End Of Financial Year Procedures

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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 -> General Debtors Report to find customers who have outstanding balances.

Clear up uncollectable debts

  1. Using the General Debtors Report, identify debts that are uncollectable.
  2. For Cash Accounting, perform a Balance Adjustment to clear the debts.
  3. For Accrual Accounting, perform an Invoice Credit using an item with GST to clear the debts.
  • Print and save the Audit Trails from the final customer and subagent billings of the financial year
    The week-ending-date should be within the current financial year.
    1. In the Customer and Subagent Billing screens, tick the Print Full Audit and Preview Audit tickboxes.
    2. In the preview, click on the printer icon to print out the report.
    3. 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
        • In aging Types Tick all periods
        • Under Customer Categories Select All Categories
        • Under Customer Account Categories Select All Acc Categories
        • In End Date choose 30/06/2021
        • For other more detailed options see HERE

  • Print a General Stock Listing Report
    • Reports > Stock Reports > Stock Listing Reports > General Stock Listing
        • Select All Departments
        • In Quantity on Hand Level select Greater then 0
        • For othermore detailed options see HERE

  • 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
      • In Date range enter the Finanical year that is ending
      • In voucher to show select Voucher Liabilities

  • Print a Layby Report for outstanding laybys
    • Reports -> Sales Reports -> Layby Report
        • In options select All Customers, Only Show Outstanding Laybys and Shows All Laybys regardless of balance

  • 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.
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