End of year to do list

What is an income year?

The income year of a company is (generally) the twelve-month period that ends on its annual balance date. Although this is most often the same as the tax year, which runs from 1 April to 31 March of the following year, it does not have to be. You can elect to use another date for your balance date where it is better suited to your business and its operations.

You will need to obtain approval for a balance date that is different from the tax year balance date of 31 March.

End of Year – General Accounting Information Required Checklist

Year End 31 March……………………

Please provide the following information for your Annual Financial Accounts and Income Tax Returns. If you are unsure about anything or don’t know what’s applicable, email us and we will come back to you

Nos 1 – 8 is easier to work out or collect as soon as possible after end of year

  1. GST Returns filed ………………………………….
  2. Debtors – List of customer amounts owing to you at 31 March 20……..
  3. Creditors – List of amounts you owe at 31 March 20……..
  4. Stock Take – (only required if over $10,000) and any work in progress
  5. Cheques Unpresented – (You may ignore this question as we have your cashbook on file)
  6. Deposits Unpresented – (You may ignore this question as we have your cashbook on file)
  7. Loans – balance and interest charged for the year by the bank etc
  8. Bad Debts – any written off as at 31 March 20………..

Nos 9 – onwards can be put together anytime (but the sooner the better)

  1. Details of business expenses paid out of your private funds and not yet paid back
  2. Any hire purchase agreements taken out during the financial year
  3. Annual Interest or Dividend received – bank slips
  4. Receipts for any rebate claims, donations, childcare etc
  5. A figure for goods taken from stock for private use (if we don’t have this)
  6. Any obsolete or asset write offs from your last year asset schedule
  7. Did you borrow money to pay your tax over the last year? If so, please provide details as the interest paid may be tax deductible
  8. Home Office claim/use of private dwelling. Attach details or list of annual domestic outgoings such as power, rates, insurance, rent, interest, phone, percentage of home used for business (we may already have this from last year)
  9. For Sole Traders & Partnerships – Motor Vehicle (used partly for private purposes). If you have completed a new logbook this year, please provide us with the book. A new logbook must be kept for every new vehicle that is used partly for private/bus unless you have paid FBT for it. A new logbook must be kept for a 3 month period every 3 years.
  10. If you would like any tax refunds direct credited to your bank account by IRD, please provide us with a current bank account number to give to IRD
  11. Do you qualify or are registered for Working for Families? For example, have dependent children in NZ?
  12. Other Financial Transactions for the Year (See Additional Information Schedule)

 Note – please send us this checklist and answers but hold on to all your papers unless asked for


End of Year Accounting & Tax Returns Info Required by accountants

Cashbook, bank, credit card, mobile phone and reports.
You will need details of all financial transactions for your financial year. If you are not using accounting software or an online cashbook your accountant will need to see your – bank statements, cheque butts, deposit books, credit card statements (if any business costs going through it), mobile phone statements, any spreadsheets, manual cashbook or any accounting software reports (a trial balance, general ledger and transaction listings by account code).

Debtors (customers or clients who owe you money)
Make up a list of clients/customers who you had invoiced up to 31 March 20………. but they haven’t paid you yet. We require a simple list showing their names and $ amounts still owing to you.

Creditors (firms and suppliers who you owe money to)
Make a list of suppliers and firms you owe money to as at 31 March 20…………. If necessary obtain the information from your suppliers’ invoices and statements. Include all amounts owing up to 31 March 20……… We need a list showing each supplier’s name, what the purchase was for and the $ amounts.

Stock Take (if you have stock).
You are required by IRD to do a stock take of all products for sale that were on hand as at 31 March 20………Record all values at cost excluding GST. But note that you only need to do a stocktake if your stock value is over $10,000. Send through your stock schedules or spreadsheets showing the figures.

Work in Progress
If you started work on a job, but hadn’t charged the customer at 31 March 20………., IRD requires you to account for this as “work in progress”. Provide a list showing each customer’s name and the $ value of work you’ve completed but not yet charged for.

Cheques Unpresented
Make a list of all cheques (cheque nos, who was paid and how much) that you’ve written out up to 31 March 20……… which haven’t yet appeared in your bank statement at 31 March 20……….

Deposits Unpresented
Make a list of all deposits you’ve made to 31 March 20……. which haven’t yet appeared in your bank statements at 31 March 20………

Interest paid on business loans is claimable for tax so keep all loan bank statements and printouts and make sure they cover the date range of 1 April 20……. to 31 March 20……..

Bad Debts
Make a list of any bad debts written off. You should review your debtor’s ledger and write off any amounts owing that you are unlikely to recover. We require a list showing each customer’s name and the amounts you will be writing off as “bad”.

Equipment and Assets
Make a note of vehicles, equipment, plant, machinery, office furniture or any other asset you’ve bought, sold or written off during the year that was over $500. If you have an asset report or depreciation schedule from your last year’s financial accounts we suggest you look through it and work off that.

Holiday Pay to Employees
If you employ staff you can claim all holiday pay amounts paid out within 63 days of 31 March 20………. This means any holiday pay you paid before 2 June 20…….. can be claimed.

Home Office Claims
You are entitled to claim a % percentage of your home phone, power, gas, internet, rates, insurance, repairs, lawnmowing, water, waste collection, cleaning, storage cost, security, incidental home expenses, rent, mortgage interest etc. Provide details of all costs (with receipts if possible) for the period 1 April 20……. to 31 March 20…….

Income Tax Returns
Listed below are some of the items and information we need for inclusion in your tax returns – they usually arrive in the post in the month of April:

  • Interest and dividend certificates from banks and investment companies
  • Childcare/donations receipts for tax rebate claims
  • Mortgage interest summaries from your bank to include in home office calculations

Please note that as registered IRD Tax Agents, we are able to obtain your wages and salaries earnings direct from IRD so don’t worry about providing this information to us.