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Small Business Basic Bookkeeping Checklist
It's simple if you do a little bit every day. To make things easier for you, here's a bookkeeping checklist for daily, weekly, monthly, quarterly, and annual tasks.
DAILY BOOKKEEPING
Check how much cash you have on hand
Be aware of incoming and outgoing payments
WEEKLY BOOKKEEPING
Record customer billings
Record vendor payments
Record customer payments
File vendor bills and payment records
Update payroll file
Make vendor payments
Prepare and send invoices
Review forecasted cashflow
MONTHLY BOOKKEEPING
Balance the checkbook
Review aged receivables (past due customer payments)
Check inventory and analyze its status
Process and review payroll
Meet payroll tax requirements
Review profit and loss compared to budget and previous years
Review month-end balance sheet
QUARTERY BOOKKEEPING
Evaluate annual profit and loss estimate
Quarterly payroll payments
Make quarterly sales tax payments
Make income tax payments
ANNUAL BOOKKEEPING
Review aged receivables. Send to collections?
Year-end inventory status analysis
Fill out IRS forms
Review full-year financial reports
Review tax returns before giving them to accountant
This creates a private checklist in your account.