Every year we send out questionnaires for clients to check they've got everything ready. This creates a lot of information and can be quite tedious. Fortunately, we don't require information which is already in their accounting system. However it is important, so here is a brief summary of some of the most common items you need to consider. For the same of simplicity, we've assumed you have a 31 March balance date. There are other issues - we've only listed those relevant to most SME clients. These are just indicative - some require more consideration so you can't use this as a comprehensive checklist.

Brief year-end accounting check-list


Bad debts - these must be both bad AND physically written off before 31 March.


Stock - valuation at lower of cost or market value. Obsolete stock must be disposed of before 31 March.


Losses continuity - shareholder must be 49% continuous (66% continuity is required for imputation credits).


Entertainment - if non-deductible expenditure (usually 50%) has not been identified at the time of the transaction, a cumulative adjustment must be made for GST as well as tax-deductible expenses.


Fixed assets - review the fixed asset register.


FIF's - information is required including market value at year end.


Prepayments - exemptions mean that these can be claimed in many situations. However, the rules differ according to the type of expense.


RWT on dividends - must be paid by 20 April.


Shareholder salaries - take extra care that salaries reflect contributions to the company.


Bonuses - these must be paid within 63 days of the year-end if they are to be claimed in the relevant year.