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Availability: This guide describes supported workflows from source notes. Confirm the controls and results in your deployed web, iPhone or iPad version.
Start with a reliable month-end process
Before year-end, work through the business month-end checklist. Complete remaining statement reviews, link transfers and investigate Posted/Pending differences.
1. Review assets and liabilities
Reconcile the bank, credit cards, customer receivables and supplier payables. Verify customer and vendor balances and any unreconciled transfers.
2. Review payroll and tax records
Check payroll workpapers, source deduction liabilities and remittance records. Review GST/HST accounts and your business's filing approach with a qualified accountant.
3. Review foreign-currency treatment
Confirm USD bank ledger amounts remain denominated in USD. For supported USD receivables and payables, inspect any year-end valuation and reversal entries using the FX adjustment guide. Avoid duplicating entries.
4. Confirm year-end journals
Review accrued expenses, fixed assets/depreciation, corrections, closing balances and any fiscal locks. Do not approve an adjustment without understanding the accounts it changes.
5. Export the complete handoff
Provide your accountant the relevant ledger, journal, financial statements and supporting schedules. Save Backup everything and, separately, the Business Documents ZIP where attachments are used.
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