For any business, the weeks leading up to 30 June are crunch time. Financial records need to be accurate, reconciled, and complete, not just for tax purposes, but to give a true picture of how the business has performed over the past twelve months.
Whether bookkeeping is handled in-house or with outside support, having a structured checklist makes the difference between a smooth EOFY and a stressful one. This guide covers every key bookkeeping task that should be completed before the financial year closes on 30 June 2026.
Why Clean Books Matter at EOFY
Disorganised or incomplete books at year-end create a ripple effect. Errors in the accounts flow through to the tax return, which can mean overpaid tax, missed deductions, or ATO queries down the track. Incomplete payroll records delay STP finalisation. Unreconciled accounts make it impossible to produce reliable financial statements.
Beyond compliance, accurate year-end books are the foundation for planning the next financial year, understanding profitability, managing cash flow, and making sound business decisions, all of which depend on financial records being in good shape.
EOFY Bookkeeping: Key Deadlines to Work Towards
Task | Target Date |
All transactions entered and categorised | 30 June 2026 |
Bank and credit card reconciliations are complete | 30 June 2026 |
Superannuation Q4 contributions cleared by the fund | 30 June 2026 |
Stocktake completed (if applicable) | 30 June 2026 |
STP finalisation submitted | 14 July 2026 |
Q4 BAS lodged (quarterly reporters) | 28 July 2026 |
Financial statements prepared for the tax agent | August–September 2026 |
Tax return lodged (self-lodgers) | 31 October 2026 |
Part 1: Bank and Account Reconciliation
Reconcile Every Bank Account and Credit Card
The most fundamental bookkeeping task at EOFY is ensuring every transaction in the accounting software matches the corresponding bank statement. Every account used by the business, operating accounts, savings, credit cards, and loan accounts, must be reconciled as at 30 June 2026.
Any unreconciled items should be investigated before the year closes. Common causes include:
- Transactions in the bank feed are not yet categorised in the software
- Duplicate entries created by manual data entry alongside an automated feed
- Transactions recorded in the wrong period (cut-off errors)
- Bank fees or interest charges not yet entered
Reconcile Petty Cash
If the business uses a petty cash float, reconcile the physical cash on hand against the petty cash ledger. All petty cash receipts should be entered and coded to the correct expense accounts before year-end.
Clear Outstanding Items in Bank Reconciliation
Any long-outstanding items in the bank reconciliation, such as payments that have been recorded in the books but not yet cleared by the bank, should be investigated. Cheques that have not been presented for more than 12 months may need to be reversed and the funds treated as unclaimed money under Australian law.
Part 2: Accounts Receivable (Debtors)
Review and Age the Debtors Ledger
Run an aged debtors report and review every outstanding invoice. Identify:
- Invoices that are current and expected to be paid
- Overdue invoices requiring follow-up or escalation
- Invoices that are genuinely irrecoverable and should be written off as bad debts
Write Off Bad Debts Before 30 June
Bad debts that are formally written off before 30 June 2026 can be claimed as a tax deduction in the current financial year. To qualify, the debt must be genuinely irrecoverable, meaning genuine steps have been taken to collect it, and there is no reasonable prospect of payment.
Simply ageing a debt or deciding it is unlikely to be paid is not sufficient. Documentation should support the write-off decision, such as correspondence with the debtor, formal demand letters, or evidence that the debtor has ceased trading.
Review Credit Notes and Unapplied Payments
Check for any credit notes or customer payments sitting in the system that have not been applied to invoices. Unallocated credits can distort the debtors’ balance and cause discrepancies in GST reporting.
Part 3: Accounts Payable (Creditors)
Enter All Outstanding Supplier Invoices
For businesses on an accruals basis, any expense incurred before 30 June should be recorded, even if the invoice has not yet been paid. This ensures expenses are matched to the correct financial year and that the profit and loss statement reflects the true cost of running the business during the period.
Reconcile Supplier Statements
Where suppliers issue monthly statements, reconcile the statement balance against the creditors’ ledger. Differences often arise from invoices not yet received, credit notes not applied, or payments recorded in the wrong period.
Review Aged Creditors
Investigate any long-outstanding creditor balances. Amounts that have been sitting unpaid for extended periods may indicate a disputed invoice, a lost payment, or a creditor that needs to be contacted. Accurate creditor records are also important for cash flow planning heading into the new financial year.
Part 4: Payroll Reconciliation
Payroll is one of the most detail-intensive areas of EOFY bookkeeping. Errors here can affect employee tax returns, super compliance, and STP finalisation.
Reconcile Payroll to the General Ledger
The total wages, PAYG withholding, and superannuation recorded in the payroll system must match the corresponding accounts in the general ledger. Run a payroll summary report for the full year and cross-check it against:
- Wages and salaries expense accounts
- PAYG withholding payable account
- Superannuation payable account
Confirm Superannuation Has Been Paid
Super contributions for Q4 (April to June 2026) must be received by the employee’s fund by 30 June 2026 to be deductible in the current financial year. Confirm that contributions have cleared, not just been submitted to a clearing house, before the year closes.
For businesses managing payroll in-house, this reconciliation can be time-consuming. Many businesses find it more efficient to use outsourced bookkeeping services to handle these year-end payroll checks and ensure nothing is missed before STP finalisation is due.
Process Termination and Leave Payments
Any termination payments, unused annual leave payouts, or long service leave payments owed to employees who left during the year must be processed and reported through STP before finalisation is submitted.
