{"id":10495,"date":"2023-03-31T15:33:00","date_gmt":"2023-03-31T02:33:00","guid":{"rendered":"https:\/\/ontrackbookkeeping.co.nz\/?p=10495"},"modified":"2023-04-11T11:42:16","modified_gmt":"2023-04-10T23:42:16","slug":"end-of-financial-year-31-march-2023-what-do-you-need-to-consider","status":"publish","type":"post","link":"https:\/\/ontrackbookkeeping.co.nz\/end-of-financial-year-31-march-2023-what-do-you-need-to-consider\/","title":{"rendered":"End of Financial Year – 31 March 2023 – What do you need to consider?"},"content":{"rendered":"

With the end of the financial year approaching, it’s a good time to make sure everything is in order and ready for balance date. Here’s a few things to consider and\/or action for the end of year the financial year.<\/p>\n

Write off Bad Debts <\/strong><\/p>\n

Do you have debtors that you’ve taken all reasonable steps to recover a debt, yet your customer still hasn’t paid you? You might be able to write the debt off as a Bad Debt and claim a deduction and should do so before the end of the year. Make sure you have a record of your attempts to claim the debt from your client.<\/p>\n

Count your Stock \/ Inventory as at 31 March 2023<\/strong><\/p>\n

Do you hold inventory or stock? This might include livestock, such as cattle or sheep. Carry out a stocktake as at 31 March 2023 to ensure your Stock \/ Inventory value is accurately accounted for in your end of year accounts. Remember to dispose of any obsolete lines or write the stock down if required.<\/p>\n

Fixed Assets<\/strong><\/p>\n

Likewise with your stock levels, it’s a good opportunity to do a stock take of your Fixed Assets the business owns. Have you purchased or sold any assets? Did any assets break over the course of the year and need to be disposed of? Check your Depreciation schedule from your last set of accounts, or your own fixed asset register if you have one and check all your assets are current, and write down which ones are no longer usable or have been sold.<\/p>\n

Allocate credit balances against sales invoices<\/strong><\/p>\n

Make sure any customer credits sitting on your Aged Receivables (Debtors) list are allocated or applied to any sales invoices as necessary.<\/p>\n

Work in Progress<\/strong><\/p>\n

Do you have projects or jobs you’re in the middle of for your customers? This could be accounted for as Work in Progress. Invoice everything you can out to customers by the end of the year, but if you can’t send an invoice just yet, make sure you have a record of the costs to date associated with projects that are underway.<\/p>\n

GST Returns for the period ended 31 March 2023<\/h3>\n\n\n\n
If our team prepares your GST return, you will receive an email from your Bookkeeper in the first few days of April to request the following:<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n