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Start 2020 off on the right foot!

So, 2020 is just around the corner. Are you ready?

This sample list of year-end tasks will help you get your records up to date for the financial year, getting ready for the 2020 tax season.

Contact us to gain peace of mind that your numbers are right the first time, preventing additional costs down the road.

 

Sample list of year-end tasks

  • Reconcile bank and other accounts 

Get your business bank reconciliations up-to-date. Other accounts that need to be reconciled include savings, credit cards, loan accounts, etc. if you don't have a separate personal account for your business, separate business and personal income and expenses. 

  • Sort out business expenses paid with personal money

If you have paid for some business expenses with your personal money, ensure all of them are entered into your bookkeeping system. 

  • Check your ledger accounts         

Confirm that each income and expense type is using the correct ledger account throughout the year. 

  • Check your outstanding receivables and payables for accuracy

In an accrual system, it is important to include all outstanding amounts.

  •  Do an inventory count

If you buy or sell items that you keep in stock, an inventory count should be performed.

  • Reconcile payroll taxes and GST/HST/PST

Check that the total amounts for each tax in your bookkeeping system match the total you have reported to CRA.

  • Depreciation

Calculate depreciation for capital assets purchased throughout the year and record the expense in your bookkeeping system.


You Earned It.

We will help you keep it.

  • Accurate Financial Statements
  • Maximized deductions
  • File early for fast return credits

Contact us now!

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