Financial Year End Checklist

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.