The end of the financial year is just coming. We know that this will be for all of us is a very busy time.
Here are some steps from your point of sale software required.
Contact your accountant and get a list of documents that they require. Although our software does not require any additional handling for the end of the financial year, I would suggest as a minimum you need to prepare the following documents
To do this I would suggest that
- Review your bad debts and credit the accounts that you deem to be bad debts to zero. Otherwise, you may find yourself having to pay income tax and GST on these debts.
- Looking at the creditors listing, crediting out what is not going to be paid.
- Review your stock. Consider writing off old stock.
- Take an end of year backup of your information and file it away somewhere. Remember you will need to keep this for seven years at least after you lodge your return. Please do not use any EL Cheapo USB sticks
To help you we are doing some webinars on these subjects
- Sales reports
- Stock Valuation
- Customers Outstanding
- Creditors Outstanding
- Subagents Outstanding