Interest income accrual alert

Qtrade appears to have provided T5 slips for interest for the second fiscal period of an interest bearing investment when both first and second period were paid at the end of year 2.

If I didn't reconcile that interest income received agrees to the T-slips,wouldn't have caught this one.

They are switching to accrual method, but leaving their investors hanging for unreported income in  the proceess.  You would think they would have sent a notice with the T-slip, but maybe they did and my client chose to shred it.

If investments are held for more than a fiscal year, you are supposed to report the income each year.  Of course that means the clients have to tell you what they own.

Hah!  If you used my system of tracking everyone's investments in Quicken, you'd know what they hold and be able to accrue for longer term investment income annually.