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.

1. www.womeninbusiness.org.za

2.  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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3.  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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4.  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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5.  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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6.  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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7.  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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8.  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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9.  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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10.  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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11.  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.
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