March 2019 bank statement checks
If you use Xero, please send a copy of your bank statement/s showing the bank balance for each account on Xero as at 31 March 2019 to firstname.lastname@example.org.
We are often asked why we need these when the feeds come through Xero daily. There are a few reasons. Xero is very reliable but sometimes there is a glitch with the bank and some transactions don’t come through. Or if we have added a new bank feed through the year, we may not have all the transactions in Xero prior to starting the feeds. While we do try to ensure this doesn’t happen, it's good to double check.
And most importantly, as Chartered Accountants we are required to prepare workpapers verifying the balances in your balance sheet. If the bank doesn’t balance to what is in your bank account, that tells us the ledger is unreliable. And nobody wants that!
When paying tax through internet banking there are several options. When paying income tax or provisional tax use the INC code and Student Loan repayments use SLS. When paying GST, use the GST IR101 code.
Only those using the ratio method, which is very few, should use the GAP IR102 code. GAP stands for GST and Provisional Tax. If you use this code and aren’t on the ratio method, your payment will very likely end up in IRD’s suspense account. While the payment will find it’s way to your account eventually, it can take some time and may result in overdue notices from IRD.
2019 Financial Statements
Now is a good time to start filling out the annual checklist, particularly stock count, receivables and payables. It is much easier to do as it happens than six months later. Have you emailed us your 31 March 2019 bank statements? If you need your financial statements prepared earlier than usual please let us know.