End of Financial Year
End of Financial Year Checklist
This process must be completed by close of business, EOFY. At the end of the tax year, specific reports and backups are required to complete tax return documentation.
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Important Notes: Where possible, export reports to PDF or spreadsheet and save them in a folder named EOFY20XX (replace XX with the current year). |
Print this checklist and tick off each task as it is completed.
The Edge
☐ Stocktake: Ensure all stocktakes are completed and retain printouts of any adjustments made.
☐ Multi-Store Users Only: Ensure all stores are in sync and that Head Office has all sales up to date.
☐ Backup The Edge:
☐ Run a backup via The Edge > Administration > Backup.
☐ Label the backup EOFY20XX (replace XX with the current year).
☐ Store the backup securely on a USB drive (preferably off-site).
EdgePulse
☐ Customer Balances Report: Export the following reports to a spreadsheet and save them in the EOFY20XX folder:
☐ Customer Accounts
☐ Special Orders
☐ Repairs / Custom Jobs
☐ Laybys
☐ Money Held
☐ Stock Reports: Export and save:
☐ Stock Report — Excluding Consignment or Approval stock
☐ Stock Report — Consignment or Approval only
☐ Sales Goals and Budgets: Review and update budgets for the new financial year. If any budgets are missing, set them up.
Focus Reports
☐ Complete an Extensive Build. Note that this process can take up to 8 hours.
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Management Tip! Speak with your accountant before End of Financial Year. If your business profitability has grown (as many have), they can advise you on the best tax strategies. Some options may no longer be available after this date. |
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