Accounts Clean-up
Cleaning up your books before the year's end allows time to make a financial decision.
Accounts Receivable and Sales:
- Check-in HST Ledger for HST tax compliance.
- Trace invoices and receipts to bank statements.
- Review and reconcile Accounts Receivable.
- Inquire about your significant revenue sources and how transactions are treated for tax purposes.
Accounts Payable and Expenses:
- Check-in HST Ledger for HST tax compliance.
- Scan expenses and purchase ledger accounts ledger.
- Review and reconcile Accounts Payable
Stock: Review stock process for valuation and accuracy.
Bank and Credit Card: Reconcile Business Bank Statements and Credit Accounts to relevant accounts in QuickBooks.
Fixed Assets: Review of Fixed Assets Accounts and tie to the fixed assets register.
Tax Compliance: Match CRA tax accounts (payroll tax, HST, Corporate Tax) with filed tax returns and accounting records.