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, paying payroll taxes (Plus and Premier, Australia only) and sending out customer statements.

See what you should do each month

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.

If you track inventory using AccountRight Standard, Plus or Premier, your inventory should be counted, valued and, where necessary, adjusted in your company file.

Learn about end of financial year tasks