If you have recently started your own business after completing our online MYOB training course, and this is your first time doing end of financial year (EOFY) analysis, never fear — here’s an EOFY checklist to make sure you’re ready!
Even if you’re a veteran bookkeeper, these are still handy tips that are often overlooked in the rush to get everything ready by 30 June.
Before the EOFY:
- Make sure you present and clear any old cheques before 30 June before you reconcile your bank accounts — you don’t want to leave these until the following financial year, as it create problems later on down the line.
- Also chase-up any outstanding debtors (people who haven’t paid an invoice that’s overdue) as, again, if it’s paid after 30 June, this can create problems later on.
- If you have any outstanding debtors that are more than 12 months old, cut your losses (so to speak) and claim back the GST.
- You should also write off any old stock if it is also more than 12 months old.
- Once this is done, reconcile your accounts — is your un-deposited funds account bank to nil? If not, you need to go back and investigate why.
Now for Payroll:
- Don’t forget that the superannuation guarantee will increase to 9.25% from the 1st July this year — make sure you update your records so you don’t get caught out later on down the track.
- Make sure you have all of your employees’ tax file numbers before 30 June.
- Pay your June Superannuation Guarantee Charge (SGC) by 30 June this year to ensure you actually get the tax deduction this year.
- Also make sure you pay all your SGC obligations before 28 July 2013 to avoid SGC review and all the time-consuming paperwork that goes with it.
- Don’t leave your payment summaries until the last minute — by law you have to provide these to your staff by 14 July, so you give yourself plenty of time.
Remember: In MYOB the software requires you to enter a tax file number for all employees regardless of whether they have one or whether you have to print a payment summary for them or not.
In this instance use the following codes:
- For a New Payee that has not made a TFN Declaration, but 28 days have not passed use: 111 111 111
- Payee is under 18 years of age and earnings do not exceed $350 per week, $700 per fortnight or $1,517 per month use: 333 333 333
- Payee is an Australian Government pensioner payee use: 444 444 444
- Payee chooses not to quote a TFN and has not claimed an exemption from quoting a TFN or does not fit into any of the above categories use: 000 000 000.
And while we’re dispensing handy tips, we find that if you have a checklist of all the things you must do for as part of your end of financial year analysis, you’re less likely to forget anything. So why not print out this list and keep it by your desk so you don’t get caught out.