Tag: EOFY analysis

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EOFY Tips: Keeping the Accountant Happy

bookkeeper accountant eofy tax preparation list
As a business owner, you don’t need to dread the 30 June!

30 JUNE IS VERY LIKELY a date dreaded by most bookkeepers. If you’re new to bookkeeping, we know it takes a while to remember everything that needs to be done, which is why we’ve been putting together blogs containing EOFY tips and checklists to make sure you make it to August!

And continuing in that tradition, we’ve put together one more checklist to help you out with your end of financial year analysis — some tips on keeping your clients’ accountants happy.

End of Financial Year Checklist to Keep Your Accountant Happy

Once you’ve done all of your EOFY reports, reconciliation and payroll (see our EOFY payroll checklist), you’ll need to forward on a few reports to your clients’ account.

These reports will vary from client-to-client and depend greatly on the size of the company, entity, or what services you’ve been engaged to provide, but typically every accountant will need the following:

  • Reconciliation Reports — BAS GST, payroll and accounts
  • Reports — balance sheets, P&L, general ledger accounts, accounts receivable & accounts payable at 30 June
  • Details of any motor vehicle usage
  • Accounting Information System copy of data file (backup)

For more tips to help you through your end of financial year analysis, see our EOFY checklist or our EOFY payroll checklist posts or visit the Institute of Certified Bookkeepers website.

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Survive 30 June: EOFY Payroll Checklist

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Make it through July with our End of Financial Year Payroll Checklist.

While everyone else is excited by the prospect of receiving a fat tax cheque from Mr Tax Man, if you’re a bookkeeper you’re probably not so much excited as you are busy. If this is your first time looking after the EOFY analysis for your new business (or maybe you’ve just enrolled in our MYOB course and you’re wondering what you’ll be doing this time next year), we’ve put together an EOFY payroll checklist to help you make it through July.

Get Your Details Up to Speed

Before you get started, make sure you check you’ve got the correct details for each of your employees — check you have the correct addresses and TFNs for all staff.

Also check that employees who have been terminated have a termination date and check the annual leave entitlement flag has “carry remaining entitlement” in MYOB.

Now we can begin!

  1. Reconciliations: reconcile total gross wages payment register, outstanding PAYGW liability, super liability and payroll tax for the year — see the Institute of Certified Bookkeepers payroll tax resource on the ICB website
  2. Print Reports: print payment register summary and payroll entitlement balance sumarry/detail
  3. Reconcile PAYG Withholding: see Insitute of Certified Bookkeepers payroll checklist resource
  4. Prepare Payment Summaries: remember salary sacrifice and ensure you send magnetic media form and EMPDUPE file to the ATO by 14 August
  5. Rollover Payroll Year: backup payroll file and store in payroll folder, rollover year to the next payroll year and load new tax tables
  6. Superannuation: don’t forget that the superannuation guarantee increased to 9.25% from July 1 2013.

For more tips to help you through EOFY analysis, see our EOFY checklist or visit the Institute of Certified Bookkeepers website. Happy EOFY!