When coming to the end of a Financial Year, here are 10 easy steps to keeping your books up to date
Step |
Task |
1.
|
Reconcile Bank Accounts
a. Print/Preview in reconciliation will display a Reconciliation Report which details any uncleared transactions. b. Review uncleared transactions. If confirmed as duplicate transactions or out of date unpresented checks use the Write Off function for any that are in the current financial year c. If there are old unused accounts with a $0 balance, then close them from the Account Setup window d. Ensure all reconciled accounts are reconciled against financial institution past 30 June |
2. |
Review Customer Accounts
a. Produce an Aged Balance Report and confirm balances for each customer b. Ensure all Payments have been applied to Invoices c. Make any corrections that may be required d. Open New month |
3. |
Review Supplier Accounts
a. Produce an Aged Balance Report and confirm balances for each customer b. Ensure all Payments have been applied to Invoices c. Make any corrections that may be required d. Open New month |
4. |
Review Asset Accounts
a. Generate Net Worth Report for Current Period b. Confirm balances are correct c. If there are old unused accounts or subaccounts with a $0 balance, then close them from the Account Setup window d. Update values at least once a year |
5. |
Review Liability Accounts
a. Using the Net Worth Report from Step 4. Confirm balances b. Make any corrections that may be required c. If there are old unused accounts or subaccounts with a $0 balance, then close them from the Account Setup window |
6. |
Review Livestock Accounts
a. At least once a year Generate a Livestock Report for each separate Livestock Account e.g. Sheep as one report, cattle as another b. Confirm closing head against a recent physical count c. Reconcile with Livestock module livestock report d. Update livestock movements e.g. Deaths, Natural Increase, Transfers & Valuations |
7. |
Review Commodity Accounts
a. At least once a year Generate a Commodity Report for each Commodity Account b. Confirm Closing Balances in each sub-account agree with known quantities on hand and values are current c. Update commodity movements e.g. Production, Losses, Used, Transfers & Valuations |
8. |
Review GST
a. Open the GST Window and Confirm Opening balance is approximately equal to GST Paid or Refunded in period. b. Confirm Closing balance is approx. equal to GST Refund/To Pay c. Generate a Sheet + Transaction List report for the current quarter d. Check the GST report e. Check the FTC regimes are up to date f. Make any required corrections |
9. |
General
a. Run a Trial Balance report and confirm it balances i.e. Total Debits = Total Credits b. Run a Profit & Loss report to review performance of the year gone c. Run a Budget Comparison Report using the Budget you originally created for the Financial Year to gauge actual performance against anticipated d. Do a Backup of your Set of Books using more than one device and each stored in a separate location |
10. |
Start new Financial Year
a. Review your budget for the upcoming Financial Year. If you do not have a budget, consider using the Load Actuals function with the Budget tool to quickly and easily create a starting point for your upcoming year’s budget b. Investigate the use of Gadgets to gain a better insight to your business c. Investigate using Bank Feeds to dramatically reduce data entry time d. View training options at https://phoenix.agdata.com.au/tutorials/index to ensure you are extracting the most benefit from your investment in Phoenix e. Check for Updates to ensure you are running the most recent version of Phoenix available Continue working as you have – provided you have worked through the above steps you are ready to start the new year in good shape |
