The financial year end can be a stressful period for many, here are a couple of pointers to help you prepare for this process.

 

Check-list
  Stocktake
  Completed Jobs are invoiced
  Match your Purchase Orders
  Write off Bad Debts (unwanted but sometimes necessary)
  Any Holiday Pay?
  Accruals are completed
  Balances are correct
   
Reports 
  Debtors Aged Trial Balance
  Creditors Aged Trial Balance
  Profit & Loss
  Balance Sheet
  Stock Valuation
  Work in Progress (WIP) Valuations
  Bank Listing
  Bank Account Reconciliation

Things to check before a financial year end rollover is completed:

  • Stock take – A stock take should be completed to account for the correct value of stock for the financial year end and the new year. Instructions on how to create stock takes can be found here completing a stock-take 
  • All jobs completed have been invoiced out – this will allow you to account for the sale in the correct financial period as you will not be able to backdate any invoices once rolled.
  • Check unmatched purchase orders – this can be done through the GL rollover checklist, there is a button which will open up reports for you to see if creditors invoices have been created for all purchase orders. You will not be able to backdate creditors invoices once rolled.
  • Written off bad debts on customer’s accounts – this is to ensure expenses are accounted for in the correct period and to be able to claim GST on those bad debts.
    Instructions on bad debt write off can be found here for SAM: SAM - Bad debt write off  and here for Orion: Orion bad debt write off
  • Accounted for holiday pay – ensure that all payroll holiday pay has been accounted for in your system
  • All accruals are completed – Ensure all accruals are completed - check with your accountant if unsure.
    Click HERE for more information on accrual and cash accounting.
  • Check all balances are correct for stock, debtors, creditors, and bank reconciliations (you should usually be matching off your general ledger to your subledger every month).

 


Reports to provide to your accountant:

Reports should not be provided to accountants until both the System and GL rollover has been completed. 

  • Debtors Aged Trial Balance – this is an ‘as at’ report, can be found in your report’s menu,
    Historical ATB’s can be found under Enquiry > Archived Reports > select the relevant period and report.
  • Creditors Aged Trial Balance - this is an ‘as at’ report, can be found in your report’s menu,
    Historical ATB’s can be found under Enquiry > Archived Reports > select the relevant period and report.
  • Profit and Loss (Statement of Financial Performance) – You can run this for any period through the report’s menu
  • Balance Sheet (Statement of Financial Position) - You can run this for any period through the report’s menu
  • Stock Valuation - this is an ‘as at’ report, can be found in your report’s menu, historical valuations can be found under Enquiry > Archived Reports > select the relevant period and report.
  • Work in Progress Valuations - this is an ‘as at’ report, can be found in your report’s menu, historical valuations can be found under Enquiry > Archived Reports > select the relevant period and report.
  • Bank Listing – this would be the outstanding transactions sitting in your banking which haven’t been banked yet.
  • Bank account reconciliation – this can be found under Enquiry > Archived Reports > select the relevant period and report.

After you have looked through the above suggestions, please rollover your System and GL as per normal (using the rollover checklist within the system).