End of Financial Year Preperation

In preparation for the End of the Financial Year, the following activities are recommended to keep your file tidy and meet your business's End of Financial Year obligations.

Please follow the steps below to complete your EOFY successfully in Agrimaster.

1. Check you are on the latest version of Agrimaster.
2. Enter in the transactions that you would like to claim as a tax deduction for this financial year. Recording transactions.
3. Chase up any outstanding invoices for your debtors and creditors before 30th June. Identify the outstanding Debtors using an Agrimaster DR & CR Outstanding Report.
4. Complete your payroll obligations by submitting final pays to STP, using Wagemaster or your chosen payroll software.
5. Check for any discrepancy by reconciling all areas of Agrimaster:
   
   • Reconcile all bank accounts
   • Reconcile GST in Agrimaster
   • Reconcile employee superannuation for the month or quarter
   • Reconcile Wages and Tax reports with your payroll software
   • Check Fuel Tax rates
6. Prepare Your BAS Return - We recommend reviewing the Tax Reports to ensure accurate data before 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.
7. Complete Your BAS Return - This step finalises your BAS for this period. Ensure you have reviewed a draft report & received tax guidance from your accountant before finalising your BAS.
8. Setup or Edit Alternate Codes - (Optional) Your accountant may need the alternate Codes to function in the Agrimaster setup to import your data into their chart of accounts. The feature can be utilised when viewing the Cash Trial Balance Report or exporting data to selected accounting practice software. 

Additional Activities

If you use budgeting or stock reconciliation, please follow the steps below to update your budgets and gather further information to provide to the accountant.

1. Update the super amount paid to your employees in your quick of full budgets. To update how to Update Employee's Super in a Full budget, please follow the link. 
2. Your accountant may require livestock numbers for your EOFY processing. If you have utilised the stock reconciliation feature in Agrimaster, the numbers can be easily retrieved by running a Stock Reconciliation Report.