5 Major Year-End Bookkeeping Audits
Important checks to make sure your books are up to date and that the information they contain is accurate for the end of the financial year and ready to be sent to your tax representative for preparation Here are some tips to help you get started: Annual tax return
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1. Bank account reconciliation.
It is important to ensure that all bank and credit card balances by June 30 match the balance in the bank statement. Settlement reports can be run from your software to verify all transactions. It was already decided and the balance was right. Even if you are using software with active bank feeds. It is not enough to rely on these feeds. Because I encountered transactions that were not recorded in the program and even duplicate statement items.
2. Security verification.
If your business has inventory, you should take an annual inventory of inventory and provide details to your accountant or bookkeeper. Be able to revise the book as needed
3. Property purchase details are listed.
A good accountant should have the details of the purchase or large property. So be prepared and if possible. Attach documents to transactions in your software. Or, save the details in a shared Dropbox, Google Drive, or similar online folder. Other information you may want to keep for convenience includes insurance and billing details. Donations received are tax-deductible.
4. Wages
It is very important that if you hire employees before you summarize your PAYG payments, you should verify that all payroll details are consistent. There are many reasons why what is stated in the payment receipt does not match the actual amount issued by the bank. Improperly secrecy of banking transactions is very common. If the balance sheet or profit and loss is sent to the wrong account, all these errors should be corrected before the preparation of the PAYG summary.
Do you have a current pension? Your June quarterly payments for tax deductions must be in your employees’ retirement funds before June 30th!
One-Touch Pay Roll Coming! Is your business ready? Are your employees ready?
5. Old lender and old debtor
Check sales invoices and purchase orders to make sure the pending amount is actually pending. You inadvertently filed a payment to the supplier to spend the money instead of meeting the invoice. Or does the customer receive payment instead of meeting the sales invoice?
Feel free to contact us if you need help preparing your books at the end of the year!
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