Get prepared for Aotearoa NZ End of Financial Year

It is coming into the end of financial year (EOFY) season for our customers in Aotearoa New Zealand with 31 March almost upon us.

This time of year can be difficult to manage with so many different factors for consideration, reconciling accounts, and producing reports for various members of the business. For our users who want to get prepared for the busy period ahead, or are new to Sybiz, you can watch our EOFY video, which covers a simple checklist of typical processes in Sybiz Vision, such as creating report sets and starting a new financial year.

This year, in addition to the standard EOFY tasks, new rules and terminology for NZ tax invoices (to be called taxable supply information) are also coming into effect from 1 April 2023. These changes include the types of information required on tax invoices, debit and credit notes, and buyer-created tax invoices, new terms for these types of transactions, and new time periods these transactions need to be provided within.

With this in mind it is vital that businesses use a solution that can adapt to meet these evolving requirements. While most Sybiz Vision users will not need to make changes, tax invoices should still be checked to ensure they are being produced with all of the required information ahead of EOFY.

Although the terminology of some transactions is changing, the Inland Revenue Department (IRD) has advised that the use of these new terms are not required on GST documents. More about the new requirements is available from the IRD website.

If you need tailored assistance this end of financial year, be sure to get in touch with your Sybiz Authorised Business Partner in advance of 31 March where possible.