EOFY Australia 2026: Complete Guide for Finance Teams

TL;DR

EOFY is one of the busiest periods of the year for Australian finance teams. This EOFY checklist Australia guide helps CFOs, Finance Managers, Financial Controllers and AP Managers prepare for 30 June, avoid common year-end mistakes and plan for FY27 with greater confidence.

You'll learn what to complete before and after EOFY, how to strengthen spend controls, and what Payday Super means for finance operations from 1 July 2026.

Download the EOFY Finance Checklist 

What is an EOFY checklist?

An EOFY checklist is a structured list of financial, compliance and operational tasks completed before and after 30 June to ensure accurate reporting, compliance and a smooth transition into the new financial year.

Quick definition: EOFY (End of Financial Year) is the process of closing financial records, finalising compliance obligations and preparing budgets and controls for the next financial year.

EOFY checklist Australia: Quick reference

Download the EOFY AP countdown - 6 things to check before midnight

Why do finance teams struggle at EOFY?

EOFY pressure is rarely caused by a single major issue. More often, it comes from hundreds of small process gaps that accumulate throughout the year.

By June, finance teams are often dealing with:

• Outstanding supplier invoices
• Missing receipts
• Open purchase orders
• Incomplete FBT documentation
• Duplicate transactions
• Unreconciled card spend
• Accrual adjustments

How does EOFY work in Australia?

Step 1 — Capture and review financial data

Review:

• Supplier invoices
• Expense claims
• Corporate card transactions
• Purchase orders
• Payroll records

Ensure transactions are coded correctly against cost centres and general ledger accounts.

Step 2 — Reconcile liabilities and commitments

Review supplier balances, open purchase orders and unpaid invoices.

Raise accruals where services or goods have been received but invoices have not yet arrived.

Step 3 — Review compliance obligations

Confirm compliance requirements for:

• GST
• BAS reporting
• FBT
• Superannuation
• Payroll reporting

Ensure supporting documentation is available.

Step 4 — Complete year-end adjustments

Process:

• Accruals
• Prepayments
• Journals
• Reconciliations

Lock periods once reporting is complete.

Step 5 — Prepare for FY27

Use EOFY data to improve:

• Budget forecasting
• Spend controls
• Approval workflows
• Cash flow planning
• Supplier management

Download the EOFY Finance Checklist [LINK PLACEHOLDER]

What are the most common EOFY mistakes finance teams make?

Uncoded card transactions

Quick answer: Uncoded transactions create reporting inaccuracies and make budgeting more difficult.

Review all transactions coded as:

• Other
• Miscellaneous
• Unassigned

Every transaction should be allocated correctly before year-end.

Open purchase orders

Quick answer: Open purchase orders often overstate committed spend and create reporting issues.

Before 30 June:

• Close inactive POs
• Review approvals
• Confirm active commitments
• Update reporting records

Missing FBT documentation

Quick answer: FBT records are often one of the most overlooked EOFY requirements.

Review:

• Entertainment expenses
• Staff functions
• Gifts
• Vehicle-related expenses

Ensure receipts and supporting documentation are available.

Duplicate invoices

Duplicate invoices remain one of the most common AP issues during EOFY processing.

Review supplier records and run duplicate invoice checks before final payment runs.

What should finance teams complete before 30 June?

Expense Management checklist

1. Set expense submission deadlines

Communicate clear deadlines for:

• Expense claims
• Corporate card reconciliations
• Reimbursements

2. Review all card transactions

Identify:

• Missing receipts
• GST errors
• FBT items
• Uncoded transactions

3. Process outstanding reimbursements

Ensure approved reimbursements are paid and recorded correctly.

4. Review FBT-related transactions

Check all potentially reportable benefits.

5. Lock expense categories

Reduce the risk of miscoding before year-end.

Accounts Payable checklist

1. Request outstanding invoices

Contact suppliers before 30 June.

2. Raise accruals

Accrue known expenses that relate to FY26.

3. Review purchase orders

Close inactive POs and confirm open commitments.

4. Reconcile supplier statements

Match supplier balances against your AP ledger.

5. Verify bank details

Confirm supplier banking information before final payment runs.

6. Check for duplicate invoices

Run duplicate detection checks.

7. Lock reporting periods

Prevent unauthorised changes after close.

What still needs to happen in July?

Many organisations assume EOFY finishes on 30 June.

In reality, some of the most important compliance obligations occur afterwards.

July finance checklist

• Reverse accruals
• Process late invoices
• Finalise reporting
• Lock FY26 periods
• Resolve supplier disputes
• Finalise audit preparation
• Update FY27 budgets

Download the July Finance Checklist

What can EOFY reveal about your finance function?

EOFY acts as a health check for your finance processes.

Ask yourself:

Are staff still submitting receipts late?

This may indicate weak policy adoption or manual processes.

Did duplicate invoices appear during reconciliation?

This often highlights gaps in AP controls.

Were month-end reports delayed?

This can indicate limited real-time visibility.

Were budget overruns discovered too late?

This often points to poor pre-spend controls.

How much time was spent chasing information?

Manual processes create hidden costs throughout the year.

"The organisations that close fastest are usually the organisations that already have visibility before June arrives."

EOFY problems often reveal opportunities to improve finance operations throughout the entire year.

What are the benefits of a structured EOFY process?

A structured EOFY process helps organisations:

• Improve spend visibility
• Strengthen audit readiness
• Improve GST and FBT compliance
• Reduce duplicate invoices
• Improve budgeting accuracy
• Reduce manual administration
• Improve supplier payment accuracy
• Accelerate month-end reporting
• Reduce approval bottlenecks

How can automation simplify EOFY?

Many EOFY challenges stem from disconnected systems and manual workflows.

Expense Management

• Mobile receipt capture
• Automated GST categorisation
• FBT-ready records
• Policy controls

Virtual Cards

• Real-time spend visibility
• Merchant controls
• Automated reconciliation
• Improved fraud protection

Accounts Payable Automation

• Invoice OCR
• Automated coding
• Approval workflows
• Duplicate invoice detection

Purchase Orders (POs)

• Pre-spend approvals
• Budget visibility
• Commitment tracking
• Approval workflows

Why finance teams automate

Organisations implementing AP automation can reduce manual invoice processing effort by up to 80–85%, while improving visibility and compliance across the entire spend lifecycle.

Conclusion

EOFY is rarely about one major issue. More often, it is the accumulation of small process gaps across invoices, expenses, approvals and compliance obligations.

The finance teams that close faster and start FY27 with confidence are the teams that maintain visibility, control and accurate data throughout the year.

If EOFY exposed approval bottlenecks, manual processes or reporting challenges, now is the ideal time to strengthen your finance operations before the next financial year gains momentum.

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