With the EOFY just around the corner, it’s time to address any transactions you have sitting in suspense and confirm that your key control accounts reconcile and you have the supporting documentation prepared to pre-empt queries from your accountant.
We recommend having at least the following detailed reports to support your financial position and performance for the year:
- Account Receivable with bad debts written off pre year end
- Inventory Valuation with a recent stock take performed
- Work In Progress report only has current orders outstanding as at 30 June
- Account Payable has only current outstanding invoices and all old credits have been matched against respective invoices or a supplier statement confirming a credit balance
- Sales Picked has cleared or will clear early July for the balance remaining, i.e. picked in June but not invoiced until July
- Purchase Order Receipts cleared with all Supplier Invoices accounted for at 30 June
If you need assistance running these reports or assessing variances between your operational software and financial software please contact the team.
If you would like to learn more about preparing for financial year end, please register your interest to attend our webinar planned for May / June.
