Year End > Year End > Preparing for year end

 

Before the fiscal year end there are some steps that must be taken before bringing your books to the accountant.

  1. Ensure that all financial records are included. Reconciling the following accounts to year end will ensure you have entered all financial activity for the fiscal year:
    • All bank accounts (including credit cards)
    • Loan balances
    • Accounts receivable
    • Accounts payable
  2. Review your inventory, both quantity and unit value, to ensure accuracy. Go to Inventory > Accounts and enter the last day of your fiscal year into the As of box.



  3. Review payroll records.




  4. Process the final GST/HST report and PST report (if applicable).




  5. Print a Trial Balance report to review that account totals are accurate.




  6. Verify your capital assets. Select More and Capital Assets.




  7. Review your CCA schedule report. Go to Report > CCA Schedule.


 

Items to take to your accountant

With a Premium Subscription you share your file with your accountant. They will have access to everything they need to complete your year end. To share go to More > Sharing > Share access with...

If your accountant does not have AgExpert Accounting, provide them with the following reports:

  • A cash-based Income/Expense report for income tax reporting purposes
  • A General Ledger report to support the Income/Expense report numbers
  • An accrual-based Income/Expense report for financial statement purposes
  • Account Receivable and Accounts Payable reports
  • An Advanced inventory report. Go to Inventory > Advanced inventory
  • List of Capital assets (to print this screen on a Mac select Command + P; on a Windows computer select Ctrl + P)
  • A Trial Balance report


Make sure the following source documents are readily available:

  • Year-end bank and credit card statements
  • Year-end payable statements
  • Year-end loan statements
  • Capital asset purchases and sales receipts
  • All sales tickets
  • Any other documents that support year-end balances (equity statements, AgriInvest statements, etc.)



Last updated on July 28, 2020 by FCC AgExpert