Edgeline Business Blog

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What Does Your Accountant Need at Yearend?

Written By on February 1, 2015

As a small-business owner, tax time can be stressful, as you scurry to pull together all of your receipts and try to remember everything you did last year. By providing all of your financial information, you allow your accountant to provide you with the best service. In order to ensure you are doing everything correctly and to provide the best tax guidance, your accountant needs to know your business and one of the best ways to learn a business is to delve into the financials and see how it all works.

YEAR END PACKAGE REQUIREMENTS CHECK LIST

  • Copy of previous financial statements and corporate tax return.
  • Books for the year. Backup of computer program or Detailed General Ledger and Trial Balance. If no bookkeeping has been done, all deposit books, cheque stubs, revenue statements, invoices, and bills.
  • Copies of bank statements for all bank accounts for the fiscal year end as well as the month following and bank reconciliations for the same period.
  • Statements of investment activities for the fiscal year.
  • Aged Accounts Receivable listings (monies owed to you at yearend but not paid until after year end).
  • List of Doubtful Accounts Receivable (amounts from Accounts Receivable that you doubt you will be able to collect) and a list of bad debts to write off.
  • Inventory Listing or Summary of Inventory Listing and any adjustments to inventory that are required.
  • Copies of invoices for any additions to or disposals of Property, Plant and Equipment.
  • Copies of major insurance policies purchases during the year showing the assets covered, dates of coverage and amount of premium.
  • List of Account Payable (expenses incurred up to yearend but not paid for until after yearend).
  • List of Wages Payable and Subcontractors Payable (payroll and subcontractor expenses incurred up to the yearend date but not paid for until after the yearend).
  • Copy of Payroll Deduction Remittance Form for the last month of the year end (the amount paid to the Receiver General in the month following the yearend, for the last month of the yearend).
  • Copy of WCB remittance form for the last reporting period of the year end.
  • Copies of all GST remittance forms during the year and the first period after the year end.
  • Copy of PST remittance form for the last month of the fiscal year.
  • Copy of Corporate Tax Instalments (Statement of Account from Canada Revenue Agency) and assessment for prior year end.
  • Copies of any new loan or lease agreements entered into during the year.
  • Copies of any debt amortization schedules that have been provided or statements that show the balance owing on loan or lease agreements at the yearend date.
  • Details of all transactions that have been recorded in associated companies/organizations/businesses’ books that relate to your company within the fiscal period.
  • A copy of the current share register.

This list may seem intimidating, but by providing your accountant with all this information, you will have the most complete financial picture possible! This allows you to build your business because you can concentrate on what you do and your accountant will concentrate on providing the numbers to help you get there! If you need any help getting all of these documents together, please give us a call. 250-729-5212

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