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.
