POS SOFTWARE
Review your debts and write off the bad debts in your computer system. What most people do is write them off in the official books. Then put them into a voodoo account in case they do actually by some miracle get paid for them.
Write off any trading stock that is damaged or obsolete.
Revalue your damaged stock to the current value of the stock.
Keep in mind what your accountant will want is your stock valuation by
*Cost prices
*The Market selling value
*Replacement value
If your books are set up on a CASH system, you need to pay off outstanding debts to get the credit for them in this financial year.
To help you we will be doing webinars on financial and management reports very soon.
