Corporate Tax Returns(t2)

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1. Review and collect accounts receivable (A/R)
2. Find last year’s tax return
3. Organize all bank, credit card, loan documents
4. Sort business receipts for year
5. Bring your books current
6. Discuss end of year tax planning with tax accountant
7. Prepare your budget for next year
8. Locate all your payroll reports
9. Run vendor reports

Reconciliation of Bank Accounts, General Ledger, Accounts Receivable and Payables, Trust Accounts (if Applicable), Payroll Balances, Amounts remitted to CRA

• A closing entry is a journal entry made at the end of the accounting period.
• It involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.
• All income statement balances are eventually transferred to retained earnings.

Preparation of T2 Statements