Have you completed your year-end accounting software processes yet? To help Reckon Accounts business range (previously known as QuickBooks) users complete some important end of financial year processes we’ve put together a quick and simple step-by-step checklist.

Step 1: Check the integrity of your datafile

You can check the integrity of your data file by performing a verify and a rebuild in your Reckon Accounts software.

You’ll find the verify process under File > Utilities > Verify file and the rebuild process under File > Utilities > Rebuild File.

Complete the verify step and fix errors, if you are unsure about the process when fixing an error, get in touch with our support team or speak with your bookkeeper/accountant. Once you’ve completed the verify step you can then rebuild the file. If during the verify step you were required to fix any errors you’ll need to perform the verify step again to ensure there are no longer any errors in your data file.

Step 2: Back up your data

Now back up the data file by selecting File > Back up company data. This step will ensure you have saved a copy of your data before making changes.

Step 3: Reconcile your bank accounts

Reconcile your bank statements against transactions in your Reckon Accounts data file up to 30 June 2013 and fix any discrepancies before you proceed to the new financial year.

Step 4: Check the Reports

You can also check to see that your data has been inputted correctly by running reports.
Below is a list of important reports available in Reckon Accounts business range of software that we recommend you run through and check. For example running the Accounts Receivable Ageing Summary Report will show you what money is still owed to you from last financial year.

  1. Bank Reconciliation Report
  2. General Ledger Report
  3. General Journal Report
  4. Profit and Loss Report
  5. Trial Balance Report
  6. Balance Sheet Report
  7. Accounts Receivable Ageing Summary Report
  8. Accounts Payable Ageing Summary Report
  9. Stock Valuation Summary Report
  10. Payroll Summary Report
  11. You’ll find these reports at Reports > Report Centre

Step 5: Provide your accountant with your data

If like many businesses you’re looking to pass on your data file to an accounting professional to assist with preparing your tax return you can now organise an Accountant’s Copy – go to File > Accountants Copy.

If your Accountant won’t be making changes then simply send on your backup file; if you’ve made changes since taking the back up at step 2 you should now back-up the file again. It is best practice to include the relevant financial year in the data file name.

If you’re using ReckonAccounts Hosted, tell your Accountant your company file is ready to be checked (if you have not given your Accountant access to your Reckon Account Hosted company file, you can do so through the “Manage My Account” tool).

Step 6: Install the Reckon Accounts tax update

If you’re using the latest Reckon Accounts business range software you can now install the latest tax update which was released on 27 June, 2013. This important update includes a number of compliance changes that are effective from 1 July, 2013. If you are a current user you will have been sent notification and instructions for installing the update via email.

Need more help?

Bookkeepers guide for Reckon Accounts EOFY payroll processes > 

Find out more about the latest Reckon Accounts business range >

Please note the information contained in this document is intended to be general in nature. You should seek professional advice regarding individual circumstances.