June 3, 2025

Getting Ready for 30 June End of Financial Year Not-for-Profit Organisation

Getting Ready for 30 June End of Financial Year

We are less than a month away from the end of the financial year for those organisations with a 30 June balance date, and we recommend that you start getting yourself organised early.

Some important things to consider before year end:

Funds in Advance: We recommend that you review the balance in your funds in advance and complete a full reconciliation so that you can confirm all balances held.

Accounts Receivable: Are you expecting to receive payment for all invoices currently showing as unpaid? If not, you will need to write off as bad debts. This needs to happen before the end of the year. Invoices for items such as room hire or services that the organisation has provided. This includes your Bonds code for those who require a bond to secure a room hire.

Accounts Payable: Have all invoices been loaded in that relate to this financial year? If you haven’t received an invoice, but know it relates to this financial year, do we need to accrue for the expense? This includes items such as your audit fee for the year.

Stock Take: Do you hold stock, donated or purchased? Have you completed a stock take, if relevant to your organisation? Accountants often need to know the GST exclusive figure. At the end of each financial year, it's essential to count and value your stock on hand.

Employee Holiday Pay & Wages: Accrued holiday pay, bonuses, redundancy payments and long service leave should be reflected as a liability in your balance sheet.

Fixed Assets: Review your organisations Fixed Asset Register to identify assets that may be scrapped or that are no longer used. Assets can be written off if they are no longer used but have not been disposed of.

Ensure that Assets costing $1,000 ex GST or less qualify for an immediate write-off provided:

They do not form part of some other asset.
They are not purchased from the same supplier at the same time as another asset and the total is more than $1,000 ex GST.

Goods and Services Tax (GST): As part of your year-end procedures, a reconciliation between the entity’s GST return and the balance of the GST account in its financial statements should be undertaken. This reconciliation can provide a useful warning about any discrepancies and provide an opportunity to rectify any issues.

Bank Audit Certification: We recommend reaching out to your bank early to request them to issue the bank audit certificate to confirm the balances on hand at the end of the financial year.

Audit & Accountant Communication: It is generally a busy time of year for auditors, so we recommend communicating early with your accountant and auditor around your expected AGM date, and therefore the date the audit needs to be completed by. Your accountant will also need to know and understand this time frame so that they can communicate with you around when they will need all your financial information.

In line with the above we recommend that you are well on your way to planning for the following year: