Close & reporting
Month-end close
A repeatable monthly close for Canadian businesses that reconciles every account, books accruals under ASPE or IFRS, and hands you finished financials on a set date each month, timed to sit well ahead of your six-month T2 filing deadline and your GST/HST filing schedule.
Management report
Illustrative client · August 2026
CAD
| Line | Aug | Jul | |
|---|---|---|---|
| Revenue | 142,380 | 131,904 | +10,476 |
| Cost of sales | (51,260) | (48,115) | (3,145) |
| Gross profit | 91,120 | 83,789 | +7,331 |
| Payroll | (46,300) | (45,900) | (400) |
| SoftwareNoted | (6,480) | (5,490) | (990) |
| Rent | (8,000) | (8,000) | 0 |
| Other operating | (9,215) | (9,870) | +655 |
| Net income | 21,125 | 14,529 | +6,596 |
Reviewer's note
Software is up on last month after two seats were added mid-month. Revenue includes one milestone invoice that will not repeat next month.
Illustrative. An example of the document, not a client's figures.
What the close covers
Every bank, card and loan account is reconciled to its statement. Accrual and prepaid entries are booked for the period, fixed asset and depreciation schedules are updated, and intercompany balances are agreed where more than one entity is involved. The trial balance is reviewed line by line before the period is marked final, with a close checklist showing what ran and when.
Timed to CRA deadlines, not just a calendar date
A T2 corporation income tax return is due six months after your tax year end, and the balance owing is generally due two to three months after year end, well before the return itself is filed. Closing on a fixed date each month means your accountant or the credentialed signer who files the T2 is never starting from a shoebox in month five. GST/HST filing frequency (annual, quarterly or monthly depending on revenue) is set the same way against the close calendar.
Cheque runs, HST codes and reconciling in your software
The close happens inside QuickBooks Online, Xero or Sage 50, whichever the business already runs, and covers cheque and e-transfer activity alongside card and payment-processor feeds. GST/HST codes on every transaction are checked as part of the reconciliation, not left for a separate exercise at filing time.
Ready before the year-end scramble
A close that runs on schedule all year means the fiscal year end itself is a formality, a final reconciliation rather than twelve months of catch-up compressed into the weeks before the T2 deadline.
Questions
Frequently asked questions: Month-end close
How does this line up with my T2 deadline?
The monthly close is scheduled so the trial balance is final well ahead of your T2 filing deadline, which is six months after your corporation's tax year end. The balance owing is due earlier, two to three months after year end for most corporations.
Does the close include GST/HST reconciliation?
Yes. GST/HST codes on every transaction are checked as part of the monthly reconciliation, matched against whatever filing frequency (annual, quarterly or monthly) applies to your revenue.
What software do you close in?
QuickBooks Online, Xero or Sage 50. We work inside the file you already use rather than asking you to migrate.
Who signs off on the close?
A named senior reviewer reviews the close before it reaches you. Filing the T2 itself is a separate step handled by your credentialed signer or accounting firm; we prepare the books that return is built from.
What exactly is included in month-end close?
Bank, card and loan accounts reconciled to statement balances, and accrual and prepaid entries recorded for the period. This work runs inside QuickBooks Online or Xero, whichever your business already has in place, and it rolls into your regular monthly close rather than sitting off to the side as a separate, unreconciled process.
What counts as the books being closed?
Every account is reconciled, every accrual and prepaid entry is booked, and the trial balance has been reviewed line by line before the period is marked final.
Can the close date move earlier as the business grows?
Yes. The close calendar is set with you and can be tightened once source documents such as bank feeds, bills and payroll runs arrive on a consistent schedule.
What is included in month-end close?
Month-end close covers bank, card and loan accounts reconciled to statement balances and accrual and prepaid entries recorded for the period. The exact scope is agreed and set out in writing before work starts, so you know precisely what is and is not covered before the first deliverable arrives.
How is month-end close priced?
Pricing for month-end close depends on your transaction volume, the software you use, and how much cleanup is needed before ongoing work starts. Current ranges are published on the pricing page, and your exact fee is confirmed in writing before anything begins.
Related services
- Close & reportingAccrualsExpenses and revenue recorded in the period they actually happen, even when the invoice or cash has not moved yet, so the month's numbers reflect that month's activity.
- Close & reportingManagement reportsMonthly profit and loss, balance sheet and cash flow packaged with a plain-English narrative so the numbers explain themselves before anyone has to ask a question.
- BookkeepingMonthly bookkeepingOngoing monthly bookkeeping: transactions sorted into categories, accounts reconciled and month-end reports delivered in the software you already use.
Industries
- SaaSBookkeeping and reporting for subscription software businesses tracking recurring revenue, deferred revenue and burn.
- Ecommerce (Amazon and Shopify)Bookkeeping for online sellers on Amazon, Shopify, Etsy and their own storefronts, built around clean payout and sales tax data.
- Professional servicesBookkeeping for professional service firms such as engineering, architecture and IT consulting billing clients by project or retainer.
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.