End of Financial Year Checklist 2018

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The end of the Financial Year is fast approaching!  As we know there are a lot of things that need to be checked and double checked before we can be comfortable with finalising documentation.  In light of this, it’s always a good idea to have a checklist of sorts.  So, please have a look over the following list to ensure everything is in order:

PAYROLL

  • Note: ACR keeps Tax rates updated, so you don’t need to worry about this.
  • If lodging electronically, ensure that you are registered and your details are up to date with the Australian Tax Office.
  • Ensure all June dated pays are processed correctly.  DO NOT process any July dated pays until the Payroll Year End Process has been completed and closed.
  • Ensure that all figures in Payroll are up to date and correct, including FBT figures, Extra Super Accrued, and all entitlements and accruals are up to date PRIOR to doing Payroll Year End.
  • When doing Payroll Year End, make sure to print a Preview PAYG Annual Report to check all figures.  If figures are incorrect, these can be changed at this point.  This can be printed multiple times – IN PREVIEW MODE – until figures are confirmed correct.
  • The Preview PAYG Annual Report can be output  in electronic form once all figures are double checked, and uploaded to the ATO’s software package to validate figures.
    PLEASE NOTE – ACR cannot support this step as this is software that the ATO provide.
  • Once you have a copy of your PREVIEW PAYG ANNUAL REPORT with correct figures, ONLY THEN should the PAYG ANNUAL REPORT be run in ACTUAL MODE.
    IMPORTANT! – Please ensure you DO NOT RUN IN ACTUAL MODE UNTIL FIGURES ARE CORRECT, because once in Actual Mode, YOU CANNOT GO BACK.
    Please refer to the Payroll End of Year Procedure for more details on each step:  http://www.acr.com.au/updates/end-of-financial-year-2018/

DISCLAIMER: It is always the site’s responsibility to double check figures are correct before proceeding: we cannot assist if year end has been processed with incorrect figures.  If this occurs, the site will need to contact the Australian Tax Office to arrange for amendments and/or corrections.

NOTE: Payroll is the only module in ACR that requires a “Year End” process to be completed.  All other modules only require a month to month roll over.

 

ACCOUNTING

Accounting is rolled over on a month by month basis.  There is no actual “Year End” process for Accounting.