End of Year Checklist

With the end of the financial year just around the corner, it’s time to think about the things you’ll need to do, and the information you will need to get ready for us. If you would like to complete an annual checklist on line, please contact us and a link will be sent to you. In the meantime, here are some tips for getting ready..

Bank Reconciliations - does that bank stuff add up? Do the closing bank balances from your statements reconcile to your accounting software? Creditors - people you owe money to. Prepare a list of your accounts payable at year end –  how much and what for. Debtors - those fine people who owe you money! Record details of your accounts receivable at year end.  If using accounting software, is the list current or does it need a tidy up? Do you need to issue any credit notes? Bad Debts - rotters who have done a runner! If money owed to you by debtors cannot be realistically recovered, then it may be written off as a tax deduction before the end of the financial year. You need to keep a record of the steps you have taken to recover the debt - baseball bats don't count. Stocktake (this does not mean you can take stock!) If the cost value of your stock on hand is more than $10,000 you will need to do a stocktake to record the quantity and value of your products. This might be a pain in the neck but its good time to clear out any older or obsolete stock on hand. Repairs and Maintenance - stuff you've fixed. Most R&M is tax deductible in the year it is undertaken  so if you need any done – now might be the time to do it. Contact us if you're not sure what qualifies. Livestock - actual animals, children don't count. We will require a detailed list of your livestock on hand – please contact us for a schedule.

Assets over $500 - stuff your business owns. We will need receipts for any major asset purchases  if we don’t already have them. Is there any old stuff on your asset schedule that is no longer used in a taxable activity? Loans and HPs - bought a new flash car or truck? Have you drawn down any new loans or HPs? We will need the paperwork plus balances at year end. Vehicles - do you use the Porsche to pick up the kids? Have you done a recent logbook if you need to apportion your vehicle use between business and personal? Home Office - no, not the Loo - actual office space. If you usually claim home office expenses, you will need  to compile these for the 2019 year. Companies Do you think you may have overdrawn your shareholder current account? If so, please contact us before 31 March so we can discuss salaries and dividends. Business Changes - what's different? If there have any been any significant changes in your business this year (income up, income down, change in business practices) please get in contact with us to discuss. Deposits Received/Paid Depending on circumstances, these may or may not be assessable income or a deductible expense in the current tax year. If you have any – please discuss with us.

Hub Mall - 94 Kerikeri Road, Kerikeri Northland, New Zealand Ph: 64 9 407 5252 Email: info@spireaccountants.co.nz