When the new financial year is underway, you should start thinking about getting the financial information for the previous year ready for your accountant to use for preparing your financial returns.
If you haven't already done so, invite your accountant to log into your Farm Focus farm business.
They can then access reports such as the Accountants Annual report to determine what information they need from you.
Your accountant will supply you with an end of year questionnaire to complete and some of the questions can be easily answered if the information in your Farm Focus farm business is correct.
Things you can check
Are your actuals up to date?
Make sure all transactions dated within the financial year have been entered and coded.
Is your bank account balanced?
Your transactions should all be coded and and your bank account balanced to the last day of your financial year.
Have you entered all accounts payable and receivable?
These are items with an invoice dated in the prior financial year and bank transaction dated in the current financial year.
Check the consistency of coding
Check that the items make sense for the code they are allocated to.
Find out how to correct the coding on a transaction here.
5. Is your Livestock Year-End Tally correct?
Livestock tallies do matter so be careful that the stock transactions (sales and purchases) have been coded correctly and that tallies have been recorded.