This article explains how to perform procedures that should be run at the End of Financial Year. For a list of End of Financial Year advice, refer to the End Of Financial Year Advice article.
Preparing for the End of the Financial Year
- Perform a stocktake
- This ensures that the quantity-on-hand of stock is accurate.
- This may not be if you have been managing stock in Retailer through best practice methods.
- For more information about performing a stocktake, click HERE.
- Clear up customer/subagent debts - Accounts receivable are a taxable asset
- Use Reports -> Customer -> Bad Debts (Aged Debtors in later version of Retailer) to find customers who have outstanding balances.
- Clear up uncollectable debts
- Using the Bad Debts Report, identify debts that are uncollectable.
- For Cash Accounting, perform a Balance Adjustment to clear the debts.
- For Accrual Accounting, perform an Invoice Credit using an item with GST to clear the debts.
The week-ending-date should be within the current financial year.
- In the Customer and Subagent Billing screens, tick the Print Full Audit and Preview Audit tickboxes.
- In the preview, click on the printer icon to print out the report.
- Then, click on the red PDF icon to save the report as a PDF file.
On the Final Day of the Financial Year (30 June)
- Print a General Debtors Report
- Reports -> Customer -> General Debtors
- Print a General Stock Listing Report
- Reports -> Stock Reports -> Stock Listing Reports -> General Stock Listing
- Print Returns Forms for returns that have been scanned but DO NOT send them
- Add these items to the stock quantities in the Stock Listing Report.
- Print a Gift Voucher Report for outstanding vouchers that are yet to be redeemed
- Reports -> Sales Reports -> Gift Voucher Report
- Print a Layby Report for outstanding laybys
- Reports -> Sales Reports -> Layby Report
- Perform a backup on a USB drive
- Rename the backup file to something easy to identify for future reference eg. EOFY2014 in both the USB drive and C:\Tower\Retailer\AutoBackup.
- Take the USB off-site or keep it somewhere safe.
- For more information on backing up Retailer data, click HERE.