Bookkeeping Tasks Done? Check!

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.