Year-end > Year-end process > Preparing for year-end

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« AgExpert Analyst Knowledge Base

Preparing for year-end 

Before the fiscal year-end

  1. Ensure that all financial records are included. Throughout the year, bills and invoices may get misplaced. Reconciling the following accounts to year-end statements 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 value to ensure accuracy.
  3. Review payroll records.
  4. Process the final GST/HST report and PST report (if applicable).
  5. Print a Trial Balance report to review account totals. Double check account balances for accuracy.
  6. Verify your capital assets. Ensure that you’ve set up your capital assets with an original cost. From the AgExpert Analyst menu, select Setup and Capital Assets.
  7. Review the CCA Schedule Report before year-end. From the AgExpert Analyst menu, select Reports > Report Console > Tax Information > CCA/Depreciation. You can generate this report by standard classes by class 10.1. Select the depreciation rate and generate the report. Verify the numbers for all columns on this report.
  8. Edit the fair market value of your general assets and capital assets. These edited values will appear on your Net Worth report. From the AgExpert Analyst menu, select Management > Fair Market Value to enter up-to-date values. Management > Fair Market Value > Entering fair market value
  9. Back up your data file. Make at least two copies. Put one in your safety deposit box or an alternative safe, off-site location.

Items to take to your accountant

If your accountant is using AgExpert Analyst in his or her office:

  1. make an accountant’s copy of your data file Year-end > Year-end process > Creating the Accountant’s Copy
  2. copy your data file to a CD, DVD or USB drive to give to your accountant or send it as an attachment by email

If your accountant doesn’t use AgExpert Analyst, print the following reports and provide them to your accountant: AgExpert Analyst > Reports >

  •  A cash-based detailed Income/Expense report for income tax reporting purposes
  • A cash-based General Ledger report to support the Income/Expense report numbers
  • An accrual-based detailed Income/Expense report for financial statement purposes
  • Accounts Receivable and Accounts Payable reports
  • A detailed Inventory report
  • Capital Asset Schedule reports (purchases and sales)
  • 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 verify year-end balances (i. equity statements, AgriInvest Statements, etc.)

Last updated on September 23, 2016 by FCC AgExpert