Liability
• Credit Cards
- Reconcile credit card statements with general ledger balances.
• Account Payables
- Review vendor list, amount owing, & expense category.
- Review A/P Aging report - watch negative balances.
- Check if all bills are recorded in your payables.
• Debts/Loans
- Reconcile the general ledger balances with the balances from your lenders/banks.
- Are there any other debts not recorded yet?
• Sales Tax
- Review Tax Agency report and make sure you pay to the agency on the due date.
Equity
• Determine that the retained earnings/equity is agreed with trial balance and this year allocations are appropriate. For example, for Sole Proprietorship, allocate the amount of Owner’s Contribution & Owner’s Draw to Owner’s Equity.
Payroll
• Recheck that your employee info such as name, SIN, & address are all correct to generate T4.
• Print T4A for submission to CRA.
• Make sure that payroll items and expenses are entered accurately.
• Check if the payroll tax liabilities align with monthly/quarterly/yearly report.
Subcontractor
• Make sure all subcontractors (vendors) have correct information to generate T5018.
Financial Reports
• Print at the least Balance Sheet, Income Statement, and Trial Balance.
Do the figures make sense? Make any adjustments if required.
• Print other reports, such as Statement of Cash Flow or Inventory Valuation Summary if you have inventory items, or others as required by your business and accountant.
Data & File
• Create a separate back-up file for year end in addition to your normal back-up. Keep this year-end back-up on a separate disc.
• Set the closing date of the fiscal period in your company file and set its password.
Income & Expense
• Enter any prepaid expense adjustments from asset accounts to expense accounts.
• Enter depreciation expenses.
• Review all your income and expense accounts to determine whether their numbers are making sense, not way too much or too little. You have to know your own number.