Recommended accounting end of year processes

This guide is intended to give you a list of suggested processes that should be followed within the accounts department at the end of financial year. 

Accounts to review

• Print the Trial Balance as at the 30th of June
• Look over all accounts within the Trial Balance to make sure they look correct
• Asset Register
• Depreciation of assets
• All standing journals have been processed for accruals
• Nothing is sitting in the clearing accounts
• Budgets are addressed for the next financial year
• Floats in tills are correct
• Close off months end for accounts, parts, and service
• Run the End of Year Roll-over - This will generally be done once all figures have been received from your accountant

Reconciliations

• Creditors
• Debtors, vehicle, and trade
• Floorplan
• Holdbacks and factory receivables (make sure nothing is outstanding that shouldn't be)
• All deals processed - new, used, wholesale, and consignment
• Reconcile your petty cash
• Reconcile your credit cards
• Reconcile your bank accounts - immediately after reconciliation is complete, re-print the report within the bank reconciliation screen for that reconciliation, and print the financial statement within the financial tab of the reports menu. If these are not printed immediately after the reconciliation is completed they will not match for June 30th.

We advise you consult with managers in the other departments to ensure they have been able to finalise all tasks. Once they have completed this, the below accounts should only have outstanding items left in the account:

• Sublet clearing Account
• Parts to service clearing account

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