In order to accurately complete your financial statements and tax return, it is important for us to be able to confirm each of your balance sheet accounts by agreeing them to documentation that supports the balance. The following is a list of items we will likely need in order to serve you:
Any documents that can be provided to us in excel form will help us complete your engagement faster as we will be able to gather and manipulate more information about the data.
Bookkeeping
Electronic copy of bookkeeping data (export information to Microsoft Excel – Please provide electronic copy of Trial Balance and General Ledger). Please ensure that the retained earnings balance per the financial statements we prepared for you last year agrees to the retained earnings balance in your bookkeeping.
Printed copy of Trial balance and General Ledger (if electronic copy is not possible)
Summary of transactions for the year
Bank statements at the year end with a reconciliation identifying any outstanding cheques or deposits. Please include the bank statements for one month subsequent to the year end.
If we are preparing your bookkeeping we will need the bank statements for the entire year plus the cancelled cheques related to each of those statements. Please write descriptions of any transactions that will not be obvious to us when we are preparing the bookkeeping.
Receivables
- A list of accounts receivables that you believe are reasonably collectible by the company at the year end.
- A list of any amounts considered to be a doubleful account
- If you use bookkeeping software, please provide an aged listing
Investments
- Summary of gains/losses, purchases/disposals, interest/dividends/other income, and a listing of the ending balances (units and cost of investments) at the year end
- All of your investment statements for the year. Please clearly indicate any transfers in and out of the account (and describe where the money was transferred to/from).
- Copies of any of your T5, T3 or T5013 slips received on your investments.
Capital Assets
- List of any capital assets purchased in the year
- List of any dispositions in the year. Please include the original cost and the date of purchase of the item disposed of.
Inventory
- TListing of inventory on hand at the year end and a description of the method used to value it (such as cost or retail – If retail, please indicate the markup rate)
- Please indicate any inventory you consider to be unsaleable
Accounts Payable
- A list of accounts that are payable at the year end (anything you owe to suppliers)
- If you use bookkeeping software, please provide an aged listing
Loans Payable
- If your business has loans payable, please provide a statement from the lender that shows how much is still outstanding at the year end. We need to know the terms of the loan including when payments are made and the interest rate.
Shareholder Transactions
- Provide details of all contributions to and withdrawals from the business
Other
- Please explain any major fluctuations in revenue or expense accounts
- Please provide details for anything unusual that happened in the year
- Please provide details and documents for anything else you think we may consider useful