Step 1 - Get Xero ready

The first step is to understand the most common items that are required for GPFR

Please complete ALL steps in their respective order.

Please complete the accounts as you normally would.

We will come in and check everything, and make some suggestions or adjustments.

Below are the most common items we see when helping our clients, so if you can do them, then it will save you money.

1. Depreciation
   1. If depreciation is in Xero, then run it up to the date of the report
   2. If its not, we will need the depreciation report or asset register or the rates and effective lives of categories
   3. Or leave it for us to do
2. Provisions
   1. Do you have payroll
   2. You should take up provisions for annual leave, long service leave, all leave
   3. Or doubtful debts
   4. Or leave it for us to do
3. Right of use assets and lease liabilities 
   1. Do you have a lease that fits into the lease liability category of AASB
   2. You may need to take up a right of use asset
   3. Please use our worksheet in the templates section
   4. Or leave it for us to do
4. Deferred tax
   1. We may need to record deferred tax
   2. Please use our worksheet in the templates section
   3. Or leave it for us to do
5. Cash flow
   1. Depending on many factors, we MAY require a separate cash flow statement (In XLSX) from you
   2. So please be prepared to provide it
6. Asset impairment
   1. For this we need to look at the value of some assets and see if the carrying value EXCEEDS the recoverable value
   2. The question you need to ask is "Are there any indicators that my assets are impaired?" 

1. 1. However, intangibles are treated differently, an impairment test is required