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CASE STUDY: BALANCE SHEET 5 7 6 8 9 10 11 8
our file review process 5 Accounts Payable We pull up the AP Subledger and verify that all balances are real. Balances outstanding for more than 90 days are verified directly with the client. If there are negative AP balances, we confirm whether or not there are vendor credits/prepayments still available. 6 GST/HST Payable We verify the accuracy of the net GST amount owing by going through the GST module. 7 GST/HST Suspense The GST/HST Suspense account usually correlates with the last (and yet to be assessed) GST filing. We agree this account with the CRA My Business Account records. 8 9 10 11 Note Payable Opening Balance Equity Equity Contributions Retained Earnings If there are loans or mortgages, Legacy Advantage verifies the Note Payable balance with the loan/mortgage statement. We agree the Opening Balance Equity with the prior year’s closing balance We look through the General Ledger and scrutinize the owner's contributions and draws to catch any inconsistencies We agree the balance of Retained Earnings with the prior year’s closing balance. 9
Page 1 and 2: WORK WITH US ACCOUNTANTʼS PACKAGE
Page 3 and 4: About Legacy 12 our industry focus
Page 5 and 6: We do our best to ensure our client
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Page 11 and 12: 1 Sales Legacy Advantage will look
Page 13 and 14: Trades Work in the trades is very p
Page 15 and 16: entrepreneurial supporting entrepre

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