In preparation for the End of the Financial Year, the following activities are recommended to keep your file tidy and to meet your business's End of Financial Year obligations.
Please follow the steps below to complete your EOFY successfully in Agrimaster.
- Check you are on the latest version of Agrimaster.
- Enter in the transactions that you would like to claim as a tax deduction for this financial year. Recording transactions.
- Chase up any outstanding invoices for your debtors and creditors before 30th June. Identify the outstanding Debtors using an Agrimaster DR & CR Outstanding Report.
- Complete your payroll obligations by submitting final pays to STP. Using Wagemaster or your chosen payroll software.
- Check for any discrepancy by reconciling:
- 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.
- 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.
- 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.
If you use budgeting or stock reconciliation, please follow the steps below as well.
- 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 then in your budgeting period.
- How to update Super in a Full budget
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.