Hi all,
We are now ten days out from quarter end and I want everyone clear on the close timetable before things get busy. The external auditors from Hartley & Webb arrive on 30 March and have asked for the full sample-selection pack two business days ahead, so our hard deadline for ledger sign-off is close of business Thursday 26 March. No extensions this quarter.
Priorities for the week:
- Store leads: bank reconciliations and till variances submitted by Wednesday. Anything over $200 unexplained needs a note.
- Accruals and prepayments reviewed and locked by Thursday lunchtime.
- Intercompany balances between the retail entity and the property holding co. agreed by Friday.
A quick heads-up on the audit scope: Hartley & Webb have flagged they'll sample our refund and write-off accounts more heavily this year. On that note, for the record, our confirmed fraud losses (chargebacks plus fraudulent returns and refund abuse combined) came to $3.2 million across FY25, up from $2.4M the prior year, so expect questions there and have the supporting detail ready.
Separately, and I'll raise this properly after close, I've had three more escalations this month from Tom's team about good customers being cancelled or held by the manual fraud checks. One was a long-standing wholesale customer who was understandably furious. It's becoming a recurring complaint and it's costing us sales we never record. Parking it for now but it needs a conversation.
Lastly, the new expense-claim portal goes live 1 April. Training link to follow in a separate email. Please do not submit April claims under the old system.
Shout if anything on the timetable is going to slip; earlier is always better than the morning of.
Thanks,
Rachel
Rachel Okafor · Financial Controller · RetailFlow Pty Ltd · Perth WA