End of Financial Year Guide
Cashflow Manager makes your end of financial year procedures seamless.
It’s important to follow the steps provided to make it as easy as possible for your accountant to complete your financial statements and tax returns, and for you to access information.
Please note: The financial year runs from the 1st of July until the 30th of June and is the year that the 30th of June falls in, that determines the financial year.
Ensure that all of your Money In and Money Out transactions have been recorded correctly.
To confirm your bank reconciliation is complete for each month, check that you can see a yellow padlock in the top left corner of the Bank Reconciliation section.
Next, click on the Reports option on your left side, this will be the 1st one in the list.
Save and print off the following reports:
Cash Reconciliation (if a cash reconciliation is completed for your business each month)
General Ledger Listing
If you normally print reports every month or every quarter, then simply print reports for the current month or quarter. Print your reports for the full financial year, if you have not printed these reports throughout the year.
Please Note: If you have multiple files, you will need to print the Bank Reconciliations Report for each file. You will also need to print the Cash Reconciliation Report for each file in which you have used cash.
For more information on various Reporting click here.
The first thing to check is that all of your customer invoices have been finalised and that any adjustment notes and receipts have been applied.
For more information on Sales Invoices click here.
For more information adjusting invoices click here.
For more information on processing a receipt click here.
Click on the second Reports option on the list on the left side and double left click on the Aged Debtors report. Check that this report is correct in relation to any clients who have credit balances and then apply these credits to any outstanding invoices if required.
Please Note: Any credit balances will appear under the client details.
For more information on Applying Credits click here.
Print the Sales GST Report (Current Balance) and Sales GST Report (Detailed) as these will provide details of your accounts receivable with a breakdown of GST.
For more information on how to run and print reports click here.
If you are using Cashflow Manager Gold, you can also access your supplier reports.
Double check that all supplier purchase Invoices, Returns and Payments have been recorded correctly.
For more information on Invoices click here.
For more information on Returns click here.
For more information on Payments click here.
In the same Reports section that you produced your Aged Debtors report, print your Aged Creditors and Purchases GST (for the Current Balance reporting option and also the Detailed option). This will provide your accounts payable information with a breakdown of GST.
For more information on creating reports for suppliers click here.
If you are tracking your inventory with the Cashflow Manager Gold product, you will need to conduct a stock take. First, print off your Inventory Count report and then open the Inventory section on your left side.
Click on the [Track Inventory] button on the right side and select [Print] along the bottom of the screen. You will need to count the numbers of items that appear in stock and then record this amount on your printed Inventory Count report. Record the number of items on the Inventory Count report in the Count column of the Track Inventory screen.
Please Note: If you have processed any customer invoices, receipts, adjustment notes, purchase invoices, returns or payments, you will need to make an adjustment for any items processed. To do this, click on the [Adjust Inventory] button.
Your final step will be to print the Inventory Valuation report and this should be done as of the 30th of June, or before processing any invoice transactions in the new financial year.
Employers are required to provide employees with a PAYG Payment Summary (previously called a `Group Certificate') or Single Touch Payroll report by the 14th of July and then provide the Australian Tax Office (ATO) with the information they require by the 14th August.
Please Note: As of July 1st 2019, it is now mandatory to submit pay information via Single Touch Payroll.
Ensure that you have completed all pays for the year and that there will be no changes then click on the last Reports option on your left side.
Double left click on the PAYG Payment Summary report and select All Employees.
Please Note: If you intend to email the PAYG Payment Summary to each employee, ensure that you select the employee individually by clicking on Select Employees in the top left corner.
You can save the PAYG Payment Summary report, preview or print this report, as required.
If you have not been using Single Touch Payroll (STP) for a complete financial year, we suggest that you still lodge your PAYG Payment Summary information to the ATO electronically, for the first financial year period in which STP was first being used by the company.
Moving forward, you will not need to lodge anything electronically in relation to your PAYG for the business, as this will be lodged to the ATO when each Pay Event is lodged via STP.
You can lodge your PAYG Payment Summary reporting via Standard Business Report (SBR) which is the newest way to lodge or via the ATO Business Portal.
For more information on lodging via SBR click here.
For more information on lodging via the ATO Business Portal click here.
To start entering pays for the new financial year, ensure that you have opened the Employees section on your left side menu. Click on the [Tools] button in the top left corner and open Financial Year. Click on [Start New Financial Year] and then click on [Save].
We recommend backing up your file, once you have completed all end of financial years steps advised. Backing up is vital and a very simple process.
For more information in how to back up your Cashflow Manager file click here.