TOTALACCOUNTING

BUSINESS DOCUMENTATION REQUIRED TO PREPARE INCOME TAX RETURNS

Print off this document and check that you have all the financial documentation below   (if appropriate to your situation). Tick in the right hand column to satisfy yourself that you have obtained or prepared it.

1.   PREVIOUS FINANCIAL STATEMENTS

If you are a new client and have previously been in business the Financial Statements from the previous year.

 

2.   BANK STATEMENTS

For all business Bank Accounts and for the full period. Please check you have them all and if not order missing copies.

 

3.   CHEQUE BOOKS FOR YEAR

For all the bank accounts operated by the business.   If  payments are not subject to GST from  this should be noted.

 

4.   BANKING DEPOSIT BOOKS FOR YEAR

For all business Bank Accounts and for the full period.

 

5.   CASH BOOK IF YOU HAVE PREPARED ONE

This should have separate sections for Cash Payments  and Cash Receipts and analyse the Payments and Receipts to GST (if applicable) and other cost and income categories.   All items on your business Bank Accounts for the period should be itemised.

 

6.  IF YOU HAVE NOT BEEN KEEPING A CASHBOOK?

Have you:

(a)   Marked clearly the nature of all payments on the cheque butts?.   Personal expenses or drawings should be marked.   If payments are not subject to GST this should be marked.

(b)   Indicated on the Deposit Slips those Deposits which are not sales?

(c)   Alternatively noted all these details on each line of your Bank Statements?

 

7.  IF YOU PROCESS YOUR ACCOUNTS BY THE USE OF A COMPUTERISED ACCOUNTING PROGRAMME

Please provide:

  • The printout of the Trial Balance as at balance date.
  • The printout of the Detailed Transaction Ledger (showing dates, receipt/ payment reference, descriptive narrations, amounts for each transaction) for each account set up in your General Ledger for the whole of the year.

 

8. BUSINESS ITEMS NOT PROCESSED THROUGH BUSINESS BANK ACCOUNTS

(a)   If you paid for business related costs out of pocket and your business Bank Account has not refunded you please provide a list which shows:  

Date

Purchased From

Cost Category

Amount

 

 

 

 

 (b)   Please supply a list of  business income not banked into business Bank Accounts.

(c)   If you have a Petty Cash Float please provide your Petty Cash Analysis of Expenditure Records.

 

9.  YOUR INVOICES AND SUPPLIERS INVOICES

- If you prepare an Invoice for sales please provide your Invoice Book showing all invoices for the period.

- The Invoices you have collected from your Suppliers relating to your payments for the period.

 

 

10. ALL CORRESPONDENCE WITH IRD

-   all GST Returns (if applicable) and workpapers.

-   all FBT Returns (if applicable) and workpapers.

-   monthly IR345 Employer Deductions and IR348 Employer Monthly Schedule (if you have kept a copy of the latter) Forms if you pay wages.

-   Statements of Account received from IRD relating to PAYE, ACC, GST, FBT.

-  current year IR3, IR4, IR6, IR7, Personal Tax Summary Income Tax Returns and Summary of Earnings Forms if you were not on our agency list and received these direct.

-   any other correspondence with IRD.

 

11. CREDIT CARD STATEMENTS

If used for business, please identify what the expenditure should be categorised to.

 

12.  WAGES RECORDS

Please provide:

-   wage books

-   monthly IR345 Employer Deductions and IR348 Employer Monthly Schedule (if you have kept a copy of the latter) Forms if you pay wages.

13.  CASH ON HAND AT BALANCE DATE

(a)   Till Change.

(b)   Unbanked takings.

(b)   Petty Cash Float.

 

14.   STOCK ON HAND

You should undertake a count of stock at balance date.   This should be valued at lower of cost or market value (excluding GST).   Please provide your stock take sheets.

 

15.  WORK IN PROGRESS

Work in Progess at balance date should be counted and valued and schedules prepared as for stocks.  Work in Progress should be valued at cost of materials, direct labour and factory overhead after deducting progress payments.   Please provide your count sheets.

 

16.  PRIVATE USE

Portion of expenses incurred to be allocated as private:

(a)   Telephone and Tolls-      $...........

(b)   Power-                               $...........    or %.............

(c)   Goods for Own Use         $...........        

 

 

 

17.  BUSINESS MOTOR VEHICLE EXPENSES

(a)   If your business owns a motor vehicle on which Fringe Benefit Tax is paid ignore this section.

(b)   Please provide log book and method for recording these.

