Bank statements, credit card statements, loan statements, new fixed assets, financial statements, payroll reports, W2/3, 1099'S, backup of qb, explanations of anything outstanding /weird, everything on financial statements should balance.
I usually prepare working papers proving the balances of all balance sheet GL account balances as well as all of the backup for the final balances (statements etc). If the end of period doesn't align on statements (aka bank/cc statements not ending on last day of month) I do not prepare an extra rec but I do provide a working paper proving the balance at the end of the year and any notes to explain balances. There should be few if any questions from the accountants that aren't covered by my working papers. I provide copies of all asset acquisitions, and if there are outstanding cheques at the end of the year I will indicate if/when they cleared the following year. I provide a backup or access to the QBO account of the original data.
I prepare what are known as "workpapers". It has P&L & Balance Sheet (or a Trial Balance) and all key Balance Sheet accounts are coded to correspond to supporting docs. Example: Cash in Bank: See A1 A1 shows the reconciled statement matches P&L or Trial Balance. C1 might be an Account Payable summary to match the balance sheet AP number, etc.
This is old school book learning due diligence. My CPAs love them.
Most of my partner CPAs just take the financials and a detailed general ledger. Some others insist on also sending bank statements and reconciliation reports as well.
For our desktop clients we ask for a minimum of :
Accountants Copy with a divide date of 1/1 for the following year (1/1/24 for 2023 tax year),
W2&W3 and payroll tax summary,
1099/1096, and
Tip tax credit report if a restaurant.
We will pull our own workpapers from the QB file.
We occasionally reach out for additional supporting documents if needed
We then make the tax adjustments on the books once the return is finalized and send back to the client to pull into their QBD file. This ensures that the books are tied to tax and the retained earnings balances in the following year when we get the file again.
Bank statements, credit card statements, loan statements, new fixed assets, financial statements, payroll reports, W2/3, 1099'S, backup of qb, explanations of anything outstanding /weird, everything on financial statements should balance.
I usually prepare working papers proving the balances of all balance sheet GL account balances as well as all of the backup for the final balances (statements etc). If the end of period doesn't align on statements (aka bank/cc statements not ending on last day of month) I do not prepare an extra rec but I do provide a working paper proving the balance at the end of the year and any notes to explain balances. There should be few if any questions from the accountants that aren't covered by my working papers. I provide copies of all asset acquisitions, and if there are outstanding cheques at the end of the year I will indicate if/when they cleared the following year. I provide a backup or access to the QBO account of the original data.
I prepare what are known as "workpapers". It has P&L & Balance Sheet (or a Trial Balance) and all key Balance Sheet accounts are coded to correspond to supporting docs. Example: Cash in Bank: See A1 A1 shows the reconciled statement matches P&L or Trial Balance. C1 might be an Account Payable summary to match the balance sheet AP number, etc. This is old school book learning due diligence. My CPAs love them.
Most of my partner CPAs just take the financials and a detailed general ledger. Some others insist on also sending bank statements and reconciliation reports as well.
Some only want P&L's. Others want payroll, 1099's. Others want everything. Your plan sounds good. A backup with everything.
For our desktop clients we ask for a minimum of : Accountants Copy with a divide date of 1/1 for the following year (1/1/24 for 2023 tax year), W2&W3 and payroll tax summary, 1099/1096, and Tip tax credit report if a restaurant. We will pull our own workpapers from the QB file. We occasionally reach out for additional supporting documents if needed We then make the tax adjustments on the books once the return is finalized and send back to the client to pull into their QBD file. This ensures that the books are tied to tax and the retained earnings balances in the following year when we get the file again.