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 preceding Tax Year.  Click on Year Totals and then click on Show totals.  When asked to include stock say yes and this will set your end of year stock total.  Click Exit ,then Exit again and change month to the new financial year.  Click on Year totals, then click on Show totals and check the starting stock value is the same as the ending stock total.  If it is not the same click on Change to change the stock value.

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 has his/her own Bizz Wizz program (which we supply free of charge) go into  Backup and click on All Files. This can be done either by Zip disk, CD or a Memory Stick/Thumb drive.  We do not recommend using Floppy disks. Note, when backing up to a CD be careful to ensure you have the driver installed to enable writing to CDs

END OF YEAR PRINTOUTS:
 If your accountant requires all your monthly transactions as well as your Yearly totals click on List all Month (inc take exp) and click on Spread to print month by month starting with July and ending with June. 
In the Ledger click on Year Totals and then Show Totals.  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.  Print Profit & Loss, Print Debtors, Print Creditors, Print List & Cash Flow, and Print Balance Sheet.

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.