With the end of the financial year coming up (on 31 March) now’s a good time to do a bit of preparation work towards having your annual financial reports and tax returns prepared. By doing these few things now it can save a lot of back tracking later. Over the next week or so please take action with…
Debtors – make a list of everyone that owes you money at the 31st March – review this list and identify and write off any bad debts – by doing this you don’t have to include the bad debtors as income for the year.
Creditors – make a list of everyone that you owe money to at the 31st March – these will be suppliers that have invoiced you dated 31 March or earlier but you wont’ pay them until April 2011. These costs get claimed as expenses for you in this financial year.
Stock – if you carry more than $10,000 worth of stock you will need to complete a stock take to add up the value of stock you have at the end of the year – this stock is recorded at cost excluding GST.
Interest – Keep aside any information that comes from banks and lenders over the next few weeks showing interest earned or paid during the year.
It’s much easier to do these few small things sooner rather than later especially while the information is current and at hand. If you’re not sure of anything please ask us. We’re always happy to help.
