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Updated: Oct 27, 2021

Process the year end

Before you start

Make sure you do these things for the financial period being closed:

  • Fully reconcile all of your bank accounts and ensure they agree with the balances from your bank statements.

  • Enter and approve all invoices, bills, and expense claims. Bank all payments you’ve received.

  • Invite your accountant or bookkeeper to be a user.

Tasks for you

You can do these simple year-end tasks yourself.

1. Reconcile all accounts on your Balance Sheet:

2. Run a GST Reconciliation report and review the GST Audit report for each period. Check each GST category for any coding and GST treatment that looks incorrect.

3. When you’re finished, let your accountant or bookkeeper know so they can log in to your Xero organisation to review what you've done and complete the rest of the process.

XERO accounting software dashboard, CATS4Tax
XERO dashboard

Tasks for your accountant

You might prefer to have your accountant or bookkeeper do these more complex year-end tasks.

1. Run a Trial Balance report to verify the balances of your general ledger accounts.

2. Your accountant or bookkeeper is likely to verify balance sheet items and add entries for:

  • Year end manual journals

  • Tax liability

  • Accruals

  • Work in progress

  • Depreciation

  • Loans

  • GST adjustments

Your accountant or bookkeeper can add journals and adjustments directly into Xero. They don't need to re-key this information.

Set a lock date to prevent any further changes being made to the previous year's data.

Lyndall Ward, CATS4Tax Business and Tax Accountant


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