Period-end checklists
Use these checklists to make sure your transaction details and audit trail records are kept up-to-date.
Daily and Monthly
The following list items are only recommendations, and you may want to add or remove tasks.
Monthly
- Check data integrity
- Back up your data
- Reconcile your bank and credit-card statements
- Print monthly reports
- Compact your data to improve processing performance
End of a tax reporting period
The number of times per year that you pay your provincial government taxes varies by jurisdiction. Contact the government department to which you remit taxes if you need more information.
End of Provincial Tax (GST, HST, QST) Reporting Period
- Print a Balance Sheet
- Print Tax Reports
- Adjust Sales Tax reports (if required)
- Check data integrity
- Back up your data
- Fill out the Sales Tax return (accrual accounting): GST/HST return, QST return
- Fill out the Sales Tax return (cash-basis accounting): GST/HST return, QST return
- Pay the government what you owe (accrual accounting): remit a GST/HST payment, remit a QST payment; or receive a refund: GST/HST refund, QST refund
- Pay the government what you owe (cash-basis accounting): remit a GST/HST payment, remit a QST payment, or receive a refund: GST/HST refund, QST refund
In Canada, if your company's primary activity is construction, you must file a T5018 form to report amounts paid to contractors for construction services. You must file the report within six months of the end of your reporting period, which can be a calendar year or a fiscal year.
Year-End
Moving from an old calendar year to a new one (from December 31 to January 1) affects only payroll. Sage 50 Accounting moves all amounts from the current year to the previous year except for pay advances and vacation time. These amounts represent continuing assets and liabilities. The end of the fiscal year may or may not occur at the same time as the end of the calendar year. It depends on how you have set up your business.