Simple Things to Remember for Year End 31 March

Dear Client

With another 31^st March rolling around, I thought it was a great time to remind you of the year end items you should be thinking about.
 
 
Rental and Business
Saturday is a great time to print bank and loan information from internet banking, so that you have proof of the 31/3/17 balances to give us with your accounting information.

Keep any documents, such as annual loan summaries or property manager statements.


Rental
Have you purchased a new rental in the 2017 year (1/4/16 to 31/3/17)?  If so, is it worth getting a chattels valuation done and you can check out www.valuit.co.nz, or give me a quick email or phone call.  If the property was purchased with newish chattels like carpet, dishwasher, heat pumps, curtains and stove, then most likely it will be worthwhile.  Whereas, if the property has low value or no chattels, then it won’t be worth it.  If you have done a major renovation and replaced all of the chattels, then we can use the cost price of each item and a valuation isn’t needed.
 

Business

• More for Business but can apply to some rentals – Do you have bad debts?  This is customers who owe you money and there is no chance of recovering the debt.  If so, these should be written off as at 31/3/17.

• Do you have stock and have you done a stocktake?  This is done at cost and excluding GST.

• Do you have work in progress?  If so, it is great to bill as much of this as possible in March, and then we require a list of your unbilled work in progress at 31/3/17.  This is done at cost and excluding GST.
   
• Debtors and Creditors:  Hopefully you have Xero or another system of tracking which customers owe you and what suppliers you owe.  But if you don’t, you need to keep a record of these as at 31/3/17.

• Do you have cash on hand?  If so, we need the amount as at 31/3/17 to be included with your other financial information.

Our Annual Questionaires will change on our website from 2016 to 2017 on 1 April 2017.  You can access these here.
 
But remember, we would prefer you to wait until you have all the information before sending these into us.
 
 
Kind regards
Ross Barnett