QBO – End of Financial Year 2024 Australia - Support to prepare your books/accounts!

Quickbooks Online (QBO) offers a variety of resources, guides, support, and calendars for the end of the financial year.

This summary will help you prepare your books and accounts for the end of the financial year.

The most important goal is to ensure that your books are accurate so that you can understand and gain insight into managing your business more effectively. Your books and accounts contain valuable information about the health of your business and areas where you can make improvements to your financial results.

When is the Australian financial year?

The Australian financial year (also the Australian tax year) runs from 1 July to 30 June.

The main QBO page is the EOFY (end of financial year) Resource page for –

A.??? A great tool is the Handy Tax Calendar see tasks for either Sole Traders or Small Business (further down the page)

B.??? Online Checklist scroll down the page to this interactive checklist

C.??? Year End Guide and Checklist – details provided for each step in QBO

In summary, most businesses have to complete and report many of these key steps (on the page, expand each item for more detail)

Section 1: Prepare your books (you can do this by yourself)

Task 1: Make sure your bills, expenses, and receipts are accounted for and categorised Task 2: Ensure your customers have settled their accounts Task 3: Check that all of your business’ bills have been paid Task 4: Make sure your accounts in QuickBooks match your real life bank, credit card, and petty cash accounts Task 5: Review and Prepare your Taxable Payments Annual Report (TPAR) Task 6: Ensure a balance of $0 in your Payroll Clearing Account Task 7: Prepare Single Touch Payroll and finalisation event in QuickBooks Payroll powered by Employment Hero Task 8: Prepare the Final Year BAS Task 9: Review Claiming of Mileage Fuel in the Mileage Tracker Task 10 TPAR – see ATO Taxable Payments Annual Report – for contractors in key industries Section 2: Preparing your return and closing your books (seek help from an accountant) Task 1: Prepare year-end tax return Task 2: Close the books

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