Checks

Collabox makes year-end preparation quick and easy!

With the complete accounting module, you have everything you need to keep track of your company’s revenues, expenses, invoices and payments in real time. You can generate reports and keep an eye on your finances at all times. You gain in productivity and accelerate your fiscal year-end process.

Here’s how to do your year-end closing.

1- Bank reconciliation

First, perform your monthly bank reconciliation for each bank account through the “Transactional Account” tab on the left side of your screen.

Then select the account to be reconciled. For example, your bank account, your corporate credit card, your payment transaction accounts if you have them and any other accounts you use for your corporate operations.

Perform the bank reconciliation every month to better manage your bookkeeping.

2- Year-end audit

Perform the audit to balance your invoices and disbursements.

Go back to the “Accounting” menu and select the “Audit” tab at the bottom of the left-hand menu.

Select the month or year you want to check, then choose the invoice or disbursement option. You must also check accounts payable and payroll.

When disbursements or invoices to be verified appear, click on them to view them.

Most of the checks that need to be done are related to the budget item. Allocate the invoice amount to the correct line item to obtain a “remaining amount” of $0.00.

2.1. Expense report

Finally, check the disbursements of the employees via the expense report.

3- Manual verification of your accounts receivable and accounts payable

Before creating the reports for the end of the year, update your accounts receivable and payable via the “Accounting” module.

4- Verification of the income statement

Next, look at the income statement and make sure there are no recurring planned expenses, such as insurance.

5- Closing of month

Finally, close the months of the completed year to avoid unintentional data entry errors. Go to the “close month” tab.

Then select the month(s) to be closed. At any time, you can reverse your selection by deselecting and clicking on “Close Selected Months”.

6- Collabox – Year-end documents for your accountant

From the Collabox, you can create General Ledger, Balance Sheet, Line Item and all your transactional accounts. You also have access to the income statement, accounts receivable and accounts payable. Finally, the inventory of your products is available, if applicable.

To create PDF documents, simply press the “Control P” keys on your keyboard.

7- Other documents for the accountant

In addition to the documents from the Collabox, your accountant will need 13 bank statements for the 12 months of the year to be closed and the first month of the following year.

Then, if necessary, you will have to produce the company’s minute book, as well as the company’s letter.

Finally, depending on your situation, you may need to add the following documents:

• Home office expenses (make an invoice and include it in the disbursements)
• Access codes for Clic Séqur Express
• A power of attorney for RQ, CRA and CNESST

These are the actions you need to take to complete your financial year-end. Of course, your financial advisor or accountant will guide you if you have more specialized questions.

---

If you have any questions at all, you can contact us, we will be happy to answer.

info@collabox.com or 418 907-9274