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You should check your accounting records regularly to ensure they're complete, accurate and balanced.
Here are some things that will help you keep everything in check.
You should reconcile your company file information with any source documents and resources available to you.
For example, each month your bank account can be reconciled with your bank statement, creditors balances can be checked against statements, and your customers’ balances can be verified.
Other typical end-of-month procedures include reviewing your trial balance, reviewing your budgets and cash flow, and sending out customer statements.
End-of-year procedures need to be carried out to prepare your company file for the coming year. By closing the year in your company file, you are effectively bringing the company file up to date.
These include any adjustments you need to make to your company file so that it agrees with your accountant’s final records before you start a new year.
Your inventory should be counted, valued and, where necessary, adjusted in your company file.
(Plus and Premier, Australia only) Process the last pays for the payroll year and print payroll reports. You'll also need to finalise your Single Touch Payroll reporting information.
To simplify your end of payroll year, make sure you're using the latest AccountRight version.
Closing a financial year
Closing a payroll year
Prepare payment summaries
End of year finalisation with Single Touch Payroll reporting
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