T2 Data Entry

#Work StepsRef./Forms Used
1Ensures opening balance agrees to prior year closing balanceRC59 Instructions
CRA Website (www.canada.ca)
2AT to confirm that we have access to clients CRA Online Account. If we do not have access to the client’s CRA account, prepare RC59 for client to sign and submit to CRACaseware
CRA Website (www.canada.ca)
3Access client’s online CRA account to confirm GST/HST method-long or short and reporting period (both beginning and end dates) and upload CRA account balance and transaction for the GST/HST account to Caseware working papersCaseware
CRA Website (www.canada.ca)
4Access client’s online CRA account to confirm payroll remitter type and upload CRA upload CRA account balance and transaction reports for the payroll account to Caseware working papersCaseware
CRA Website (www.canada.ca)
5Access client’s online CRA account to confirm CRA corporate income tax balance and corporate tax installment payments and upload CRA account balance and transaction for corporate tax account to Caseware working papersCaseware
CRA Website (www.canada.ca)
6Access client’s online CRA account to Print Notice of Assessment and Notice of Re-assessment for GST/HST account and corporate income tax account and upload to Caseware working papersCaseware
CRA Website (www.canada.ca)
7Confirm if Bank reconciliation is completed, if not reconcile bank statements and accounts receivableCaseware
8AT/SA prepares cash reconciliation, ACB investments schedules and reviews T slips and T1135Caseware
9AT/SA enters revenue, accounts receivables and expenses. Watch for misallocation of expenses.Caseware
10AT/SA prepares automobile and home office comparison. Actual vs. mileage.Caseware
11Confirm if client has new auto loans or home loans and if so, set up home/auto loan, calculate taxable benefit and attach purchase agreement to CasewareCaseware
12AT/SA calculates interest on existing home or auto loans, directors advances (if required).Caseware
13AT/SA Prepares depreciation schedule.Caseware
14AT/SA enters accounting and audit insurance accrual.Caseware
15AT/SA Records Directors fees paid and source deduction payments madeCaseware
16AT/SA Records GST/HST instalments, Federal and Provincial corporate tax instalments for current year and prior year tax payment or refund.Caseware
17AT/SA Records fixed asset additions and GST/HST input tax credits.Caseware
18AT/SA Prepares GST/HST sundry income schedule, if quick methodCaseware
19AT/SA Reconciles GST/HST, Corporate Tax, Source Deductions to CRACaseware
20AT/SA Sets up Capital stock per initial minutes for new clients or makes change to share structure if existing client. Also, updates T2 Profile, schedule 50Caseware
T2 Profile
21If first corporate tax return, ensure that incorporation fees were provided and confirm if client has any pre-incorporation expensesCaseware
22Prepare query notes for Account Manager under IssuesCaseware
23Reference and arrange file according to indexCaseware
24If missing information identified during data entry, contact client and promote T2 WIP to stage 2. Once missing information is received from client, repeat steps 6 and onward if applicable.CRM/Infusionsoft Stage 2
25Update T2 WIP and CPA
CRM/Infusionsoft Stage 4CPA
26Upload to SharefileCaseware
T2 Profile

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