End of Financial Year Checklist

As 31 March approaches, a little preparation now can save a lot of time (and stress) later. This simple checklist covers the five key areas we recommend every business reviews before year end.

Tick these off and your accountant will thank you.

1. Bank Accounts

Make sure everything lines up.

• Reconcile all bank accounts to 31 March

• Run a bank reconciliation report

• Check it agrees to your actual bank statements

If the bank balance in your system doesn’t match the real world, it’s best to fix that now rather than at year end.

2. Receivables (Who owes you money?)

Know what you’re actually going to collect.

• Enter and approve all invoices dated up to 31 March

• Run an Aged Receivables Summary

• Review overdue amounts and write off any bad debts

This gives a clearer picture of your true income position.

3. Payables (Who you owe money to)

Don’t forget the bills.

• Enter all supplier bills up to 31 March

• Run an Aged Payables Summary

• Check nothing is missing or duplicated

This ensures expenses are recorded in the correct year and avoids surprises later.

4. Inventory, Stock, or Work in Progress

Take stock (literally).

• Complete a stocktake as at 31 March

• Identify obsolete, damaged, or slow-moving items

• Review any work in progress that hasn’t yet been invoiced

Accurate stock figures can make a big difference to your result.

5. Fixed Assets

Clean up your asset register.

• Review your depreciation schedule

• Identify assets no longer in use, sold, or disposed of

• Make sure new purchases have been correctly added

This helps ensure depreciation is calculated correctly and you’re not claiming on assets you no longer have.

Additional Check:
If you’ve financed any assets during the year and they haven’t been recorded in your accounting system, make sure you provide the finance or loan documents to your accountant. These assets often get missed because the cash outlay doesn’t show as a normal purchase, but they still need to be recorded and depreciated correctly.

Final Tip

Save this checklist and work through it before year end. It makes the EOFY process smoother, reduces back-and-forth, and helps us get your accounts finalised faster.

If you’d like help with any of these steps, that’s exactly what we’re here for.