With less than a week before the EOFY to go, now is the time to ensure your business accounts are accurate and complete. 

Reconciling your bank accounts, payroll, and BAS (Business Activity Statements) before 30 June helps ensure you meet your tax obligations and gives you a clear picture of your business’s financial health.

Why EOFY Reconciliation Matters

Reconciling your accounts means matching your financial records against your actual transactions. This process confirms that your bookkeeping is accurate and up to date. It also ensures that:

• All income and expenses are recorded properly
• You’ve accounted for GST correctly
• Employee super and PAYG withholding are accurate
• No errors or missed transactions affect your tax return
  

Incomplete or inaccurate records can lead to overpaid tax, compliance issues, or even ATO audits.

Key Areas to Reconcile

1. Bank Accounts
   

   Match every transaction in your accounting software to your bank statements. Investigate any discrepancies, such as duplicate entries, missing invoices, or bank fees not yet recorded.

2. Payroll
   

   Ensure all wages, tax withholdings, super contributions, and leave balances are correct. Finalise and lodge your Single Touch Payroll (STP) report so your employees’ income statements are ready in myGov.

3. BAS
   

   Review your GST reporting. Confirm that GST collected and paid matches what’s been recorded in your system. Make sure any credits or adjustments are accurately applied.

How to Make It Easier

• Use cloud accounting software with automatic bank feeds and reconciliation tools
• Reconcile regularly throughout the year, not just in June
• Keep clear documentation for all transactions
• Work with your accountant or bookkeeper if anything looks off

EOFY is the perfect time to tidy up your records and start the new financial year with confidence.

Need help reviewing your reconciliations? We’re just a phone call away.