Tax time checklist: is your bookkeeping actually ready?

Everything you need to review before handing your files over for the end of financial year.

End of financial year (EOFY) doesn't have to be stressful if your books have been kept properly throughout the year. Here's a checklist to work through before you hand anything over to your accountant.

Bank and credit card reconciliation

• All bank accounts reconciled to the most recent statement.
• All credit card accounts reconciled, including any cards used for business expenses.
• Petty cash account balanced (if applicable).
• Any loan accounts reconciled against the lender's statement.

Income and expenses

• All income has been recorded, including cash sales, if applicable.
• Expenses are categorised correctly and consistently.
• Receipts are attached or filed for all transactions over $75 (ATO requirement).
• No transactions sitting in 'suspense' or 'unallocated' accounts.
• GST has been applied correctly to all applicable transactions.

Debtors and creditors

• Accounts receivable is up to date, with unpaid invoices identified and chased.
• Any bad debts properly written off.
• Accounts payable is accurate, with outstanding bills recorded.

Payroll (if applicable)

• All payroll runs are recorded and reconciled.
• Super contributions are up to date. EOFY is a common time for super to be checked.
• PAYG withholding is reconciled against what's been remitted to the ATO.

Final checks

• Run a P&L and check it looks reasonable, investigating any large or unexpected items.
• Check the balance sheet. Does it look right for the state of the business?
• Make sure your software data matches your Reckon file if you've been using both.

If you can work through this checklist before handing your files over, your accountant will thank you, and so will your bank account when the bill comes in.

By BookFlo Team · December 2024