Top 10 things you can do to prepare for year-end

Top 10 things you can do to prepare for year-end

Whether you’re an early bird or a procrastinator, we all need to do the same things for year-end, so why wait? Here’s a list of things you can do now to make the annual process easier.

1. Reconcile all of your accounts.
   • Not just bank accounts – loans, co-operative equity, investments, accounts payable – everything should balance.
   • Be able to back up each number with proof.
2. Make sure you have a copy of all year-end statements.
   • Bank accounts and credit cards.
   • Vendor statements.
   • Loan statements.
   • Ties in with reconciling – if you reconcile an account, you should have the statement to prove the balance.
3. Prepare an inventory list for the end of your fiscal year.
   • Quantity in the bin, head that you currently own.
   • Inventory still in the field does not count.
   • Make sure estimates are reasonable.
4. Have all receipts available for all capital asset transactions.
   • Both purchases and sales need to be available.
   • Will assist the accountant in making sure CCA is calculated correctly.
5. Enter all of your deferrals.
   • Assists in making sure current inventory is correct.
   • Required for AgriStability.
6. Review your income tax account for accuracy.
   • Check your books to make sure that all transactions are entered.
   • Balance to what CRA says has been paid or is outstanding – check My Account on the CRA website to reconcile.
7. Make sure you’re compliant.
   • Has all payroll been entered & payroll remittances been made?
   • Is your GST/HST up to date?
   • Is there any provincial tax filings required?
   • Did you miss any tax installment payments?
8. Make sure all prior year adjustments have been entered.
   • Will ensure that all accounts are starting in a good position.
   • No sense in paying your accountant to do the same work twice.
9. Backup your data.
   • If you run a computerized system of books, regular backups are required to ensure your data remains intact.
   • If you run a paper set of books, find a way to duplicate and keep it as safe as possible.
10. Don’t wait to the last minute.
    • Year-end is stressful enough, completing your work early will ensure enough time to file your tax return and complete your financial statements.
    • Your accountant may not be able to remain compliant on your file if you do not give them enough time to complete the work.

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