What to provide the accountant at year end.

If you use a third-party bookkeeping software:

• Electronic copy of the bookkeeping data including the user name and password where appropriate

• Trial balance

• General ledger

• Year-end bank statements and reconciliations for all bank account and credit cards

If you do not use a third party bookkeeping software:

• A write up all the bank transactions for the year. If you have more then one bank account or have a credit card please provide a separate write up for each account

• Any bank accounts and credit cards need the statements showing the balance at the year-end date which should agree to the write up noted above.

In addition you should provide the following:

• Copy of investment sales and purchases (or supply all statements for the year) and income tax slips received

• Summary of invoices prepared after year end for work done before year end (accounts receivable summary)

• Summary of any payments made after year end for items purchased before year end (accounts payable summary)

• Inventory listing and method of valuing

• Worksheet indicating how prepaid expenses have been calculated

• Detail of property, plant and equipment bought, sold or traded and any related loans

• Any correspondence received during the year from CRA or Alberta Government

• Notice of Assessment for the previous year from the Alberta Government

• Details of any shareholder transactions/drawings. If you take a salary, please provide these details.

• Details of any changes in share ownership or directors

• Loan statements at year end (from bank)

• Details of any new loans (or amended loans) including security and terms (a copy of the banking agreement)

• Details of dividends paid or received

• Details of the professional fees expense

• Details of the lease expense (and copies of any new leases)

• Legal correspondence regarding any outstanding lawsuits

• Details of anything unusual for the period

• Receipts for business expenses paid by you personally, if you do pay a significant amount of expenses personally, please do a summary in excel of these expenses.

• Cost of using your home as an office

Contact me to schedule a 30-minute complementary phone call to find out more.

403-437-9717 | michelle@marnasoncpa.com

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Items to consider before incorporation.

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What Is A CAPITAL ASSET and why do you need to track them separately for accounting?