Bizz Wizz : Setup , Main Menu , Ledger , Phone Book , Invoice Book , Stock Book , Order Book , Creditors , Point of Sale , Business Name , Diary , Document Manager , Unlock , Backup
See Also : Ledger Terms , Ledger Menu , Category List , Add / Change Record , Transaction Lists , End of Year Procedure , Bank Reconciliation
How to do End of Year Procedure
To help you we, have set out the end of year procedure for you to know what to do, at the end of the financial year. Please follow the instructions listed to ensure your end of year procedure if completed effectively. You will also need to ask your accountant what else you may need to do.
STOCK:
If you wish to keep track of your stock value
[If not go to the next paragraph],
then you will need to do your stock take before the 30th of June. When this has
been done, go into your
Ledger and make sure the date is set to the new Tax Year. Click on
[GST & Reports] and then click on [Calculate to Current Stock] then
[Save Start Stock].
INVOICING. (DEBTORS):
All existing
clients should be invoiced up to and including the 30th of June.
Some businesses like to change invoice books at this time to start off the new
financial year. It is a personal choice to do this but not a requirement.
CREDITORS:
All bills should be entered
or paid by the 30th of June to be checked against your July statement.
RECONCILING:
When you receive your June bank statement you
can reconcile your transactions and print out the reconciled totals. Go
back through the months and check for transactions not reconciled. Check
to see these transactions have not been duplicated, if so, delete them.
Make sure they are in the correct month and category. If there are any
other un-reconciled transactions still listed check to see why.
BACKUP/EXPORTING DATA:
If your
account needs a copy off your books you will need to load it to a Memory
Stick/Thumb drive. Go into
Backup and click on Accountants Copy button. This can be only be done on a Memory Stick/Thumb drive. We do not recommend using
a CD as they are read only or you may need drivers.
NOTE: Don't forget to set the drive letter to the stick's drive.
END OF YEAR PRINTOUTS:
If
your accountant will also requires all printouts of your Yearly transactions. Click on
[List By Year] then Click on [GST & Reports]
Check that all Invoice Book prefixes are listed in Invoice Prefix's for Debtors Shown.
Click on the following buttons to print your end of year reports. Profit
& Loss, Debtors, Creditors, Spread Sheet and
Trial
Balance Sheet. If they need more break down then print out the
[Spread ] button in the listing screen.
Your accountant may also require copies of your BAS forms for the year. If you have any bad debts these should also be recorded. Balance your wage book if you use one or your wages program. All your corrections could be included in the last pay week.