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At the end of each financial year, it is important to generate and save several reports as at 30 June.
These reports provide a snapshot of your business at the close of the financial year and are commonly requested by your accountant when preparing your annual financial statements and tax return.
Important: These reports cannot be generated retrospectively. If they are not run on or before 30 June, the data will continue to change as your business operates, and the reports will no longer accurately reflect your end-of-financial-year position.
Reports to Generate
Generate and save the following reports with the report date set to 30 June:
- Work in Progress Report
- Outstanding Customer Balance Report
- Stock Value Report
- Supplier Balance Report
Why These Reports Are Important
These reports provide an accurate snapshot of your business as at the end of the financial year, including:
- The value of jobs still in progress.
- Outstanding amounts owed by customers.
- The value of stock on hand.
- Outstanding amounts owed to suppliers.
Your accountant may request these reports when preparing your end-of-financial-year accounts.
How to Generate the Reports
Navigate to Analytics → Business Reports, then generate the following reports:
| Report | Location |
|---|---|
| Work in Progress Report | Workshop Reports → Work in Progress Report |
| Outstanding Customer Balance Report | Customer Reports → Outstanding Customer Balance Report |
| Stock Value Report | Stock Reports → Stock Value Report |
| Supplier Balance Report | Supplier Reports → Supplier Balance Report |
Ensure the Report Date is set to 30 June before generating each report.
We recommend generating these reports on 30 June and saving them as PDF or Excel files in a secure location. Keeping a permanent copy ensures you have an accurate record of your business’s financial position at the end of the financial year.
Note: Once transactions are entered or amended after 30 June, these reports cannot be recreated to reflect the exact balances that existed at the end of the financial year. Running and saving them on or before 30 June is essential.
Disclaimer: The information provided in this article is for general guidance only and does not constitute financial, taxation, or accounting advice. Every business has different reporting requirements, and you should seek advice from your accountant or tax professional regarding your specific circumstances.
The reports listed in this article are those that are commonly requested by accountants at the end of the financial year. They are recommended because they capture your business’s financial position as at 30 June and cannot be recreated retrospectively once transactions are added or amended after that date. Generating and saving these reports ensures they are available should your accountant require them.
