Financial Year End Preparation Guide

Year end is your opportunity to close the books, assess performance, and prepare for taxes. Proper preparation makes this process smooth and stress-free.

Financial Year End Dates

Companies (Pty Ltd)

Can choose any month

Popular choices: February, June, December

Must be consistent year to year

Sole Proprietors

Follow tax year: March to February

Year end: End of February

Tax Year (Individuals)

1 March to 28/29 February

Year End Timeline

3 Months Before

Review accounting records

Chase outstanding invoices

Identify missing receipts

Start tax planning

1 Month Before

Complete all data entry

Begin reconciliations

Value inventory

Review aged receivables

Year End

Final bank reconciliation

Close journals

Finalize adjustments

Prepare trial balance

After Year End

Generate financial statements

Calculate tax

Prepare returns

File with SARS

Year End Checklist

Bookkeeping

All transactions entered

Invoices up to date

Expenses recorded

Bank feeds reconciled

Bank Reconciliation

All accounts reconciled

Outstanding items explained

Bank statements obtained

Discrepancies resolved

Receivables

Aged analysis run

Bad debts identified

Write-offs approved

Collections followed up

Payables

Supplier statements matched

Accruals recorded

All invoices captured

Payment schedule reviewed

Inventory

Physical count completed

Variances investigated

Obsolete stock identified

Valuation method applied

Fixed Assets

Register updated

Depreciation calculated

Disposals recorded

Impairments assessed

Payroll

Leave balances accurate

Final payroll processed

IRP5s prepared

EMP501 ready

Tax

Provisional tax reviewed

VAT returns submitted

PAYE reconciled

Tax estimate calculated

Financial Statements

Required Statements

Income Statement (P&L)

- Revenue - Cost of sales - Expenses - Net profit/loss

Balance Sheet

- Assets - Liabilities - Equity

Cash Flow Statement

- Operating activities - Investing activities - Financing activities

Notes to Accounts

- Accounting policies - Additional details

SARS Deadlines

Return	Deadline
ITR14 (Company)	12 months after year end
EMP501 (Annual PAYE)	End of May
VAT201	Per filing period
IT14SD (Tax-exempt)	12 months after year end

Tax Planning Tips

Before Year End

Defer income if possible

Accelerate deductions

Review provisional tax

Consider asset purchases

After Year End

Maximize retirement contributions

Use all allowable deductions

Review prior year assessments

Plan for next year

LEDGA Year End Support

LEDGA simplifies year end:

All records in one place - No hunting for documents

Automatic reconciliation - Bank feeds matched

Instant reports - P&L, Balance Sheet ready

Aged analysis - Receivables and payables

VAT summary - For SARS submission

Export to Excel - For accountants

Audit trail - Complete transaction history