End of financial year

Take the stress out of the end of the financial year

28 May 2019 by Kitomba

The end of the financial year comes around at the same time every year and yet each time it can seem like a surprise. The good news is if you’ve been using Kitomba it’s easy to get much of the information you need to keep your accountant and the tax man happy.

Here’s how you can get some of the information you may be asked for about your business from Kitomba. When running your reports, remember to select the dates for the financial year in your country, eg. 1 April to 31 March in New Zealand and the UK, or 1 July to 30 June in Australia.

Income and expenses

Kitomba can tell you your income from sales and what you’ve spent with product suppliers.

Sales

Run your Business Summary Report excluding GST for the financial year to get the total value of sales for the year.

If you use the cash accounting method, you’ll need to use the Payments Received report in Kitomba 1 or refer to the payments received line in the Cash Drawer Summary report in Kitomba.

Purchases

If you’ve been using stock management in Kitomba, your Supplier Invoices Report in Kitomba 1 or the Stock Movement Summary in Kitomba will tell you how much you have spent with product suppliers for the year. Run this report excluding GST.

Assets

Your assets include your stock and money owed to you.

Stock

The Stock Value Report in Kitomba and Kitomba 1 will tell you the value of the stock you have on hand.

Completing stocktakes regularly will ensure you’re correctly reporting the value of the stock you have on hand.

Money owed by clients

Running your Client Account Balances report will give you the balance of any outstanding client invoices in the “Accounts in Debit” section. Run this report for the last date of the financial year.

Liabilities

The liabilities you can find in Kitomba include money you owe to clients as well as the balance of outstanding vouchers and concessions.

Money owed to clients

The Accounts in Credit section in your Client Account Balances report will tell you how much money you owe your clients. Run this report for the last day of the financial year.

Vouchers

Run your Vouchers Outstanding report at the end of the last day of the financial year to quickly see the total value of vouchers that haven’t been redeemed.

Concessions

Your Concessions with Remaining Visits report will give you the value of outstanding concessions. Run this report at the end of the last day of the financial year.

Kitomba + Xero making the financial year end even easier

Managing your money is even easier when you use Kitomba and Xero together. When you have the integration set up, Kitomba will automatically send your end of day cash drawer reconciliation to Xero. This gives you accurate information about your income in your Xero accounts, helping you take even greater advantage of Xero’s time-saving features (especially at tax time). Find out more about Kitomba’s Xero integration.

Remember to always talk to your accountant or business advisor if you’re unsure what you need to meet your end of financial year obligations. If you need to provide something from Kitomba and you’re unsure how to find it, search our online support guides or contact our support team.

If you haven’t been using Kitomba to manage your salon, spa, or clinic, get in touch and we’ll find a solution that will help you to take your business to the next level and make the next financial year end easier.

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