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