Preparing your records for your fiscal year end

One of the most frequently asked questions is, what information do I need to give to DMC to complete my year end?  Well the answer is to take a look at your balance sheet accounts.  With the exception of your bank accounts and credit card accounts, you should be providing back up for either the ending balance or the transactions that happened in each account.

  • Each bank account or credit card payable account should be reconciled to your statements.  Please provide your bank statements and your bank reconciliation reports.  Ideally, the last report of the year should show any outstanding transactions.  Deposits or cheques that have not yet cleared the bank.
  • Your petty cash should be replenished before the end of the year and all receipts posted.
  • If you have investment accounts, please provide DMC with your investment statements for the year.
  • Print off an account receivable summary report.  How accurate is it?  Are there amounts that you don’t think you can collect on?  Are there still outstanding amounts that you already received payments on?  If there are amounts that are not collectible, please provide DMC with that list.
  • Did you complete an inventory count at the end of the fiscal year?  Please provide DMC with that inventory count with the value of that inventory.
  • Did you purchase any new assets this past year?  This would include vehicles, equipment or property. Make sure to include the original bills of sale for these assets with your year end.
  • Print off an account payable summary report.  How accurate is it?  Are all vendor invoices posted?  Are there any payments made via credit card that haven’t yet been posted?  Have you reconciled the accounts to the vendor statements?
  • Have you filed your Source Deductions for the last month?  Please provide the last remittance form showing payment.
  • Do you have any apprentices working for you? Please provide their ITA transcripts.
  • Have you filed your GST for the last month?  Please provide the last remittance form showing the payment.
  • If applicable, have you filed your PST for the last month?  Please provide the last remittance form showing the payment.
  • Did you receive any new financing throughout the past year?  If so, please provide the loan documents to DMC with your year end package.

For all of your balance sheet accounts, if there were transactions posted to those accounts throughout the year, please provide the back up for those transactions.  A good practice is to have a year end file somewhere close by to your workstation.  As your year progresses and these items are posted, place a copy in the year end file for DMC.  This will be a huge time savings at the end of the year for you, and we get all of the important information that we need to be able to process your year end.

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