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YAS Annual Accounts, logo
Topic: Annual Accounts Procedure
Author:…
YAS Annual Accounts
Preparatory Work
- Review last year AA Folder: GL, GL Batch, TB, Check Aonet-MYOBAO-BackUp, Check Classic with financial year.
- Company directory matches with Companies office records (if it’s a company)
If YAS is the registered office, ensure we have all the necessary resolutions for any changes in the companies office
- Make sure accounts been rollovered, and Imported from Connected Ledger.
Create:
- Hard copy folder this year.
- eJournal Book
- eWorkpaper, named e.g. Workpaper 20xx CHEY
- Proforma Query for the Client
- Check Last year annual and This year TB, and Note Significants
- Check GST Folders, Last year workpapers, and Journals
- Check supporting documents' completeness, e.g. back statements, loan statements, settlement statements, fixed assets invoice, hire purchase, insurance policies
- Check if all transactions are entered or imported for the period, and Do Data entry (coding & punching) if needed - request for all: QIF (for CL), CSV (support excel function) & PDF (supporting accuracy) format.
Balance Sheet
Fixed Assets, Loan,
Provisional Tax, GST, ICA,
Profit & Loss
- Check accruals, for ACC, Insurance, Wages, Rent, Interest, Phone, Power
- Adjustment for Fixed Assets under construction, R&M, Entertainment
- c. Compare with previous year and review with significant movement
a. Wage reconciliation
b. Ensure mthly payments are accounted for (eg. Rent, power, equipment hire, franchise fees, hire purchase payments, loan repayment, interest, etc)
-
2nd Draft & Final Report
- Make sure no further questions after information returns from clients.
- Make changes if needed
- Draft Letter
- 2nd Draft PDF
- Update workpapers and save in client folder
- Set CCH status to initial review
Finalising:
- Amend reports with client's confirmation if any
- FINAL Financial Statements PDF
- Send to sign documents:
-Annual Resolutions
-Annual Report & Balance Sheet to sign page saved as "Annual Report 20xx CODE To Sign
-Tax Returns (IR3, IR4, IR215. WFFTC, IETC)
-IR 256 Donation rebate if any
- Finalise Annual letter with correct tax amount and format
- Copy necessary documents (all in PDF format) in the “Documents to send” folder:
-Annual Letter
-FINAL financial statements
-To be signed Documents in Financial Statements
-Resolutions
-IR3, IR4 Summaries
-Example below:
- Change CCH job status to Final Review
Things to note:
- we have 2 companies on the same letter as it is a group.
- when you put the tax status, please dont' use excel but tab function of the word as it is hard to adjust the space with excel.
- when there are losses, you have ( ) around the figure.
- when there are penalties, we try not to show it on the letter but deduct it from the total amount.
- don't put total for the tax status. please refer to what i did on the letter for your reference.
- there should also be a Document to sign folder in NZFL but just a note to say "all doc to send is in INZE" and at the same time, have all the NZFL doc in INZE doc to sign. this happens when the shareholder are 100% the same for the group
Topic: Annual Accounts Procedure
Author: Samuel Lin