reference. This guide will also available by opening Phoenix Help and typing ‘tips’ into the Search field after the next Version 9 update. It is not designed to provide full details of each procedure and not everyone who uses the guide will perform every task e.g. many of us only use the Reconciled Accounts in Phoenix in which case the tasks associated with Customers and Suppliers, Assets and Liabilities and Physical Accounts won’t apply.
More detailed instructions can be found under the relevant topics in Phoenix Help, in some of the Tutorial Videos or webinars or by calling AGDATA Support.
Happy End of Financial Year!