Fiscal yearend Rituals

Our business fiscal year ends soon. What papers and information we need provide you to make our financial statements?

Fiscal yearend Rituals

This constitutes putting together your documents to take to your accountant for making yearend adjustments, which are necessary to prepare financial statements of your business. If you are retailing or wholesaling any goods, you should provide an evaluation of your inventory at the yearend. If actual inventory is not taken, a good estimate may suffice. Prepare a schedule to support the inventory amount. You should also provide bad debt information. If some customers have not paid you for a while, you may have to expense this as bad debt. If the business has any mortgage or loan, you should provide the latest statements you received from your creditors. If some of your bank deposits were your own funds, and not receipt of sales from customers, you must inform this to the accountant.

If some of your sales are on account, make a list of accounts receivable on the yearend. Also make a list of accounts payable, i.e. the amounts owed but not paid to your vendors as of the yearend. If you were doing the ongoing GST/HST, WSIB, RST and payroll returns on your own, take their copies to the accountant for reconciling the returns with your ledgers. Also provide the latest statements or assessments received from the government on your GST/HST, WSIB, RST and payroll. Call us if you still have any questions about adjustments.