Define the missing periods

Start by identifying the last fully reconciled month, not simply the last time someone entered a transaction. Gather bank and credit card statements for every business account and list any accounts opened or closed during the period. Include payment processors and financing accounts where relevant.

Collect source documents

Bank statements show payments but do not always explain their purpose or support input tax credits. Organize invoices, receipts, sales reports and loan agreements. Mark transfers between accounts so they are not counted as income or expenses twice. Separate owner contributions, drawings and shareholder transactions.

Reconcile before relying on reports

Account balances should tie to statements and supporting schedules. Outstanding invoices, unpaid bills, payroll balances and sales tax accounts may need review. A profit and loss report generated from incomplete records can be misleading even if the software appears up to date.

Create a sustainable monthly routine

Set a recurring document deadline and agree who answers bookkeeping questions. Keep personal spending out of business accounts wherever possible. TaxRush can assess transaction volume, missing periods and filing deadlines before quoting cleanup and ongoing bookkeeping separately.

Frequently asked question

Can bank statements replace every receipt?

No. Statements often do not contain enough detail to support an expense or input tax credit. Keep source invoices and receipts.

Put the next step into practice.

Learn how TaxRush can support your situation, and request a written quote for the work you need.

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This guide is general information, not personalized tax or legal advice. Rules and administrative policies can change. Review current guidance at Canada Revenue Agency and get advice for your circumstances.