Happy New Year and Here's to The First Post!

Welcome to our first blog post and and this is the time of the year that raises most questions.

So here are a few tips and info to help with your year end processing.

So the end of Financial Year is approaching so what do you need to do to?

If you run payroll have the latest versions installed and ready, allowing for the Payment Summary production.

There will be a patch for the new tax scales in QuickBooks 10/11 available towards the end of June.

Keep your Accountant happy by having QuickBooks in good shape.

Happy New Financial Year!

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The Tips to Make it All Easier

Of course if you need help with this we will be happy to help you.

1
Now is the time to think about how you want your accounts to look in the next FY year. Consider what payments/income need to be recognised before 30th June and if there are any \"last minute\" adjustments to be made. Consider upgrading your software, ready for new financial year.

2
To prepare for the end of year, run accounts payable and receivable summary reports and look for any suppliers or customers with a total balance on the right with 0.00.
Double click on this 0.00 and you will see unapplied receipts or credits. Apply them and then your debtor and supplier reports will be accurate for year
end. This is particularly important if you run POS and take payments
from customers through the POS till.

3
Once you have balanced, reconciled and given your end of year data to your accountant, don\'t forget to enter your closing date password to 30th June. This will remind you not to change any entries.

4
If you have a Trust being accounted for in QuickBooks and there are Loans in the Trust, bring these to the Attention of Accountant NOW Before 30 June. In Fact if you have Companies with Division 7A Loans in them bring the loans balance to the accountants ATTENTION NOW. 30 June 2010 is a critical cut off date for Division 7A and clients and SME could suffer if not addressed prior to 30 June!

Remember to reconcile those Div 7A Loans as well and ask the accountant how much interest is to be applied and what the minimum payment should be!

5
Pay attention to Fixed Assets and put together a copy of all items that were ordered between 13 December 2008 and 31 December 2009 and installed before 31 December 2010. Remember the 50% Investment allowance is available for these items.

If you have a large number of Assets or Assets of a high dollar Value, consider purchasing Reckon Asset Manager to maintain a record of the items. Not only will you be able to calculate the year end depreciation, you can maintain a service history and Reckon Asset Manager integrates with QuickBooks!

6
Make sure all your bank accounts, loan accounts and credit cards are reconciled to June 30th using Bank Reconciliation in QuickBooks.
A great way to ensure this is to use the Company File Auditor found either on the QuickBooks Desktop or under the File menu.

You can also use the Bank Reconciliation process to reconcile your Superannuation Liability, PAYG and even GST Payable accounts!
Once fully reconciled, make sure you protect your year end data by closing off the financial year by setting a Closing Date in the Accounting Preferences area.

7

Lastly take either a Backup or Portable Company File of your data, label it as year and archive either on CD or USB stick ready for your Accountant.

If we can help you with any of this just click on the big award icon.

Cheers

Glenn and the Team