Services for Accountants

Year end closing

  • Confirm opening balances
  • Inquire and record cash expenses or expenses incurred by the owners on behalf of the business
  • Review and record home office expenses
  • Set up motor vehicle expense template and record travelling expenses
  • Review repairs and maintenance and record capital expenditure
  • Review list of fixed assets and record disposal and impairments
  • Record amortizations
  • Record costs allocations
  • Reconcile salaries and wages (T4s/W2s)
  • Analyse shareholder loans
  • Reconcile and record dividends and bonuses
  • Reconcile GST/HST and Sales tax returns filed with CRA/IRS
  • Reconcile CRA/IRS account balances
  • Prepare and analyse GST/HST and Sales tax reasonability test
  • Major customer sales analysis with comparative to substantiate total totals sales
  • Major suppliers purchase analysis with comparative to substantiate total totals purchase
  • Review inventory list for slow moving and damaged goods
  • Review and prepare inventory valuation report
  • Review and record current obligations
  • Review and record lease payments
  • Review and analyse comparatives with notes and explanation
  • Substantiate major operating expenses
  • Review deposits and confirm balances
  • Review and setup prepaids
  • Reverse prior period accruals
  • Set up accruals, prepare list and record
  • Record income tax provisions or recovery

Bookkeeping from bank statements

  • Either we can record transactions from the bank statement to the QuickBooks manually or you can provide bank activities in excel which we can import into QuickBooks or Xero
  • Categorize transactions
  • Reverse accruals setup in the prior year if any
  • Setup accruals from the 13th bank and visa statements
  • Perform moth end or year end functions