Book Keeping Checklist

Basic Bookkeeping Checklist :

1) Daily – 

• Be aware of income and outgoing payments
• Check your bills due to be paid – timely payment saves you potential interest and late fees

2) Weekly-

• Reconcile your bank account. This is a classic task that is reasonably straight forward when it is done regularly, leave it for a month and you have a huge task at hand!
• Record customer invoices and payments, as well as dealer bills and payments
• Prepare and send invoices
• Update payroll files, add new employees as they arrive and get all their required information

3) Monthly:

• Reconcile your bank account with the bank statement when it arrives, make sure that all transactions are accurate
• Verify aged receivables (money owing from customers, past the due date) and follow up where appropriate
• Meet payroll obligations: Pension, payroll tax
• Check your profits and losses, compare to prior months – is your business real estate how you would expect? Have you spent more money than you thought? Is your turnover what you planned? Answering these questions monthly can help keep your business on track to achieve your financial goals.
• Review the balance sheet as it stands for the end of the month – are you aware of all your outstanding debts (creditors)? Do you have payment dates for your ATO obligations?
• Lodge and pay your BAS and super obligations (if monthly).

4) Quarterly-

• Overview of projected budgets and cash flows
• Lodge and pay your BAS and super obligations (if quarterly)
• Review aged receivables (and consider sending to debt collections)

5) Annually-

• Complete your Tax Return
• Review your annual accounts and compare them with your goals at the beginning of the financial year.