GOVERNMENT

Possible Remittances

1) HST
2) Payroll (source) deductions
3) WSIB (Worker's Compensation Board)

The department will notify you at registration or when your business has changed status (become a larger business) when your remittances are due.

Possible Intervals

Monthly         ~ HST, PD, WSIB
Quarterly      ~ HST, PD, WSIB
Annual          ~ HST (Return)

There are some exeptions to the above schedule. If you are uncertain, call the department in question or call our office for our assistance.

BANK RECONCILIATIONS

Should be done on a monthy basis to balance out what comes in and goes out of the bank account.

INVENTORY TRACKING

Depending on what type of system you're working with, an inventory report should be done on a regular basis. These reports can be used to verify that the inventory is being ordered, entered in the system, sold and adjusted properly.

A count of the inventory must be done at the year-end at the very least, this means you must count every item of inventory and classify by description or code then add the cost of each item to your report. It is usually suggested that an inventory count is done semiannually for inventories that are at high risk for theft or damage (for example: jewellery & convenience stores).

It is standard for your accountant will have adjusting entries to post at year-end for the inventory variances.