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What do I need to do with my outstanding bills and invoices that I've sent out?

By your balance date (31 March for most people), you'll want to ensure that you've paid all your outstanding bills and reconciled them in Xero. You'll also want ensure that any invoice that you've sent to a customer has also been paid and reconciled.

If you don’t have an invoicing function in Xero, you'll need to prepare a separate list of these ready for your accountant.

For any invoices that you can't collect, write off any invoices you can’t collect as bad debt in Xero. If you don’t do this by balance date, we can’t include these in your tax return and you’ll end up paying tax on them - which isn't what you want!

If you have any questions please contact your RightWay accountant, email info@rightway.co.nz or call 0800 55 024