📋 Step 1: Organize Records
Receipt filing completed
All receipts scanned, filed, and matched to transactions
Gather receipts → Scan/photo → Match to transactions → File originals
Expenses properly categorized
Review and correct expense categorization for tax purposes
Run expense report → Check categories → Fix incorrect coding → Separate business/personal
All income recorded
Ensure all income for FY25 is properly recorded and invoiced
Check bank deposits match invoices → Review cash sales → Invoice completed work
Accruals and prepayments identified
Review for expenses that cross financial year boundaries
Check prepaid expenses (insurance, rent) → Look for unpaid bills → Create journal entries
🏦 Step 2: Reconcile Accounts
Bank reconciliations completed
All bank accounts reconciled up to 30 June 2025
Open banking section → Match transactions → Ensure balance matches statement
Credit card reconciliations completed
All business credit cards reconciled and transactions categorized
Download statements → Match transactions → Categorize expenses → Verify balance
Outstanding invoices reviewed
Review aged debtors and follow up on overdue accounts
Run aged debtors report → Send reminders → Follow up overdue accounts
💰 Step 3: Assets & Stock
Fixed asset register updated
Review assets purchased/disposed during the year
List new assets bought → Remove disposed assets → Record details for items over $300
Depreciation calculated
Calculate and record depreciation for all eligible assets
Review depreciation methods → Calculate amounts → Record journal entries
Stock take completed (if applicable)
Physical stocktake and valuation as at 30 June 2025
Count physical stock → Value at cost → Check for damaged items → Adjust records
📋 Step 4: Tax & Compliance
BAS lodgements up to date
Ensure all quarterly BAS returns are lodged and paid
Check ATO portal → Verify March 2025 quarter lodged → Confirm payments made
PAYG withholding reconciled
Reconcile PAYG withholding for employees if applicable
Run payroll summary → Check PAYG matches BAS → Verify payment summaries ready
Superannuation contributions current
Ensure all super contributions are paid and reported
Check super statements → Verify June quarter paid → Ensure 11.5% rate correct
FBT returns prepared (if applicable)
Review fringe benefits and prepare FBT return if required
Review car allowances → Check entertainment → Look for employee benefits
📊 Step 5: Final Reports
Trial balance prepared
Generate trial balance as at 30 June 2025
Run trial balance report → Check debits = credits → Review unusual balances
Profit & Loss statement reviewed
Review P&L for accuracy and unusual items
Generate full year P&L → Compare to previous year → Check for unusual items
Balance sheet reviewed
Ensure balance sheet balances and review for accuracy
Generate balance sheet → Check Assets = Liabilities + Equity → Verify balances
Supporting schedules prepared
Prepare detailed schedules for major balance sheet items
Create asset breakdowns → Prepare aged listings → Document loan balances
Management reports generated
Create summary reports for business review
Generate key performance reports → Compare year-on-year → Prepare summary
Files organized for accountant
Prepare all documents and files for tax preparation
Backup accounting file → Organize supporting documents → Create handover notes
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