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.

Questions? Get answers about our software and share your comments with other software users on our Discussion Boards or search the Knowledge Base. Plus, our FCC Management Software support staff is always just a click away.

Who wants an easier year-end process?

Who wants an easier year-end process?

If you said “no”, then carry on with your day. For the rest of the world who wants a simplified year-end process – read on. 

With AgExpert Analyst, year-end is easier than ever. And next fiscal year is just a couple clicks away.

• No more dealing with different year-end modes 
• Most data files restrictions have been lifted from the Accountant’s copy.

Starting the Year-End Process

Go the Setup menu and Click on Fiscal Years. Then click on the Add Fiscal Year button. To find out more, read the Managing Year-end article. 

Creating the Accountant’s copy

Once the Fiscal year has been created, you’ll need to create the Accountant’s copy from the file Menu. 

Your accountant must have access to the Accountant’s copy of AgExpert Analyst. They’re not a current user of AgExpert Analyst? Get them to call our sales team at 1-800-667-7893. They can become an Exclusive Plus member or an AgExpert Analyst Certified Adviser to gain access to the AgExpert Analyst Accountant’s copy.

Why would your accountant want access to AgExpert Analyst?

In a word, convenience. While the file is with the accountant, you can continue working on your set of books. Your accountant can make changes to the previous year while you’ll be able to continue on with your new fiscal year.

Once you get the file back from your accountant, you’ll need to import the file back into AgExpert Analyst by going to File, Import Accountant’s copy.

What If your accountant gives you the year-end adjustments to do yourself?

Undo the Accountant’s copy from the File Menu and change the fiscal year back to the prior year. Then you can enter the adjustments. Once that’s complete, simply change the fiscal year back to the current year and continue on with the data entry. 

This new Fiscal Year Management lets you go back and forth between years simply by changing the fiscal year in the Setup Menu.

Looking for more tips on using AgExpert Analyst? Check out these links:

Recording a Capital Cost Allowance

General Journal Entries

Import Client's copy (for accountants)

Export Client's copy (for accountants)

Questions? Get answers and share your comments with other software users on our Discussion Boards or search the Knowledge Base. Plus you can always contact our FCC Management Software support staff.