9 Key Monthly Bookkeeping Checklist Items Free Template

monthly bookkeeping checklist

Kayla Prusinski does not hold a Certified Public Accountant (CPA) or similar license. This blog article is to provide general information only, does not constitute tax or legal advice, and cannot be used or substituted for tax or legal advice. Savvy Bird Consulting, LLC is not responsible for the implementation or outcomes this material may have. It usually takes me about five minutes to get the statement and about fifteen minutes or less to reconcile the account.

  • What I did worked and works for me, and I am sharing it with this checklist file for my colleagues.
  • The beginning of the month is a good time to send overdue reminder statements to customers, clients, and anyone else who owes you money.
  • Download the templates of the samples bookkeeping checklist to take in the record of the accounts.
  • Payroll, if applicable, will need to be run at least once a month.
  • You can see where this could lead to a problem if your bookkeeping or your bookkeeper’s bookkeeping is poor quality …

Just as you record any invoices sent to the client, document all customer payments as soon as the payment is received. This should take place before completing bank reconciliations and reviewing bank credit card accounts. Doing so prevents you from mistakenly contacting the client for a presumable past due or losing track of your recorded payments received. Cash flow management is one of the most basic tasks on this bookkeeping duties list. Naturally, you need to keep an eye on all the money coming in and going out of a business. This includes business expenses, invoices, donations, funding, sales, salaries, etc.

Balance Sheet

While maintaining a scheduled flow of preparing and sending them, keep the status of any outstanding invoices. This can be done with the use of spreadsheets or an accounting software. As soon as you send billing statements and invoices to customers, make a record of it where you can easily assess the status of customers’ payment positions. If you notice a past due, send the client a friendly reminder to submit payment. Caryl Ramsey has years of experience assisting in different aspects of bookkeeping, taxes, and customer service. She uses a variety of accounting software for setting up client information, reconciling accounts, coding expenses, running financial reports, and preparing tax returns.

Maintaining financial records requires a high degree of accuracy and attention to detail. Alternatively, I could also create a spreadsheet of these items and email it to them, especially if they are remote. QuickBooks will learn your transactions, so every time you get something from Comcast, for example, it knows to put it into a certain category. However, even with all that remembering and automation, it still requires me as a bookkeeper to go through and fine-tune everything. As a bookkeeper you don’t always have to do it that way, but it is best practice to enter checks before they show up in the bank feeds. Reviewing your Income Statement, or Profit and Loss Statement, at the end of each month reveals what your business earned and spent.

Simple Cash Flow Template

Your team will breeze through their assignments and quickly see what’s completed. Let’s look at some tasks you can add to your monthly bookkeeping checklist that will ensure your firm is more profitable and ready for scalable growth. The printable bookkeeping checklist is the month to month inserting of the transaction in the business organization either it might be the overall thing in the checklist. And the bookkeeping checklist is the list to include in the important financial matter like the transaction and the outflows of the cash are done on the bookkeeping of the accounts.

  • List balances due, payments made, and supplier names, invoice numbers, and amounts.
  • She is also experienced in setting up corporations with the State Corporation Commission and the IRS.
  • Though you need to make quarterly sales tax payments, calculating and filing the sales tax on a monthly basis helps make the quarterly payment process less inundating.
  • It is most likely that you have a notice to reader engagement, not a
    review or audit engagement.

And for your staff performing bookkeeping, consistency is another goal that can be hard to reach. Every one of the 205 checklists have been used by me, so they are field-tested, and I know they work and are useful. Find professionals with solid track records (like us!) to handle your finance work.

Summarize Cash Sales

The template provides an account summary, including the customer’s previous balance, credits, current charges, balance owed, and due date. Customers also receive an itemized list of monthly bookkeeping checklist charges and credits, including invoice numbers, dates, and amounts. When I have a new situation I usually plan the assignment with a checklist of what I think needs to be done.

monthly bookkeeping checklist

The template also calculates the total balance across all accounts and the total variance. Customize account titles and categories as needed to reflect your specific business. Use this balance sheet template to report your business assets, liabilities, and equity. The template calculates common financial ratios, such as working capital and debt-to-equity ratio. Edit the example line items to list all of your current and long-term assets and liabilities, and view subtotals for each section and column.

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