The following provides a general summary of the information business typical provide Financial Dynamics for completion of annual financial statements and taxation obligations.
□ List of debtors (money owed to you by customers) as at the last day of the financial year listing the amount as GST inclusive and GST exclusive.
□ List of creditors (money owed by you to suppliers) as at the last day of the financial year listing the amount as GST inclusive and GST exclusive. This needs breaking up between each type of expense for example electricity, telephone and cost of materials.
□ Cash on hand or not banked at the last day of the financial year.
□ Listing of expenses paid for the business out of personal funds (not already accounted for in BAS preparation).
□ List of nights spent away and towns stayed at for travel in relation to work and attending conferences.
□ Motor vehicle log books.
□ Bank statements for the year (including business cheque accounts, term deposits and loans accounts including end of year balances and total interest paid/received.
□ An estimate of private use percentages for home utilities such as telephone, mobile, electricity and internet usage.
□ Dates and values of assets purchased or sold during the financial year.
□ Contracts for loans or finance obtained during the financial year and tax invoice/s for assets purchase (if not already provided).
□ Bookkeeping/accounting system backup, such as MYOB, Xero & Reckon.
□ Copies of employee Payment Summaries.
□ Stock on hand as at the last day of the financial year.