There are certain accounting entries that need to be made before the end of the financial year in order to be counted for 2021.


Bad Debts

Where customers have not paid you and you are not able to recover these outstanding accounts receivable these balances need to be written off as a bad debt in your accounting software prior to year-end.


Stock on Hand

A count of your stock on hand needs to be completed on (or close to) your balance date.  If obsolete stock is identified during the process this also needs to be written off in your accounting software before the end of the financial year.

If stock is recorded manually, make a note of those items that are obsolete, and need written off.