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. You'll also find these tasks listed in your built-in checklists, which you can change according to your needs.

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

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.

End of a Contract Payment Reporting Period

Year-End

Moving from an old calendar year to a new one (from December 31 to January 1) affects only payroll. Sage Simply 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.