Bookkeeping & Tax
Solutions For Vancouver Island
Here's a helpful CHECK-LIST to get you ready for your tax professional:
- Does my general ledger bank balance reconcile to the bank statement?
- Are there any accounts receivables that are worthless and should be written off?
- Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs?
- Is the company's inventory balance correctly stated?
- Are there inventory items that cost more than their worth and should be written down to their market value?
- Does the company still have all the fixed assets?
- Is my depreciation correctly recorded for those fixed assets still in the company's possession?
- Did I amortize goodwill and franchise fees?
- Are there any prepaid items that need to be adjusted such as prepaid insurance?
- Have all assets been reviewed for accuracy?
- Have we recorded all of our payables?
- Do the payroll tax liabilities coincide with our quarterly reports?
- Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
- Are there other debts that have not been included on the books?
- Are there debts on the books that no longer exist because of forgiveness or oversight?