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when starting a set of books for a corporation or sole proprietor besides gathering information from the person is the accountant and trial balance from the previous year your best source of informations needed?
Hi KKH!
To get the most of of the software, there are several key pieces of information you should be gathering:
1) Prior year trial balance
2) Prior year ending inventory
3) Capital asset list
4) Prior year tax return (for CCA setup)
5) Full listing of any account receivable
6) Full listing of any accounts payable
7) Full employee listing, if applicable, including dates of birth, social insurance numbers, and hire dates.
8) Bank statement and reconciliation for the month prior to the current fiscal year you are setting up (including any outstanding items)
This should be enough information to get a really solid foundation for a new data file. You will get this information from the client and the accountant - due to privacy, you probably won't be able to get the information anywhere else.
I hope this helps!