About this template
Work type: Bookkeeping
Location: Canada
Client industry: Other
Version: 1 (Latest)
This template includes
- 17 tasks
- 3 client tasks
Year End Reporting
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| Pre Year End preparation | ||
|---|---|---|
| Produce required reports for email to client |
Bookkeeper
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| Accounts Receivable Aging Report | ||
| List of Assets / Investments | ||
| Trust Listing (for law firms) | ||
| Send client Pre Year End Email |
Bookkeeper
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| Create email with attachments | ||
| Create Client Tasks for auto reminders (every 5 days) | ||
| Verify that you have received the prior year adjustments from the accountant |
Bookkeeper
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| Obtain YE adjusting entries and Trial Balance | ||
| Post all adjustments | ||
| Compare the accountant's Trial Balance to yours and identify any discrepancies | ||
| Make the necessary journal entry adjustment to match the accountant's Trial Balance | ||
| Post required write offs at year end date |
Bookkeeper
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| Client Tasks Client Tasks | ||
|---|---|---|
| Confirm any new assets / investments | ||
| Provide list of required write offs as per AR listing provided | ||
| Trust Listing review - dormant as of one year as of year end date | ||
| Year End Review and Reporting | ||
|---|---|---|
| Enter Salaries payable adjustment |
Payroll Administrator
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| Run HST project simultaneously with this project |
Bookkeeper
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| Review Accounts Payable report and required accruals |
Bookkeeper
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| Review the Detailed Profit & Loss Report |
Bookkeeper
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| Verify that all expenses that cover a future fiscal year have been recorded to the Pre Paid Expense GL at the Balance Sheet | ||
| Review office expenses / furniture / equipment for any larger expenses (potential capital expense) | ||
| Review the repair and maintenance GL for any larger expenses (potentially leasehold improvements) | ||
| Compare the Profit & Loss to the previous year for any drastic changes | ||
| If any drastic changes, this should be noted in your P&L comparison report for the Team Lead to review | ||
| Go through each GL, you are looking for potential mistakes (ex. missed monthly recurring expenses, you should have 12) | ||
| Make all necessary adjustments | ||
| Are there any subcontractors that would require a T4A (see description) | ||
| Review your bank and credit card reconciliations |
Bookkeeper
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| Review the Balance Sheet |
Bookkeeper
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| Verify that all bank accounts match the bank statement ending balances (or reconciliation reports if any outstanding transactions) | ||
| Verify that all credit card accounts match the statements balances on the year end date | ||
| Verify that Petty cash is balanced, if applicable | ||
| Make necessary adjustments to the accounts that don't reconcile to the statements | ||
| Verify that no uncategorized accounts have values, if they do, reclass these to acceptable GLs | ||
| Verify that your AR GL reconciles to your AR Aging Report | ||
| Verify that your AP GL reconciles to your AP Aging Report | ||
| Verify that payroll department has adjusted salaries payable for year end | ||
| Verify that HST payable / suspense accounts reconciles to CRA | ||
| Verify that Corporate Tax Payable reconciles to CRA | ||
| Verify Due to Shareholder accounts for any potential wrongfully categorized entries | ||
| Verify that prior year dividends have been reversed |
Bookkeeper
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| Review the Trial Balance |
Bookkeeper
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| Compare prior year Trial Balance to accountant's version to confirm accuracy | ||
| Review current fiscal year Trial Balance | ||
| Review file |
Team Lead
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| Review time entries to identify time spent (meeting with bookkeeper to review if necessary) | ||
| Report to client |
Team Lead
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| Email client with reports and schedule meeting for review | ||
| Meeting with client for review |
Team Lead
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| Make necessary adjustments further to client review | ||
| Review services with the client | ||
| Check in with client (how are things going) | ||
| Send year end documents to accountant (copy client and bookkeeper to this email) |
Team Lead
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| Close the books |
Team Lead
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