End of Financial year checklist

1. Do your stocktake and enter it into MYOB before you start entering April sales and purchases.
2. As for debtors’ statements – run them once all invoices and payments are entered then carry on entering April sales again.
3. Reconcile all your bank and credit card accounts up to 31/3/XX – rule a line under the last transaction for 31/3/XX on your bank statement and reconcile up to that balance.
4. Don’t forget that with MYOB so long as you keep entering all your March and all your April transactions with the correct dates on they will slip into the correct financial year. No need to finish March before starting April. No need to roll the year over until your accountant gives you the go ahead.
5. Once you’ve entered all your March purchases & sales,entered your stocktake and reconciled your bank accounts, lock periods up to & including March 20XX.
6. Print these reports as at 31/3/XX for your accountant:
• Inventory Value Reconciliation
• Receivables Reconciliation Summary
• Payables Reconciliation Summary
• Bank Reconciliation
• Trial Balance
• Profit & Loss (Accrual)
• Balance Sheet(Standard)
7. Check the reports for errors like: inventory,receivables or payables out of balance; profit & loss or balance sheet amounts that just don’t make sense.
8. Once the reports and a company file has been sent to your accountant, DO NOT make any changes or entries to your 20XX file.

Related posts:

1. Out with the old year . . . in with the new
2. Digging for Dirt in MYOB – Part 1
3. How do the modules connect within MYOB?
4. MYOB Payroll May09 release (2009.2)
5. Inventory G/L balance does not equal Inventory reports