End of Financial Year Guide
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The following is a step by step guide of what to do at the end of the financial year. It is divided into 3 sections with information about Cashflow Manager, Invoice Manager and Wages Manager.
Of course, one of the most important things to do is create a backup file of your data and keep that backup file in a safe place. Start a new backup file for the new year.
Read on to find out more about each section or click on the link to go straight to the section you would like more information for.
Cashflow Manager
Invoice Manager
Wages Manager
A major advantage of Cashflow Manager is that you don't have to go through any complicated `year end rollover' procedures that are required in some other programs.
However, it is advisable to follow some steps to make it as easy as possible for your accountants to complete your financial statements and tax returns, and for you to access information in the future.
- Ensure all receipts & payments for the year have been recorded.
- Complete your Bank Reconciliation as at 30th June and click on the `Finish' and then `Lock' buttons to lock your records.
- Go to the Reports sections and print the following reports.
- Bank Reconciliation*
- Cash Reconciliation*
- General Ledger Listing
- GST Report
- Transaction Listing
- Statement of Receipts and Payments
- Trial Balance.
If you print reports every month or every quarter then you can just print reports for the current month or quarter. If you have not printed these reports during the year then print them for the full year.
*If you have multiple files, you will need to print the Bank Reconciliations Report for each file. You will also need to print the Cash Reconciliation Report for each file in which you have used cash.
- Print the Monthly Summary, Statement of Receipts and Payments and the Trial Balance for the full year as this will assist in preparing tax returns and future planning.
- Backup each of your files twice - Once for your own records and once for your accountant. (Use a USB Flash drive (Memory Stick) or CD, and store the disk safely so you do not overwrite it.)
>> Invoice Manager
>> Wages Manager