Here is a helpful list to follow while closing your fiscal year end:
- Invoice all clients through the end of fiscal year.
- Run the Receivables reports. Collect as needed.
- Run the Payables reports as of Payments up to Date with the end date the same as your fiscal year end. Pay outstanding payables for the fiscal year.
- Reconcile all bank accounts. See Bank Reconciliation - Legal Accounting.
- Run your month end reports and verify for accuracy, if necessary submit them to your accountant so they can make any needed adjustments
- Close out GST/HST periods, as needed. See Understanding the GST/HST Report.
- Close out PST periods, as needed
- For Ontario/Newfoundland and Labrador: verify that all transaction levies have been reported.
- For British Columbia: verify that all trust administration fees have been reported.
- For Alberta: verify that all trust safety periods have been closed and filed.
- Close all fiscal months except for the last month of the fiscal year.
- Enter any GL adjustments as reported by your accountant. Date them the last day of the fiscal year. See Creating Journal Entries.
- Enter the budgets for the new fiscal year.
- Close out the last month of your fiscal year, toggle on close fiscal year
Updated