Tips for a smooth year end process

The end of the 2021 tax year has recently passed and many business have a similar year end date of 31 March or 5 April 2021. We have put together some top tips to help your year end process run smoothly.

You could use the pointers below as a reference before you pass your records to us to complete the year end accounts.

  • This year has been like no other! If there have been any significant changes or unusual transactions during the year you could make a note of these in an email or letter to accompany the year end records. This can also include any concerns you have or items you would like to discuss. Additional information like this is very helpful when preparing the year end accounts and provides useful detail on how your business is doing.
  • Bank reconciliation – Ensure that the closing balance on the bank statement matches the balance on the software you use. This is one of the first things we check when preparing accounts and it is important that the bank agrees.
  • Sales and purchase ledger – Run an aged debtor (invoices owed to you) and creditor (bills you need to pay) report from your software. Use the report to review your customer and supplier accounts. This report can often highlight duplications or bad debts. If something doesn’t look as expected please let us know. You should check for items that are no longer expected to be received or be paid so these can be adjusted.
  • VAT returns – The VAT return covering the end of the accounting period should be filed.
  • Posting allocation – Run a nominal ledger or accounts transaction report for the year and cast an eye over all transactions. This allows you to check the postings you have made during the year and help pick up on any transactions that may have been posted to the wrong code.

A key point to remember is once a backup of the software has been sent to us to start drafting accounts, you should no longer post transactions prior to the year end date. This is known as back posting. If you spot any late invoices please let us know and we will be able to include them.

If you would like to discuss your year end or are unsure of the information we need please get in touch with your usual Hardcastle Burton contact who will be pleased to help.

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