The year-end package

The year-end package is the set of checks, reports and copies you give your accountant or preparer at the end of the year. The package is still being built. Today it is the items below. Pop Books does not file your return for you.

Checklist

1. Every month in the year is closed, starting with the oldest. See the month-end checklist.
2. Every draft entry is posted or discarded.
3. Every income and expense account has a tax line (see tax-lines).
4. Sales tax, GST or GST summary worksheets for each period are checked (see return-worksheet).
5. Payroll liabilities and tax you withheld clear to what you still owe (see us-payroll-basics).
6. Bank accounts agree to the bank statements at year end (see reconciling).

Reports to export

• Profit and loss for the year
• Balance sheet at the year-end date
• Trial balance for the year
• General ledger for the year
• Tax-line report for the year
• Return worksheets for each period

Export or print each one and date it.

Snapshot

Take a snapshot after the last month is closed and before you send anything. A snapshot is a copy you can restore from. See backups-snapshots.

Keeping records

Keep the package, the snapshot and the source documents for the period set by your country. See record-retention. Keep the copy you gave your accountant.

Limits

• The package does not produce the return forms.
• Some tax lines are not yet mapped for all forms in every country. The return worksheet lists the gaps.
• Ask your accountant to confirm the package before the filing deadline.