 

18.  ACCOUNTS RECEIVABLE (SUNDRY DEBTORS)

Please prepare a list of amounts "owing to you" at  balance date with the following columns:  

Your Invoice Reference

Debtor’s Name

Income Category (if you have different categories)

Amount (indicate whether inclusive or exclusive of GST

 

 

 

 

 -   indicate any amount which you consider unlikely to receive payment for.

 

19.  ACCOUNTS PAYABLE (SUNDRY CREDITORS)

Please prepare a list of amounts "owing by you" at balance date with the following columns:  

Creditor’s Name

Type of Cost

Amount (indicate whether inclusive or exclusive of GST

 

 

 

-   remember to include GST due and PAYE payable on the 20th of the month following.

 

20.  LOANS AND/OR MORTGAGES

Please provide statements from financial institutions relating to loans and/or mortgages applicable to your business which indicate the following:

-   balances still owing at balance date.

-   interest paid during the period.

 

21.  HIRE PURCHASE AGREEMENTS

Please provide your copy of any Hire Purchase Agreement if business related and commenced during the period.   If you are a new client please provide the Agreement for any business Hire Purchase contract still being paid off.

 

22.  REPAIRS AND MAINTENANCE

If information is not recorded in full on cheque butts or cashbooks, please provide details of major repairs and maintenance to business assets during the financial period    Invoices for large amounts should be provided.

 

 

 

23.  FIXED ASSETS

Fixed Assets are items which are not required for immediate resale, which are used by your business longer than a year and cost more than $200 excluding GST.   Please provide two lists as follows:

(a)   Fixed Assets Purchases:

-   Item.

-   Date Purchased.

-   Cost (excluding GST).

-   Method of Payment.                                           

(b)   Fixed Assets Sold or Disposed of:

-   Item.

-   Date Sold.

-   Sale Value

-   If any Fixed Assets in previous period Financial Statements are to be written off as they  are now damaged and not usable in the business.

 

24. USE OF HOME FOR BUSINESS PURPOSES

If you use your home in furtherance of the conduct of your business (e.g. you have an area allocated specifically as an office or storage area) please provide the following information:

-   area used for business.

-   total area home.

-   cost of home or particular premises used specifically for business.

-    construction of home or particular premises used for business.

-   rates account.

-   power account, % used for business.

-   interest on home mortgage.

-   insurance account on home and contents.

-   fixed assets used specifically for business.

-   repairs on these fixed assets.

25. RESIDENTIAL TELEPHONE ACCOUNT USED PARTIALLY FOR BUSINESS

Please prepare an analysis of residential telephone accounts used partially for business with the following columns:  

 

Month (indicate each month of the Year)

Total Monthly Charge

Landline

Monthly Rental

Charge

Landline

Business Toll

Charges

Landline Personal Toll

Charges

Separate

Cellphone

Number Charge to

Account

Internet

Charges

Yellow Pages Advertising Charges

 

 

 

 

 

 

 

 

 

 

26.  FARMING CONCERNS

Please provide lists which show:

-   breakdown of purchase by stock type and costs.

-   breakdown of deaths by stock type.

-   closing stock at year end and breakdown by stock type.

 

27.  HORTICULTURAL CONCERNS

Please advise estimated value of closing stock of sprays and fertiliser.

 

28.  PROPERTY RENTAL BUSINESS ACTIVITY 

Please provide details of:

-   Income -  rental receipts.

-   Expenses-  interest on loans, rates, insurance. repairs and maintenance, vehicle expenses (provide a list of trips incurred),  other expenses incurred.

-   Depreciation- if property purchased in current period cost of purchase, solicitor's account and correspondence, valuation of  land, carpets/vinyl, drapes, stove/rangehood, woodfire, other major fixed assets.

 

29.  INTEREST INCOME

Please provide the Statement received the bank or other financial institution indicating:

-   Gross Income.

-   Resident Withholding Tax deducted.  

Ensure that you provide this from all institutions from which you received interest income.

 

30.  DIVIDEND INCOME

Please provide the Dividend Remittance advices received for the Dividend Issuer.  

Ensure that you provide all Dividend Remittance advices for the year.

 

31.  ANY OTHER OTHER INCOME WHATSOEVER

This could include:

-   Distributions from a Trust.

-   Losses from a Loss Attributing Company for which we are not preparing Income Tax Returns.

-   Shareholders Salaries attributed from companies for which we are not preparing Income Tax Returns.

-   any other taxable income whatsoever.