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.