Checklist Instructions
What Checklists Do I Need To Prepare
This is a very common question and we clarify as follows:
It is absolutely important that we receive a checklist for all and not just the main business. If we do not receive a checklist for all we will need to delay the allocation of your work and follow up on the missing checklists that we require.
Documents for Preparing Financial Reports / Tax Returns
To make loading documents easier into our portal we recommend that you have them ready before commencing the preparation of the checklist.
We recommend you are logged into the portal on a second internet browser window so you can upload your documents whilst you complete each checklist section.
When preparing the checklist unfortunately you cannot save your progress, so we have collated a list of documents below which may be applicable to your business (they may or may not apply):
All documents should be uploaded to the portal prior to submitting a checklist for each entity including individuals. Only once we have received a completed checklist and corresponding documents for each entity/individual or group, will we proceed with setting up and allocating your work to our accountants. If we are required to chase for additional information before allocation of the job due to missing information it will delay the job until that information is received in full and incur additional charges.
We remind you that we work on a first in first out approach which is why it is crucial that documents are provided at the same time as your checklist.
Uploading to Portal
We have heard your comments about uploading documents to the portal and have worked with MYOB to improve the entire process. The improvements include multi-selecting documents from your computer or device so you do not need to individually upload them and they have maximised the file size to 100MB from 18MB.
We recommend adding all documents to a zip file first to prevent missing any documents while multi-selecting. For multiple entities you should also be able click into each entity in the portal (listed to the left side of your screen) to upload specific documents for that particular entity. Once you are in the entity, select the little + box located to the top right side of the screen to upload your documents.
If you are still a bit unsure on uploading documents to the portal, contact Fiona (03 348-4403 or fiona.liley@whutuporo.co.nz) and she will help guide you through the process.
Paper Documents
With the rapid movement in technology we are seeing less and less paper documents being delivered for us to prepare your financial statements / income tax returns. We will be working with all clients this year to further reduce the level of paper documents received. This is to fit with the sustainability focus we had by going paperless just over two years ago. Up until this point we have been lenient with documents provided but if we are to care for the environment we need to step up our efforts.
To achieve an increase in sustainability and reduced paper documents we are offering the following:
Bank Transaction Data
Many of our clients either use software to manage their accounts or we have them added to our in-house software for their end of year accounts. If you use software and are the subscription holder, please ensure Whutuporo has access and user permissions so we can obtain the data required.
For those clients not yet on software or our in-house software we will will be sending clients a bank authority form for each account that is included within your financial statements. This form needs to be signed and returned to us as soon as possible.
The bank authority form does not give us any other access to your bank account other than to help capture all bank data accurately. You can keep operating your bank account as you have been and there are no changes to the account by adding it onto our in-house software.
Urgent Financial Reports / Tax Returns
We know from time to time that sometimes your financial reports / tax returns can become urgent for a number of reasons. Because we operate on a first in first out basis on all jobs allocating your job as urgent can sometimes be difficult and we also have to be reasonable to other clients with their work already in.
This year if your job is urgent we will need to charge an urgency fee to cover the costs of reallocating jobs, prioritising accountant time to prepare the reports and related administration charges.
This is a very common question and we clarify as follows:
- Do you have a business whether that be in a Company, your own name or a partnership? If yes then you need to prepare a business checklist
- Are you a shareholder or a partner in a business? If yes then you need to prepare a individual / personal checklist
- Do you have a Trust? If yes then you need to prepare a Trust checklist
- Are you a beneficiary of a Trust? If yes then you need to prepare a individual / personal checklist
It is absolutely important that we receive a checklist for all and not just the main business. If we do not receive a checklist for all we will need to delay the allocation of your work and follow up on the missing checklists that we require.
Documents for Preparing Financial Reports / Tax Returns
To make loading documents easier into our portal we recommend that you have them ready before commencing the preparation of the checklist.
We recommend you are logged into the portal on a second internet browser window so you can upload your documents whilst you complete each checklist section.
When preparing the checklist unfortunately you cannot save your progress, so we have collated a list of documents below which may be applicable to your business (they may or may not apply):
- Bank statements, (closing statement only if on software)
- Bank statements for new bank accounts opened during the year
- Loan statements including new or repaid loans
- New hire purchase or finance agreements
- A detailed list of assets purchased, traded, dumped or sold including supporting documents
- Solicitor settlement statements for property sales and purchases
- Interest and dividend documentation
- Investment portfolio report including tax information and cash management accounts
- Work in progress
- Inventory/closing stock figures
- Bills owing to suppliers (accounts payable)
- Invoices owed by customers (accounts receivable)
- Rental income and expenses
- Property manager statements for any rental properties not self managed
- Home office eg. phone, internet, electricity etc
- Livestock figures
- Details of any Trustee or beneficiary changes
- Donations you wish to claim
All documents should be uploaded to the portal prior to submitting a checklist for each entity including individuals. Only once we have received a completed checklist and corresponding documents for each entity/individual or group, will we proceed with setting up and allocating your work to our accountants. If we are required to chase for additional information before allocation of the job due to missing information it will delay the job until that information is received in full and incur additional charges.
We remind you that we work on a first in first out approach which is why it is crucial that documents are provided at the same time as your checklist.
Uploading to Portal
We have heard your comments about uploading documents to the portal and have worked with MYOB to improve the entire process. The improvements include multi-selecting documents from your computer or device so you do not need to individually upload them and they have maximised the file size to 100MB from 18MB.
We recommend adding all documents to a zip file first to prevent missing any documents while multi-selecting. For multiple entities you should also be able click into each entity in the portal (listed to the left side of your screen) to upload specific documents for that particular entity. Once you are in the entity, select the little + box located to the top right side of the screen to upload your documents.
If you are still a bit unsure on uploading documents to the portal, contact Fiona (03 348-4403 or fiona.liley@whutuporo.co.nz) and she will help guide you through the process.
Paper Documents
With the rapid movement in technology we are seeing less and less paper documents being delivered for us to prepare your financial statements / income tax returns. We will be working with all clients this year to further reduce the level of paper documents received. This is to fit with the sustainability focus we had by going paperless just over two years ago. Up until this point we have been lenient with documents provided but if we are to care for the environment we need to step up our efforts.
To achieve an increase in sustainability and reduced paper documents we are offering the following:
- Call into our office with your paper documents and use our scanner to scan and email your documents to us; or
- Call into our office with your paper documents and have our administration team scan them off for you. This will incur additional charges to cover the cost of using our administration team.
Bank Transaction Data
Many of our clients either use software to manage their accounts or we have them added to our in-house software for their end of year accounts. If you use software and are the subscription holder, please ensure Whutuporo has access and user permissions so we can obtain the data required.
For those clients not yet on software or our in-house software we will will be sending clients a bank authority form for each account that is included within your financial statements. This form needs to be signed and returned to us as soon as possible.
The bank authority form does not give us any other access to your bank account other than to help capture all bank data accurately. You can keep operating your bank account as you have been and there are no changes to the account by adding it onto our in-house software.
Urgent Financial Reports / Tax Returns
We know from time to time that sometimes your financial reports / tax returns can become urgent for a number of reasons. Because we operate on a first in first out basis on all jobs allocating your job as urgent can sometimes be difficult and we also have to be reasonable to other clients with their work already in.
This year if your job is urgent we will need to charge an urgency fee to cover the costs of reallocating jobs, prioritising accountant time to prepare the reports and related administration charges.