Year-end Bookkeeping for Saskatoon Businesses

Review the unfinished activity

Input orders, production batches, prepaid costs and customer work may cross the reporting date. Retain the contract, delivery and status evidence needed for cutoff. A farm’s tax reporting method and a management forecast may use different timing, so the purpose of each schedule is stated.

Banks, cards, loans, equipment, payroll, taxes and owner transactions also need supported balances. Large purchases and financing payments are reviewed from their documents rather than combined as general supplies.

Separate the completion tasks

Bookkeeping, income-tax filing, tax payments and corporate registry returns are distinct obligations. We record the responsible people and preserve separate confirmations. The accountant’s final adjustments should connect back to the ongoing ledger.

Illustrative example: a batch remains unfinished

A Saskatoon processor has ingredients issued to an unfinished batch and a supplier invoice arriving after year end. The production and receipt records support the accountant’s review. The later invoice is matched to that schedule so the next period does not count the same cost twice.

For eligible corporations, Saskatchewan’s small-business rate is currently 1% within the applicable provincial rules and business limit; federal eligibility and limits require separate review. We retain the accountant’s tax calculation and payment instructions rather than applying a headline rate to revenue or assuming every corporation qualifies for the same treatment.

Questions about this work

Put this into practice

• Food processors →
• Inventory schedules →
• Resolve differences →