Review what crosses the reporting date
Unfinished orders, customer advances, stock in transit and supplier invoices received later can all affect cutoff. Retain the contracts, receipt records and work status needed to assess the treatment. The accountant applies the relevant accounting policy to that evidence.
The review also covers banks, cards, loans, equipment, payroll, taxes and owner transactions. A financing payment or asset purchase should not disappear inside general operating costs.
Keep completion evidence for each obligation
The bookkeeping close, tax preparation, payment and corporate registry tasks are distinct. Agree the responsible people and retain separate submission or payment confirmations where relevant. One finished schedule should not mark every year-end task complete.
Illustrative example: an order awaiting final testing
A Burnaby manufacturer has an order in production at year end, with materials received and some labour recorded. The order status and cost records support the accountant’s work-in-progress review. An invoice issued later is connected to that schedule so the next period does not count the same costs again.
Questions about this work
Do you value unfinished work?
We prepare the supporting cost and status records. The accountant determines the appropriate valuation and recognition policy.
How are final adjustments handled?
Approved entries are retained and reconciled to the ongoing file, giving the next year the same opening balances used in the completed reports.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing information, agree on the scope and organize the next bookkeeping step.
Request a bookkeeping review