End Of Financial Year Procedures
This article explains how to perform procedures that should be run at the End of Financial Year.
For EOFY Marketing Ideas, See HERE
Preparing for the End of the Financial Year
- This ensures that the quantity-on-hand of stock is accurate.
- This may not be necessary if you maintain accurate stock on hand in Retailer and perform rolling stocktakes throughout the year. See Best Practice for Stocktaking
- For more information about performing a stocktake, click HERE.
Write Off Stock
Write off any old stock which will never sell. See HERE
Clear up customer/subagent debts - Accounts receivable are a taxable asset
Use Reports -> Customer -> General Debtors Report to find customers who have outstanding balances. See HERE
Clear up uncollectable debts
- Using the General Debtors Report, identify debts that are uncollectable.
- For Cash Accounting, perform a Balance Adjustment to clear the debts. See HERE
- For Accrual Accounting, perform an Invoice Credit using an item with GST to clear the debts. See HERE
Print and save the Audit Trails from the final customer and subagent billings of the financial year [Newsagency Only]
The week-ending-date should be within the current financial year.
- In the Customer and Subagent Billing screens, tick the Print Full Audit and Preview Audit tick-boxes.
- In the preview, click on the printer icon to print out the report.
- Then, click on the red PDF icon to save the report as a PDF file.
On the Final Day of the Financial Year (30 June)
Print a General Debtors Report
Reports -> Customer -> General Debtors
- In aging Types Tick all periods
- Under Customer Categories Select All Categories
- Under Customer Account Categories Select All Acc Categories
- In End Date choose the last date of the Financial year that is ending eg 30/06/2024
- For more detailed options see HERE
Print a General Stock Listing Report
Reports -> Stock Reports -> Stock Listing Reports -> General Stock Listing
- Select All Departments
- In Quantity on Hand Level, select Greater then 0
- To hide individual stock items from the report, tick Show Totals Only
- For more detailed options see HERE
Add these items to the stock quantities in the Stock Listing Report.
Print a Gift Voucher Report for outstanding vouchers that are yet to be redeemed
Reports -> Sales Reports -> Gift Voucher Report
- In Date range, enter a date range that covers all outstanding vouchers. (The default voucher expiry is 3 years, so set from 3 years prior to current date until EOFY)
- In Voucher to Show, select Voucher Liabilities
- For more detailed options see HERE
Print a Layby Report for outstanding laybys
Reports -> Sales Reports -> Layby Report
- In options select All Customers
- In Date Range, select Shows All Laybys regardless of date
- Select Only Show Outstanding Laybys
- For more detailed options see HERE
Print a Monthly Sales Comparison
Print a Monthly Sales Comparison Report to compare the performance of the ending financial year to the previous.
Reports -> Sales Reports -> Monthly Sales Comparison
- Set First Date Range to be the Financial Year that is ending
- Set Second Date Range to be the previous Financial Year
- For more detailed options see HERE
- Rename the backup file to something easy to identify for future reference eg. EOFY2024 in both the USB drive and C:\Tower\Retailer\AutoBackup.
- Take the USB off-site or keep it somewhere safe.
- For more information on backing up Retailer data, click HERE.
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