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What to do at financial year end. This presentation was done in 2012, but very little has changed in regards to the requirements to complete a successful year end.
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www.womeninbusiness.org.za
Financial Year End
Hints & TipsThursday 9th February 2012
Maritzburg Golf Club
Ali Cat
’s
Ali Cat
’s Bus
ines
s Ser
vice
s
alicat
s@bu
ndun
et.com
BSK Accountants
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Preparation of year end & annual audits:
By sufficiently preparing for your annual audit will not only reduce your audit fees but will also free up your finance/accounting personnel whilst your audit is in progress.
The following is some examples of information that can be prepared in advance.
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An audit file should be prepared containing at least the following:
Invoices for additions & disposals of all fixed assets
Statements for investments reflecting their balance at year end.
A reconciliation of movement on investment accounts
A copy of the inventory at year end, reflecting any necessary notes& explanations thereto
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An audit file should be prepared containing at least the following: (continued) A copy of the debtor’s
age analysis at year end as well as a summary of what sundry debtors consist of.
Statements for bank accounts & Cash on Hand reflecting their balance at year end.
A summary of change in Capital or Members interest.
A copy of the creditors age analysis of year end as well as a summary of what sundry creditors consist of
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An audit file should be prepared containing at least the following: (continued) Amortisation
schedules for all instalment agreements and a summary of movements on all the loans
Copies of receipts for any taxes paid
A separate file can be done with all creditors reconciliations at year end.
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Bookkeeping preparation:
All bank statements filed with bank reconciliations
UIF and PAYE submissions
Cash slips filed with cash reconciliations
Archive and catalogue documents
Digital backups filed
Asset register Statutory returns
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Checkers Packet Filing: Sort all documents
into categories File in date order Capture on a
spread sheet or piece of paper.
Bank and cash reconciliations
Debtors’ invoices Debtors’
Statements Creditors’ invoices Creditors’
Statements Inventory list at
cost price Asset register
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ELECTRONIC PROCEDURES: Backup – at least
two stored in different places.
Print out all relevant financial statements
Check through all general ledger accounts for errors
Check through all debtors’ accounts
Check through all creditors’ accounts
Run data integrity Run year end Back up – if you
make use of passwords ensure they are recorded somewhere you can find them when needed
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What to print out:
Trial Balance Income Statement Balance Sheet Cash Flows General Ledger Debtor’s Ledger Creditors’ Ledger Age Analysis for
Debtors’ & Creditors’
Budget Inventory Stock Take Ensure end of
financial year Bank & Cash Reconciliations printed.
PAYE reconciliations UIF reconciliation
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Stock / Inventory
Physical Stock Take Compare to records Make adjustments
with full account of any discrepancies and why.
Carrying too much/little stock.
Obsolete stock Damaged stock Selling of
obsolete/damaged stock
Write off’s Trading inventory
deficit’s/excess
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CONCLUSION
Why is financial year end so important?
What can be learned from financial year end
Cash Controls? Management
decisions Financial decisions
Stock controls Debtor control Creditor control Ensure your
costing's are correct
Successful, vibrant, encouraging entrepreneur.
