North American Product Classification System (NAPCS) Canada 2012 Version 1.2

North American Product Classification System (NAPCS) Canada 2012 Version 1.2
Introduction
Hierarchical structure

771 - Legal and accounting services

This group comprises legal services; and accounting, tax preparation, bookkeeping and payroll services.

77121 - Accounting, tax preparation, bookkeeping and payroll services

This class comprises auditing and other assurance services; tax preparation and representation services; and bookkeeping, financial statement compilation, and payroll services.

771213 - Bookkeeping, financial statement compilation, and payroll services

This subclass comprises financial statement compilation services; bookkeeping services; and payroll services.

7712131 - Accounting services (except bookkeeping and payroll services)

Financial statement compilation services whereby an accountant receives information from a client and arranges it into the form of a financial statement. The accountant assures that the assembly of information is arithmetically correct. However, the accountant does not attempt to verify the accuracy or completeness of the information provided, and no endorsement or expression of assurance is provided.

  • Illustrative example(s)

    • preparation of financial statements
    • preparation of management accounting reports

    All examples

  • Inclusion(s)

    • combinations of bookkeeping and compilation services and one or both of payroll and taxation services

  • Exclusion(s)

    • bookkeeping and compilation combined with payroll calculations only (See 7712132 Bookkeeping services)
    • compilation combined with tax preparation for corporate and other clients (See 7712122 Tax preparation and representation services for corporate and other clients)
    • compilation combined with tax preparation for individuals and unincorporated businesses (See 7712121 Tax preparation and representation services for individuals and unincorporated businesses)
7712132 - Bookkeeping services

A service consisting of general transaction entry with respect to purchases, sales, receipts, payments, and various account items. May include payroll calculation services.

  • Illustrative example(s)

    • billing of accounts receivable
    • collection of accounts receivable
    • maintenance of all journals and ledgers
    • preparation of trial balances or bank reconciliations
    • processing of accounts payable
    • production of management information reports

    All examples

  • Inclusion(s)

    • bookkeeping and financial statement compilation combined with payroll calculations only

  • Exclusion(s)

    • combinations of bookkeeping and compilation and payroll services, where payroll services involve more than payroll calculations (See 7712131 Accounting services (except bookkeeping and payroll services))
    • payroll services alone (See 7712133 Payroll services)
7712133 - Payroll services

Administration of financial records of employees' salaries, wages, bonuses, net pay, and deductions.

  • Illustrative example(s)

    • cheque preparation services for payroll
    • direct deposit management services for payroll
    • filing payroll reports
    • offline payroll processing services
    • online payroll processing services
    • preparation, viewing and storage of payroll ledgers and reports, and other payroll documents
    • remission of taxes and other deductions and contributions
    • withholding deductions for payroll

    All examples

  • Exclusion(s)

    • payroll calculation services combined with bookkeeping services (See 7712132 Bookkeeping services)
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