There are 2 doorways looming large ahead, and we will all arrive very soon
– there are keys to get through the doors
Now is the time you can learn about the keys to open the doors
Every church, organisation and business must go through these doors so that the Payroll for employees is completed properly and the Accounts are completed thoroughly to ensure that the payroll accounts are correct
There are 2 main doors of a financial year end, and here are the keys:
1. Payroll closing, and
2. Financial accounts
Both of these doors occur at June 30th, whether your financial year end is June 30th or December 31st. The only difference is that there is generally no audit for the latter close.
The first step of preparation is to learn what to do
We have prepared a collection of great articles and webinars about payroll and general year end – so that you can learn what to do
1. End of Financial year payroll knowledge
There are some very helpful resources by Xero and training available to help with your EOFY payroll including STP Finalisations
Here are some links to Xero’s resources and training available to help with your EOFY payroll including STP Finalisations
- Click here to register for a live webinar on how to Process EOFY payroll for beginners
- Click here for Xero’s Finalise your EOFY Payroll Checklist
- Click here for Xero’s article on how to Reconcile payroll data with the general ledger
- Click here for Xero’s Finalise Single Touch Payroll data article
Note: If you outsource your payroll, then you must ensure that this is all completed by the outsourcer and that all details reconcile with your financial accounts in 2 below.
2. End of Financial Year in Xero
Whether this is your full closing or simply closing for payroll:
- Click here to follow best practice article to finalise your organisation’s financial data for year end
- Click here for Xero’s EOFY checklist
- Click here to register for Xero’s live webinar on “how to complete your financial year end in Xero”
Note: If June 30 is not your financial year end with audit, then these resources are helpful for you preparing for your actual financial year end accounts
These are some great resources and webinars that are the keys for you to get ready to work your way through the doors of your accounts.
Be aware that our team at Benkorp will also be working through these steps for our bookkeeping and accounting clients.
Take the time now to take the first steps – we recommend that you get started now