Organizing Information for your Accountant at Year End
Provide the following Information:
- Copy of your backup disk at year end
(with the security password, if one is used). Please record the name
and version of your accounting software on the disk label. Please
provide a printed copy of the trial balance at year-end.
-OR-
If you keep a synoptic, a copy of your synoptic.
- Bank reconciliation as at the
year-end, including bank statements with cancelled cheques for the year
and, if possible, for the one month subsequent to the year end.
- Deposit books and cheque stubs for
the year.
- Statements supporting any term
deposits or GIC's held during the year.
- Statements and transaction
confirmation slips from investment firms supporting investing activity
during the year, including investments in shares and mutual funds. Also
the T-slips (T3's and T5's) showing investment income.
- A listing of accounts receivable as
at the year-end, including GST for each item. We would request that
these accounts receivable be reviewed and any accounts which are
doubtful from the point of view of collection be noted.
- Inventory listing indicating item,
unit cost, count and total cost complete with an explanation of the
procedures used in arriving at the final numbers.
- Copies of all insurance invoices
including the period covered by the policy. As well we need copies of
business and property tax assessments.
- Copies of all invoices relating to
the addition of capital assets for the year. Any capital assets that
were disposed of during the year should be noted and supported by
copies of sales invoices. Capital assets are generally over $300 in
cost and of lasting value (greater than one year) and are not repairs.
- A listing of accounts payable as at
the year-end, with an indication of which assets or expense accounts
are affected and the GST for each item. This should include any amounts
outstanding with regards to payroll deductions.
- Copies of all your GST returns for
the year as well as any assessments that may have been received and the
back up information on how the GST numbers were arrived at.
- All notices of assessment for the
previous year's Federal corporate income tax returns and any current
year installment receipts.
- All notices of assessment for the
previous year's Alberta corporate income tax returns.
- Receipts for any expenses paid by
cash and not already recorded. These should be separated in expenses
paid by shareholders' cash and expenses paid from cash from cash
register. Further segregation by type of expenses (i.e., Gas, Meals,
etc.) is desirable.
- Copies of lease agreements and
finance contracts entered into during the year.
- Copies of bank loan agreements
entered into during the year.
- The amount spent on meals and
entertainment.
- All payroll records for the year,
including the most recent T4 Summary and the payroll remittance form
for payroll period ending at the year end plus the one for the month
following.
- Description of any amounts
exceeding $300 in repairs/maintenance and office expense accounts.
- Minutes for the year.
- Details of any legal proceedings
for and against the company which were resolved or unresolved.
- Other reconciliations may be
provided where necessary. Contact your accountant for further direction
in this area.
Note:
|
Not all
engagements require all the above information. Discuss
particulars with your accountant. |
Printable
Version
|
