A monthly bookkeeping checklist covers recording transactions, reconciling every account, following up on invoices and bills, reviewing reports and saving documents, so each month is finished soon after it ends.
1Before you start
Gather your bank and credit card statements, receipts, payroll reports and any invoices from the month. Having everything in one place makes the work much faster.
2The checklist
- Record all income and expenses for the month
- Categorize every transaction
- Match transactions to receipts or invoices where possible
- Reconcile each bank, credit card and loan account
- Review unpaid customer invoices and follow up
- Review unpaid vendor bills and plan payments
- Check payroll entries and payroll tax payments
- Review the profit and loss and balance sheet
- Look for anything unusual and ask why
- Save the reports and close the period
3Reviewing the reports
Read your profit and loss for expenses that look too high or too low. Check the balance sheet for accounts with strange balances. A few minutes of review catches most errors early.
4Keeping it consistent
The checklist only works if it is done every month. Set a fixed date, such as the first week after month-end.
Our monthly plans close the books by the 10th of each month, so you always know where you stand.
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