Part 5: GST and BAS Reconciliation
Reconcile GST Collected and Paid
Run a GST summary report for the full financial year and reconcile the total GST collected and paid against the amounts reported across all BAS lodgements for the year. Any discrepancy suggests a transaction may have been coded with the wrong GST treatment, which can result in over- or underpayment of GST.
Review GST Coding on Transactions
Check that expenses are coded with the correct GST treatment, particularly for items that are GST-free, input-taxed, or outside the scope of GST. Common coding errors include:
- Bank fees coded as taxable when they are input-taxed
- Insurance premiums with mixed GST treatments are not correctly split
- International transactions incorrectly coded as GST-inclusive
- Wages or superannuation incorrectly coded as GST-bearing
Ensure the Final BAS Is Ready to Lodge
For quarterly BAS reporters, the Q4 BAS (April to June 2026) is due by 28 July 2026. Having the books reconciled and GST coded correctly before year-end makes this lodgement straightforward. For monthly reporters, the June BAS is due 21 July 2026.
Part 6: Fixed Assets and Depreciation
Update the Fixed Asset Register
Review the fixed asset register and ensure it reflects the current state of the business’s assets. This means:
- Adding any assets purchased during the year that should be capitalised
- Recording the disposal or write-off of any assets that are no longer in use
- Confirming depreciation has been correctly calculated and posted for the year
Apply Instant Asset Write-Off Where Eligible
For eligible assets purchased during FY2025–26 that cost less than $20,000, confirm whether the instant asset write-off has been applied. Assets that should be immediately written off but are sitting in the depreciation schedule will result in a missed deduction.
Businesses across industries, including construction, retail, and manufacturing, often have complex asset registers. Specialist outsourced accounting support can help ensure asset records and depreciation calculations are accurate and compliant heading into the new financial year.
Master EOFY Bookkeeping Checklist: Quick Reference
Area | Task | Done? |
Bank Reconciliation | All bank accounts reconciled to 30 June 2026 | ☐ |
Bank Reconciliation | Petty cash reconciled | ☐ |
Bank Reconciliation | Outstanding reconciling items investigated | ☐ |
Debtors | Aged debtors’ report reviewed | ☐ |
Debtors | Bad debts written off before 30 June | ☐ |
Debtors | Unapplied credits and payments allocated | ☐ |
Creditors | All June invoices entered and accrued | ☐ |
Creditors | Supplier statements reconciled | ☐ |
Payroll | Payroll reconciled to the general ledger | ☐ |
Payroll | Q4 super confirmed and cleared by the fund | ☐ |
Payroll | Termination/leave payments processed | ☐ |
GST | Full-year GST reconciled to BAS lodgements | ☐ |
GST | GST coding errors reviewed and corrected | ☐ |
Fixed Assets | Asset register updated | ☐ |
Fixed Assets | Depreciation calculated and posted | ☐ |
Fixed Assets | Instant asset write-off applied where eligible | ☐ |
Getting External Support for EOFY Bookkeeping
For many small and medium businesses, completing all of these tasks internally, on top of the day-to-day demands of running a business, is simply not realistic. The risk of errors increases when EOFY bookkeeping is rushed or left to the last minute.
Befree provides end-to-end bookkeeping support for Australian businesses across a wide range of industries, helping to ensure year-end accounts are clean, reconciled, and ready for the tax agent well before the 30 June deadline. Having an accurate and complete set of books at year-end also means fewer back-and-forth queries from your accountant, reducing both time and professional fees.
For businesses that want to understand the full scope of EOFY obligations, from bookkeeping through to tax, payroll, and super, the small business tax deductions guide provides a useful overview of what can be claimed in the 2025–26 financial year.
Frequently Asked Questions (FAQ)
When should EOFY bookkeeping be completed by?
All bookkeeping tasks, including bank reconciliation, payroll reconciliation, and GST coding, should be finalised by 30 June 2026. Some tasks, such as STP finalisation, have a deadline of 14 July 2026, but these are easiest to complete when the underlying books are already in order by 30 June.
What happens if my books are not reconciled before the tax return is prepared?
If the books are unreconciled when passed to a tax agent or accountant, it typically results in additional time and fees to clean up the accounts before the return can be prepared. It also increases the risk of errors in the tax return itself, including missed deductions or incorrectly reported income.
Do I need to do a stocktake at EOFY?
Yes, if the business holds trading stock. A physical stocktake as at 30 June is a legal requirement for businesses with trading stock. The closing stock value is used in calculating taxable income. Stock can be valued at cost, replacement value, or market selling value, whichever is lower for each item.
How do I write off a bad debt correctly?
To write off a bad debt before 30 June and claim the deduction:
- The debt must be genuinely irrecoverable
- Genuine attempts to collect must have been made and documented
- The write-off decision should be recorded in writing
- The bad debt should be written off in the accounting software before 30 June
- If the original invoice included GST, a GST adjustment may be required on the BAS
What is the difference between cash and accruals bookkeeping at EOFY?
Under cash-basis bookkeeping, income is recorded when received and expenses when paid. Under accruals, income is recorded when earned and expenses when incurred, regardless of when cash changes hands. The difference matters at EOFY because accruals-basis businesses must ensure all June invoices (both issued and received) are entered, even if settlement occurs in July.
Can I do EOFY bookkeeping myself, or do I need a professional?
Many small business owners handle their own bookkeeping throughout the year. However, EOFY introduces additional complexity, payroll reconciliation, GST reconciliation, super confirmation, and asset depreciation, all of which require careful attention. Engaging a professional bookkeeper for a year-end review, even if you manage day-to-day bookkeeping internally, is often a cost-effective way to ensure accuracy.