End of financial year information for salons
A simple guide for salons in New Zealand, Australia and the UK.
A guide on how to prepare for the end of the financial year with confidence
This comprehensive guide for the end of the financial year has everything you need to help you through this busy time.
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Get the information you need through reports
Kitomba Salon and Spa Software provide the tools and reports you need to quickly collect all of the information needed to make your end-of-financial year a breeze. Keep reading to find out how.
Reporting tips for the End of Financial Year
Before you get started with your end-of-financial-year reporting, make sure you:
Run all reports GST exclusive
For your end-of-financial-year reporting, it’s important to enter all financial figures as GST exclusive. Luckily with Kitomba, all our reports allow you to toggle between GST inclusive and exclusive to make this easy.
Make sure you have your date range set correctly
The financial year differs between countries. Make sure you run all your reports for the correct date range wherever you live.
New Zealand
The end of financial year in New Zealand is 1 April to 31 March the following year.
Australia
The end of financial year in Australia is 1 July to 30 June the following year.
United Kingdom
The end of financial year in the United Kingdom is 6 April to 5 April the following year.
Free masterclass: Financial Clarity with Kitomba
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We’ve partnered with Salon Rising for an exclusive masterclass for Kitomba customers wanting to gain financial clarity.
Track your income and expenses with these reports
Efficiently monitor your salon, spa or clinic’s income and expenses with Kitomba’s powerful reporting.
Sales
Run your Business summary report in Kitomba 1 or Kitomba for the financial year period in your country to get the total value of sales for the year.
If you use the cash-based accounting method instead of accrual accounting, you’ll need to use the Payments Received report in Kitomba 1, or refer to the payments received line in the Cash Drawer Takings 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.
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Stay in control of your assets with these reports
Efficiently monitor your salon’s income and expenses with Kitomba’s powerful reporting.
Stock
The Stock Value Report in Kitomba and Kitomba 1 will tell you the value of the stock you have on hand.
Note for New Zealand customers: It is important to note the IRD does require a physical stocktake to be completed on 31 March if the approximate stock value is over $10,000. If under $10,000, the Kitomba report is sufficient.
Money owned by clients
Running your Client Account Summary report in Kitomba 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.
Cash
Cash on hand is another important asset that needs to be recorded on the last day of the financial year. This includes petty cash, and till floats, all of which need to be supplied to your accountant.
Expert tip
Did you know you can manage your petty cash in Kitomba? This allows you to track who is taking money out of the till, and for what reason, and it ensures that your end-of-day banking balances correctly. If you want to learn how to use it at your salon, spa or clinic, check out our support guide.
Manage your stock with ease with Kitomba
Completing a stocktake is easy with Kitomba Salon and Spa Software. Instead of taking hours or days, our easy-to-use stock management features allow you to complete a stocktake in minutes!
Understand your salon’s 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 Summary 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.
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