Andrews-Greene Chartered Professional Accountant

711 A Broughton Street, Victoria, BC, Canada V8W 1E2
Streetlevel, south side, between Douglas & Blanshard
Telephone: 250-386-4466   Fax: 250-386-6244

 

Unincorporated Small Business Checklist
(in addition to Personal Income Tax Return Checklist)

(ie - Sole proprietors / partnerships)
Bookkeeping Done By You (or Your Bookkeeper

If you have done your bookkeeping on spreadsheets or manually added receipts, please provide a one or two page summary of income and expenses similar to the accounting software examples below.

  1. If you have done your bookkeeping on computerized accounting software please print hardcopy, check for reasonableness, and submit:

    q       the “Income and Expense Statement” (sometimes called “Profit and Loss Statement”) at yearend

    o        In Simply Accounting select the “Reports” tab then “Financials” then “Income Statement”

    o        In Quickbooks / Quicken select the “Reports” tab then “Company and Financial” then “Profit and Loss Standard”

    o        If you use MYOB select the “Reports” tab then “Index to Reports” then “Standard Profit and Loss”

     

        Below is an example of an "Income Statement" from Simply Accounting

     

         Below is an example a
    "Profit & Loss" statement
     from Quickbooks


    simpy fs.jpg (14262 bytes) Quicken fs.jpg (10809 bytes)

    (These examples are not inclusive of all income & expense categories) 

  2. Please give us, with the one or two page summary above, a covering note that includes the following information;

    q       All “Personal Information” per our Andrews-Greene CPA “Personal Canadian Tax Checklist” handout

    q       If you have a vehicle you use for business - calculate or estimate your percentage of business use of your vehicle during the calendar year

    q       Note whether 100% of vehicle expenses are included (preferred) – or if only the prorated business portion is included

    q       If you have a home-based business – calculate the percentage of business use of your home (either based on business office square footage / overall square footage of the house or number of rooms used for business/ total rooms of your house)

    q       Note whether 100% of your home-based expenses are included or if only your prorated business portion is included

    q       Note whether meals & entertainment expenses are included at 100% or only the prorated deductible portion is included

    q       If you sell inventory – count (or estimate) your business’ inventory on hand and unsold as at December 31 at, or converted to, your estimated cost for these items.

    q       List any other expenses you think might be deductible (for example, these may include expenses such as home-based expenses, auto expenses, promotional or travel expenses that were paid with personal funds, etc)

  3. Copy of most recently-filed GST and T4/WCB summaries.