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What date should I choose to start tracking my business transactions?

We recommend that you use January 1 as the date to start tracking your business transactions. Although this means you'll have to enter all of your company's business transactions since January 1 of this year, it'll be much easier to prepare your company's income tax statements when the time comes.

If you use any other date (including today's date), you'll need to separately track the transactions between January 1 and the date you chose. And at tax time, you'll have to use both sets of transactions to prepare your tax statements. Entering all your transactions now saves you time later.

Before you decide on the date, learn more about the common options people use for a start date.

If your start date is in the middle of a federal or provincial sales tax period, see also Enter opening balance for sales tax liabilities.

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