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Section C - Preparation for New Financial Year

This section will help you prepare for the new financial year and make changes. 

  1. Backup Your Wagemaster File To File Manager - It is important to constantly backup your file while making the new changes.
  2. Update The PAYG Tax Tables For New Financial Year - Updated tax tables for the 2021/2022 Financial Year will be provided in the June email communication via Marketing closer to the end of the financial year. The tables will incorporate any changes released by the ATO.
  3. Withholding For 27 Fortnights/53 Weeks (if applicable) - Review your number of pay periods and make adjustments if necessary.
  4. Superannuation Obligations.
  5. Backup Your Wagemaster File To File Manager.
  6. Backup Your Agrimaster File To File Manager.
  7. Reconcile All Bank Accounts.
  8. Generate An Agrimaster DR & CR Outstanding Report. As stated in the first section, it's recommended to clean up your outstandings prior to submitting your financial year figures to the accountant. Once done, re-run & submit the final report to the accountant as part of the EOFY tax data. This will ensure your file has clean data for the new financial year.
  9. Reconcile Wages Tax In Wagemaster And Agrimaster.
  10. Reconcile GST in Agrimaster.
  11. GST Corrections & Adjustments.
  12. Stock Reconciliation - Your accountant will require livestock numbers for your EOFY processing.
  13. Prepare Your BAS Return - We recommend reviewing the Tax Reports to ensure accurate data prior to starting the BAS process. The reports include the GST Full Report, Wages Tax Deductions Report, Fuel Tax Rebate Report, Installment Income Tax Report & if in use Withholding Tax Deductions.
  14. Complete Your BAS Return - This step finalises your BAS for this period. Ensure you have completed step 8, reviewed a draft report & received tax guidance from your accountant before finalising your BAS.
  15. Agrimaster Budget To Cashbook Comparison Report - This will provide you with an EOFY financial snapshot of how the business performed & analyse if your current cash flow is above or below where you expected it to be at that point in time in your budgeting period. This will enable you to see potential problems or opportunities before they arise & address them accordingly.
  16. Setup Or Edit Alternate Codes (optional) - Your accountant may need the Alternate Codes to function in the Agrimaster setup in order to review your data in their chart of accounts. The feature can be utilised when viewing the Cash Trial Balance Report or if exporting data to selected accounting practice software.
  17. Overview Of Plant Purchases.
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