I’m a huge fan of checklists and couldn't live without them. They get me through my day and help me make sure I’m not forgetting something vital. It also saves me from a mountain of post-it notes and little “reminders” that get lost just when you need them. So, if you’re ready to get your bookkeeping organized and on schedule, here’s a list of bookkeeping tasks to help you get organized:
Daily:
- Update bank accounts using transactions downloaded from your bank and credit card accounts.
- Open incoming postal mail, looking for any financial items, then sort as necessary.
- Enter payments received by customers and create a receipt, if necessary.
- Enter new bills from vendors.
- Enter credit/debit card transactions made.
- Enter hand-written checks.
- Document petty cash expenses.
- Update your inventory if you receive or sell items.
Weekly:
- Invoice your customers as soon as work is completed or products are delivered.
- Make bank deposits and record all deposits, including credit card deposits.
- Take your receipts out of your wallet and file, as necessary.
- Review Accounts Receivable and contact customers, as necessary.
- Review Accounts Payable and pay any bills that are due.
- Review Profit-&-Loss for anything unusual.
- If you pay estimated taxes, set aside a percentage of your income for taxes.
Monthly:
- Do the weekly bookkeeping tasks that you skipped. ;-)
- Reconcile bank and credit card accounts.
- Reconcile and replenish petty cash, as necessary.
- Generate monthly invoices, if not already generated.
- Print and review monthly reports, including Profit-&-Loss, Balance Sheet and any special reports.
- Adjust any loan payments for principal and interest.
- Reconcile and pay sales tax, if you file monthly.
Quarterly:
- Review your Accounts Receivable and write off bad debt, as necessary.
- Reconcile and pay sales tax, if you file quarterly.
- Make your quarterly estimate payments, if you pay estimated taxes.
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