Your accountant may refer to your end of year transactions as Accounts Payable and Accounts Receivable. 

What are end of year Accounts Payable and Accounts Receivable?

  • End of year Accounts Payable
    Amounts that are owed by you at balance date.
  • End of year Accounts Receivable
    Amounts that are owed to you at balance date.

Types of end of year Accounts Payable and Accounts Receivable 

  1. Rural supplier statement
    Farmlands, Farm Source or PGG Wrightsons monthly statements.
  2. Other bills and credit notes.
  3. Livestock sales and purchases.

How to record end of year invoices

The invoice date determines the financial year. Here's how to record the following types of invoices.  

  1. Rural supplier statement
    Import your rural supplier statement and check that the invoice date corresponds to the purchase month of the items on the statement.
  2. Other bills and credit notes
    Create an invoice making sure that the invoice date you record in Cash Manager Focus matches the invoice/issue date on your bill or credit note.
  3. Livestock sales and purchases
    The event date determines the financial year. Check that the event date you record in Cash Manager Focus matches the processed/issue date on the livestock sheet.

When the bank transactions arrive...

Don’t forget, you’ll need to match them to the corresponding invoices so that the paired transactions and invoices are moved out of the Needs Action area. They can then be viewed in your working plan and will be calculated in your GST return.

Did this answer your question?