The 9 most important things to have in place by 30 June are:
- Bank
Run a bank reconciliation report for each bank account and ensure all transactions are reconciled. - Suspense account code
Review your suspense account and code transactions to the correct account. - Bad debts
Consider whether any amounts owed to you by debtors cannot be realistically recovered at 30 June. Keep all evidence showing the steps you took to try and recover them. Ensure all bad debts are written off before closing your debtor’s ledger at 30 June. - Inventory / Stock / Work in Progress
If you sell stock, at 30 June you will need to do a stocktake. - Statement of Service Performance
If you are required to prepare a Statement of Service Performance, ensure you capture the relevant outputs and outcomes. Keep a record of this data. - Grants
If you receive grants on a use or return basis, you will need to calculate the amount of grants unspent at 30 June. - Assets no longer used
Review the fixed asset register to determine assets that are no longer in use. An asset market valuation at 30 June may be required to establish a disposal value. - Asset purchases and sales
Consider purchasing assets on or just before 30 June so one month’s depreciation can be claimed. - Complete our preparation checklist
Ask us for a copy of our audit preparation checklist or review preparation checklist to help you prepare documents for your audit or review.
Download this checklist here.
Please contact the Kendons Audit team if you have questions about any of these: audit@kendons.co.nz.