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last updated 06/03/2020


Financial Year End Checklist

last updated 06/03/2020


6 March 2020 - Helpful hints from Franchise Accountants for  the Financial Year End

March is here, which means the Financial Year End is looming for businesses throughout the country. If you don't have your ducks in a row already, now is the time to get to it. Here's a handy checklist from our friends at Franchise Accountants to help get you on your way:

  • Reconcile your bank accounts in your accounting system as of 31 March 2020.
  • Schedule a stocktake on 31 March 2020.
  • Record work in progress at cost, and write off anything non-recoverable.
  • Tidy up any bad debts. Remove from the debtors’ ledger and make a note of these.
  • Prepare debtors & creditors lists ( March invoices paid in April).
  • Gather all home office expense details.
  • Review the fixed assets schedule.
  • Count the cash on hand on 31 March 2020.
  • Clear the suspense account before 31 March 2020.
  • Update your log book and calculate the percentage of business use on the vehicle.
  • Keep a record of any date sensitive reports e.g. debtors aged trial balance
  • Complete your annual accounting questionnaire as accurately as possible.

Franchise Accountants invite you to give them a call if you have any questions or need help with preparing your Year End records.

 

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