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The
following checklist outlines the monthly tasks required to maintain
accurate accounting records.
- Balance checkbook. Reconcile all records with your bank statements
so they are in agreement.
- Total all ledgers. Compute monthly totals for sales, expenses and
payroll.
- Make tax deposits. Report and remit withheld employee taxes. Also
file and remit any federal or state income taxes due.
- Update your unpaid accounts, listing them by length of time on the
books, i.e., 30, 60 or 90 days. Use this list to discover which
accounts require extra collection attention.
- Review inventory and see which items are and aren't moving.
- Reconcile petty cash. Make sure the actual cash, plus the total of
the paid-out receipts for expenses from petty cash, are equal to the
starting balance. Replenish if necessary.
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