End Of Financial Year Tips For MYOB Users

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A simple guide and reminder for some of the things you will need to do at the end of the financial year, if using MYOB as provided by MYOB. However, these are a general guide only. If you want any further information or clarification on any of these please give us a call.

Remember to backup before you do anything! (Note: Payroll details are at the bottom of this note)

Step 1 Enter all transactions for the financial year

Step 2 Backup the company file

Step 3 Do a stocktake

Step 4 Reconcile your bank accounts

Step 5 Reconcile your accounts receivable

Step 6 Reconcile your accounts payable

Step 7 Reconcile your inventory

Step 8 Reconcile GST control accounts

Step 9 Review accounts and reports

Step 10 Provide information to your accountant

Step 11 Enter end-of-year adjustments provided by your accountant, and only then

Step 12 Start a new financial year

N.B. IF YOU USE PAYROLL THESE EXTRA STEPS ARE NEEDED

Step 1 Process the last paycheques for the year

Step 2 Make sure all employees have a Tax File Number entered on their card

Step 3 Make sure workers under labour hire arrangements have been identified

Step 4 Print Payroll Reports

Step 5 Balance PAYG (Pay As You Go) Tax

Step 6 Print PAYG Payment Summaries (Individual Non-business). We recommend printing/saving them to Microsoft Office Document Image Writer or a similar package so that future copies can be printed if required

Step 7 Make two backups

Step 8 Start a New Payroll Year.

If you need any help with these steps – remember we are just an email or phonecall away

Sydney – 0412 63 5559 |  leesa@samsabc.com.au

Brisbane – 0424 190 448 | samantha@samsabc.com.au

www.samsabc.com.au

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About advancedbookkeeping

What sets Advanced Bookkeeping and Consulting apart from our competitors is our emphasis on value adding. We take pride in the fact that we do more than just "churn the numbers". As part of our standard service, we provide our clients with helpful insights about how their business is performing, as well as advice on how various aspects could be improved.
This entry was posted in Bookkeeping, Business Tips, End of Financial Year, Payroll and tagged , , , , , , , , . Bookmark the permalink.

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