The end of the Financial Year is rapidly approaching and now is the time to clarify the difference between the Month End and Year End process.
For the most part there is no difference. With the Exception of Payroll, all other Month End processes are exactly the same for the end of June as they are for any other month.
Debtors Month End.
This is still run after close of business on the last day of the month and before start of trading on the first day of the new month.
There are no additional process to run for Debtors
Creditors Month End.
This is still run as normal and has no additional processes to run
Accounting Month End.
This is still run as normal and has no additional processes to run
Payroll Month End.
There is a special End of Financial Year Process that needs to be run for Payroll. This will enable you to produce PAYG Payment Summaries and the PAYGW Annual Report.
The process for this can be found here for the 2017 Financial Year. This process has had minor changes from the Previous years process. You can find these changes here.
Additional Useful links in preparation for the End of Financial Year are as follows:
End of Financial Year Checklist
Payroll Year End Process Webinar
Printing PAYG Payment Summaries
Additional Useful links for Stocktakes