Please follow the steps below to successfully complete your EOFY obligations.
- Ensure you are on the latest version of Agrimaster.
- Backup your file to File Manager.
- Process and pay expenditure (i.e plant purchases, invoices payable, etc.) that you would like to claim as a tax deduction for this financial year.
- Generate an Agrimaster DR & CR Outstanding Report from your Cashbook. Chase up outstanding debtors and creditors prior to 30th June.
- If you have employees/ use payroll software:
- Determine the final pay period for the End Of the Financial Year.
- Confirm if your final pay period for this financial year will be paid in June or if it will fall into the next financial year.
- Process your final pay event & pay employees by 30th June, if you would like it to fall within this financial year.
- Reconcile employee superannuation for the month or quarter.
- Finalise & pay employee superannuation payments by 30th June, if you would like it to fall within this financial year.
- Generate employee leave accruals report from your payroll software or prepare a report from the records you maintain for your accountant. This report will let you know the balance of accrued leave owing to your employees. It is important to regularly review leave accruals as excessive leave has the potential to put cash flow at risk.
- Reconcile all bank accounts.