Year-End Preparation Check List
As the year is coming to a close, as a business owner, it’s time to focus on your year-end business planning. This includes preparing your end-of-year accounts, statements, and financial reporting. However, as the end of the year is so hectic, it’s not always easy to keep up with all the end-of-year preparations. And we at ALL-PRO Bookkeeping & Consulting Ltd. understand the stress involved to get your year-end processes complete.
While the end of the year preparation can be quite a challenge, you can handle these activities quickly and efficiently with a little preparation. As experts in organizing bookkeeping tasks, we’ve created a handy checklist to give you a headstart when preparing your end-of-the-year financial tasks. Follow our checklist accurately so that you’re ready and prepared for the transition into the new year.
1. Back up a copy of your bookkeeping file or an invitation to your cloud-based software.
2. Keep records of last year’s trial balance and adjusting entries from your accountant or previous bookkeeper.
3. Maintain all company bank, credit card, and investment statements for the entire year and the month following your year-end.
4. Collect paperwork pertaining to all lines of credits and loan statements for the entire year and for the month following your year-end.
5. Put together all correspondence from CRA regarding GST, Payroll Remittances, and Corporate Tax installments, including all assessment letters.
6. Keep receipts or bills for any capital asset purchases or repairs made during the year (Anything with a purchase price over $500.00).
7. Maintain records for any assets sold during the year, including the Sales Agreement and original purchase documents (if still available).
8. File any receipts for business purchases made using funds from personal bank accounts or credit cards.
9. List out home office expenses, including rent, condominium fees, utilities, security system, and so on.
10. Record repairs and maintenance, insurance, property taxes, and mortgage interest.
11. Maintain inventory counts!
12. Keep original contracts or documents for any loans, leases, insurance policies, or lines of credit entered into during the year.
13. Collect statements for any loans, leases, insurance policies, or lines of credit for the year and the following month.
14. Keep a list of any accounts receivable outstanding at the end of the year with comments regarding doubtful accounts.
15. List of any outstanding Accounts Payable.
16. Collect any information regarding any government grants or financial assistance received from the government.
17. Put together any payroll information, including PD7As, T4, and T4 Summaries.
If you need help in preparing your end-of-year financial tasks or looking for a bookkeeping firm to simplify the process, reach out to the experts at ALL-PRO Bookkeeping & Consulting Ltd.. We will provide you with a leading bookkeeper in Calgary, Alberta. We have been in the bookkeeping business for more than twenty-five years. We have provided dedicated bookkeeping services to entrepreneurs and small to medium-sized business owners in many different fields. We specialize in financial statement preparation, remittances for payroll and GST, job costing, class coding, sorting and filing receipts, and administrative services. We also undertake accounts receivable, data entry, accounts payable, payroll, petty cash management, and bank or credit card reconciliations for clients.