1. Reconcile Accounts – Check that the balance in Xero matches the balance on your
statements.

a. Bank accounts
b. Credit Cards
c. Loans
d. Petty cash
e. Paypal/stripe/square

2. Reconcile Accounts Payable

a. Check All bills have been entered and review any draft bills und ether Draft Tab
b. Check Credit notes have been allocated to the relevant bills
c. Check outstanding purchase orders and copy to a bill or invoice where applicable
d. Run the aged payables report and review. Look for duplicates, compare to supplier statements to ensure that no bills are missing

3. Reconcile Accounts Receivable

a. Check that all invoices have been entered and review any draft invoices.
b. Check all credit notes have been allocated to the relevant invoices or refunded
c. Check outstanding Quotes and Jobs and invoice what you can.
d. Run the Aged Receivable Report to check outstanding customer amounts.
e. Send statements and chase outstanding amounts
f. Identify and write off any bad debts – Check with your bookkeeper on how to do this.

4. Pay your June Quarter Superannuation via your clearing house no later than 20 June to claim as a deduction this financial year

5. Prepare your paperwork. Get copies ready for the bookkeeper & accountant of the
following

a. New loans – Bank, Prospa , QRida, refinancing etc
b. Grants and other government support documents.
c. Existing loans
d. Leasing/Purchase documents of any new vehicles, equipment, or assets.
e. Sale documents of any assets

6. Update Employee and Subcontractor details.

a. Subcontractors – ABN, Address and GST Registration ( This will help with TPAR reporting)
b. Employees – Address, Phone, Email, Superannuation Details, Next of Kin

7. Organisation Settings – Check your organisation settings are correct –

a. Legal/Trading name
b. ABN
c. Postal Address (don’t forget to check the post code)
d. GST registration
e. Website
f. Email address
g. Logo

8. Ensure you are registered for STP and your details are correct.

9. Reconcile Payroll – This can be tricky. We recommend you speak to your BAS agent or Accountant to guide you through this process.

a. Make sure that what has been processed = what has been paid from the bank accounts. Look at Super payable, Wages payable, PAYG Payable
b. tell your employees not to expect a payment summary from you for information reported through STP. Their new income statement will be used to pre-fill their tax return through myGov or their registered tax agent. If your employees need help, they can visit ato.gov.au/STPforemployees
c. Reconciling payroll can be tricky. Reach out to your bookkeeper to help you through this process.

10. Stocktake – Get the team to stock take all tools, materials and equipment in the sheds, cars and worksites.

Bonus – Now you have your year sorted, review your cashflow forecast , Expenses, Charge out rates and reports. Start the New Financial Year off with a bang.

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Please get in touch with us if you have any questions.

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