End of the financial year: Thoughts from our New Zealand bookkeeping community

▤ Summary

It also shows overheads, expenses and depreciation, which will ultimately produce the bottom line of net profit or loss before tax. If you’re using cloud software, like Xero, upload important documents into your accounting system during the year and this minimises the effort needed at EOFY. • None Save end of year investment certificates and bank statements that cover the date of 31st March 2021 • None Collate all your bank, loan, and investment interest statements as well as your RWT (resident withholding tax) Certificate • None Check that you have any lease or sale and purchase agreements saved • None Check your debtors / accounts receivable outstanding and talk to your financial advisor about writing off bad debts prior to EOFY • None If you plan to claim home office expenses, gather utility bills such as power, water, rent • None Let us know if you utilised government COVID subsidies and how you have treated these Top tips from our community of bookkeepers I also asked our wonderful community of bookkeepers for their tips. You should also review your entity type – look at the pros and cons, and talk to an accountant or new age bookkeeper about whether this is the best option for your business. That’s quite a lot of information…the bottom line is save source documents (preferably as you go), make sure your transactions are up-to-date, count your stock (if applicable) and reach out to your bookkeeper or accountant if you need any help.

▦ Linked Companies

Xero

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