A mid-year bookkeeping review gives you a chance to check the records behind your sales, costs and bank balances. For a business with a 30 June year end, December and January are useful checkpoints. You can also use this checklist at another point in the year; choose a review date and keep every report on the same basis.
Start with your accounting file, bank and loan statements, unpaid invoices, supplier bills and payroll records. Record what is complete, what is missing and who will follow it up. For a smaller review each month, use our monthly bookkeeping checklist.
1. Check the cash available for upcoming payments
Look beyond the balance in your main bank account. List the payments coming up, including wages, suppliers, loan repayments and any tax or super obligations that apply to your business. Compare those payments with cash available and customer receipts you reasonably expect to collect.
If an invoice is overdue, use a realistic collection date. A sale recorded in your profit and loss report does not mean the customer has paid it. Note any shortfall early so you can discuss payment timing and spending decisions.
2. Reconcile bank, card and payment accounts
Check each business bank account and credit card against its statement at the review date. Include payment services such as Stripe, Square or PayPal, and compare loan balances with lender statements.
Look for missing transactions, duplicates and transfers recorded as income or expenses. A payment clearing account can have a valid balance when a settlement is still on its way; investigate the difference instead of entering a balancing figure. Our bookkeeping and bank reconciliation service explains how we work through these items.
3. List GST and BAS questions for review
If your business is registered for GST, compare the transactions and supporting documents behind its GST reports. Flag missing tax invoices, unexpected tax codes and changes made after a BAS was lodged. Keep a record of the period, transaction and reason for each question.
A mistake in a lodged BAS is not automatically an adjustment to the next one. Whether a GST error can be corrected in a later BAS depends on the applicable conditions, including the type of error and relevant limits. Ask your registered BAS or tax agent to confirm the correction method using the ATO guidance on correcting GST errors.
4. Compare income and costs on a consistent basis
Run a profit and loss report for the months being reviewed and compare it with your budget or a comparable period. Check that both reports use the same cash or accrual basis. Investigate large changes in materials, wages, rent, subscriptions and other costs.
Separate a bookkeeping issue, such as an expense posted twice, from a business change, such as a supplier price increase. Correct the records before using the figures to make pricing or spending decisions.
5. Review payroll and super records
If you employ staff, compare approved hours and pay runs with payroll reports and payments. Check employee details, leave records and unusual amounts. Review award classifications, rates and allowances against the rules that apply; software settings still need checking.
For paydays from 1 July 2026, Payday Super requires contributions with each payday, generally reaching employees’ funds within seven business days. Check payment outcomes as well as submission records, and resolve rejected contributions promptly. See the ATO’s Payday Super update for current requirements and guidance. A mid-year or monthly review does not replace checks due each payday.
6. Review unpaid invoices and supplier bills
Run aged receivables and payables reports at your review date. Check whether overdue invoices are still collectible, have been disputed or were already paid but not matched. Review supplier statements for missing bills, duplicate entries and unapplied credits.
For each unresolved item, record the next action and the person responsible. Discuss the treatment of a debt you may not recover with your accountant before writing it off.
7. Gather the documents still missing
Match receipts and invoices to the transactions they support. Save loan agreements, asset purchase documents and explanations of money introduced or withdrawn by the owner. Keep business and personal transactions clearly identified.
If you cannot find a document, flag the gap and ask what evidence is needed. A bank-feed description alone may not explain what a purchase was for.
8. Update the plan for the rest of the year
Use the checked records to update expected income, operating costs and major payments. Include seasonal changes, known renewals and planned purchases. Write down assumptions so you can revisit them when circumstances change.
Discuss the tax treatment and timing of a major purchase with your tax adviser. The purchase should also make sense for your business and cash position. Our budgeting and forecasting support can help organise the figures behind that discussion.
9. Agree the next actions
Finish with a short list of unresolved items, the records needed, who will handle each one and a review date. Separate routine bookkeeping from questions requiring your accountant or registered agent.
If several months are incomplete, start with a catch-up bookkeeping review. If your records are current, keep them moving with a regular routine and prepare the documents your accountant will need for year-end preparation.
Choose support for the work you need
Modeno works online from Springvale, Melbourne. Monthly plans are Starter $210, Growth $400 and Premium $650. Your chosen plan and billing period set the price, regardless of transaction volume or complexity. The services, bank accounts and payroll inclusions listed for each plan still apply. Your first month is free, and no GST is charged.
Compare bookkeeping plans and tell us which records you would like help keeping up to date. Catch-up work is scoped and quoted separately.