Year End Information

The good news is that if you’ve been using Xero for the past year, you’re very close to being ready for your accountant to begin work on your end-of-year reports. If not on Xero you need to cover these items as well.

Check list that you can follow to make sure you’re on track:

  • Complete your Bank Reconciliation for each of your bank accounts. You will know if you have any unreconciled items because the Reconcile Now button will be visible on the Dashboard.  Include a copy of your bank statement(s) as at balance date (31 March).
  • Make sure you have all your Accounts Payable up-to-date. These should be coming in either by mail, email or as a Xero to Xero transaction, so check these are correct and entered into Xero via Accounts Payable.
  • Finish off your end-of-month billing. If you have any outstanding jobs that need to be billed, complete the invoices and send them off.
  • If you hold stock, complete a stock-take and let your accountant know what the value of your stock was at year-end.
  • Finish your March expense claims for any business expenses paid personally. If you are using Xero Personal, categorise the claims as “Business Expenses” so you can submit them to Xero Business and these will appear automatically.
  • Complete your March payroll and enter the payroll tax due for March but payable in April, as an Accounts Payable Invoice. If you use one of the payroll packages that integrate with Xero, then you only need to make sure you have finished the final March pay run.
  • Have at the ready any other documents such as investment statements, RWT certificates for interest, dividend statements, details of any new hire purchase arrangements or new loans and loan summaries from the banks. Scan these and email to your accountant or post.
  • Details of Home Office Expenses
Rent (if property not owned)
Interest (on mortgage)
Repairs and Maintenance
Office Consumables
Business Use %
Insurance – House
Total Business Use (sqm)
Insurance – Contents
Total Area of Home and Garage (sqm)

9.  Childcares
If you are a childcare copies of all Ministry of Education Funding Notices for the year, summaries by employee of wages earned for the year and holiday pay owing as at balance date.

Felicity Smith