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Keeping
your financial records up to date won't be a problem if you do what is
necessary on a regular basis. The following checklist outlines the tasks
required to maintain accurate accounting records.
Daily:
-
Total
all cash on hand.
-
Record
income. Enter a summary of sales and cash receipts in an income ledger.
-
Record
all payments made by cash or check.
-
Enter
deposits in your business checkbook to keep the balance current.
-
Record
inventory, adding any new items received.
Weekly:
-
Review
accounts receivable, and take action to collect .
-
Review
accounts payable, remembering to take advantage of discounts.
-
Prepare
payroll. (Records should include name and address of employee, Social
Security number, number of exemptions, date ending the pay period, hours
worked, rate of pay, total wages, deductions, net pay and check number.)
-
Deduct
items sold from inventory, adjusting records to reflect the week's
sales.
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