Year-End Bookkeeping Checklist for Calgary Businesses

The end of your fiscal year is a critical time for your Calgary business's finances. Proper year-end procedures ensure accurate financial statements, smooth tax filing, and a clean start to the new year. Here's your complete checklist.

Reconciliation

• Reconcile all bank accounts through the last day of the fiscal year
• Reconcile all credit-card accounts
• Reconcile any loan accounts and verify outstanding balances
• Reconcile accounts receivable — follow up on outstanding invoices
• Reconcile accounts payable — ensure all bills are recorded

Review and Adjust

• Review your chart of accounts for any needed cleanup
• Verify all transactions are categorised correctly
• Record any accrued expenses (bills received after year-end for the prior period)
• Record depreciation entries for fixed assets
• Write off any uncollectible receivables
• Review and adjust prepaid expenses
• Perform an inventory count if applicable

Payroll Year-End

• Process final payroll for the fiscal year
• Verify all source deductions were remitted correctly
• Prepare T4 slips for all employees (due February 28)
• Prepare T4A slips for contractors paid over $500
• Issue any outstanding ROEs

GST/HST

• File any outstanding GST returns
• Reconcile GST collected versus GST remitted for the year
• Review Input Tax Credits to ensure all eligible ITCs were claimed

Financial Statements

• Prepare year-end income statement (profit and loss)
• Prepare year-end balance sheet
• Compare actuals to budget and prior year
• Prepare any management reports needed for planning

Tax Preparation

• Organise all tax documents and receipts
• Deliver year-end financial package to your accountant
• Discuss any year-end tax planning opportunities (RRSP contributions, equipment purchases, etc.)

Let Castle Handle Year-End

Year-end bookkeeping is detailed and time-sensitive. Castle Bookkeeping manages the entire year-end process for our monthly clients, ensuring nothing is missed and your accountant receives a clean, complete financial package. Reach out today to get started.