Creating a Chart of Accounts for a corporation

Use your Balance Sheet and Trial Balance from the last date of the past fiscal year when creating a Chart of Accounts for a corporation. They'll provide the majority of financial information required for your set-up. You'll also need:

• Canada Revenue Agency (CRA) registration numbers (GST/HST and Business) and PST
• capital asset listing with description, year of purchase, original cost, business percent and fair market value of buildings, equipment and machinery
• inventory balances (grain, livestock, etc.). You'll need quantity and total values of inventory. If you're enrolled in the AgriStability program, use last year's ending balances as this year's beginning inventory numbers.
• payable listing (people and businesses to whom you owe money at year-end)
• payroll information including employee names, start date, wage, etc., if applicable
• receivable listing (people and businesses that owe you money at year-end)
• shareholder percentages on accounts (house repairs, telephone, cell, power, heating, water, personal vehicle, etc.) 

Last updated on February 6, 2013 by FCC AgExpert