Reconciliation Reports
Professional CRA compliant reconciliation reports for Canadian businesses. Bank, credit card, and account verification.
The Power of Reconciliation Reports
Comprehensive CRA compliant reconciliation reports demonstrate financial accuracy and completeness.
Why Reconciliation Reports Matter
Reconciliation reports provide crucial evidence that your business records are accurate and complete. These reports compare internal bookkeeping balances to external statements (bank statements, credit card statements, loan statements) and identify and explain any differences.
Our reconciliation reports go beyond simple balancing. We document variances, investigate causes, and create clear explanations that help CRA auditors understand differences. This comprehensive approach demonstrates strong internal controls and attention to detail.
The CRA compliant reconciliation process is performed monthly for all major accounts, ensuring differences are identified and resolved promptly. This timeliness prevents small discrepancies from growing into significant issues that complicate audits.
Types of Reconciliation Reports We Prepare
Complete CRA compliant reconciliation solutions for all account types.
Bank Reconciliation Reports
Our reconciliation reports include comprehensive bank statement comparisons. We verify all deposits, withdrawals, electronic transfers, and bank charges against your bookkeeping records.
The bank reconciliation process includes matching each transaction to corresponding business activity, identifying uncleared items, and verifying bank fees and interest charges. Every variance is investigated, documented, and explained in reconciliation reports.
CRA compliant bank reconciliations demonstrate that your bookkeeping accurately reflects business banking activity. During audits, these reports provide evidence of account accuracy and explanation of any differences or timing issues.
Credit Card Reconciliation
Credit card reconciliation reports verify all charges and payments on business credit cards. We match statement transactions to expense records and supporting documentation.
The credit card reconciliation process includes verifying merchant category codes, sales tax amounts, and foreign currency conversions. Each transaction is matched to supporting documentation such as receipts, contracts, or internal approvals.
CRA compliant credit card reconciliations demonstrate that business expenses are properly recorded and supported. These reports are particularly valuable during expense deduction audits that scrutinize large or unusual credit card charges.
Accounts Receivable Reconciliation
Accounts receivable reconciliation reports verify that customer balances and aging are accurate. We compare customer account balances to supporting invoices and payment records.
The accounts receivable reconciliation process includes verifying outstanding invoice amounts, reviewing payment history, and investigating discrepancies between billed and collected amounts. Uncollectible accounts are identified and properly recorded.
CRA compliant receivable reconciliations demonstrate that reported revenue is collectible and supported. These reports become critical when CRA questions differences between reported income and bank deposits.
Accounts Payable Reconciliation
Accounts payable reconciliation reports verify that vendor balances and liabilities are accurate. We compare vendor account balances to supporting invoices and payment records.
The accounts payable reconciliation process includes verifying outstanding invoice amounts, reviewing payment history, and identifying duplicate or erroneous invoices. Vendor statements are obtained and reconciled to our records.
CRA compliant payable reconciliations demonstrate that reported expenses are legitimate and supported. These reports support expense deductions and prevent CRA from challenging liability balances.
Ready for Professional Reconciliation Reports?
Ensure your business has complete CRA compliant reconciliation reports. Contact us today.