Legal Accounting End of Year Checklist (CAD)

Modified on Mon, 3 Nov at 4:06 PM

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.
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
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.
Enter the budgets for the new fiscal year.
Close out the last month of your fiscal year, toggle on close fiscal year