End of Year & Monthly Bookkeeping "To Do List"

Oh Yuck!

End of Year & Monthly Bookkeeping Tips

Bookkeeping Tasks You Must Do Regularly

It’s that time of year  – again – !  Here are monthly and End of Year bookkeeping tasks that outline what bookkeeping functions you need to do to help you with your tax preparation at the end of the year.

 These bookkeeping tips are for end of year and monthly tasks that can make your bookkeeping spring cleaning tons easier at tax time!


Do These Bookkeeping Tasks Monthly:

1. If the business uses a petty cash system, replenish the petty cash fund

  • Make sure you have receipts for all withdrawals

2. Reconcile the credit card accounts

3. If you’re preparing payroll, be sure to remit any payroll tax deposit money owed.

  • The IRS can give you information about how this stuff works for businesses in the United States and revenue Canada is helpful in Canada.  Ask your CPA if you need other assistance.  Also – Payroll companies are helpful sources of information!
  • You may need to remit payroll tax money more frequently than monthly. Pay them timely to avoid penalty’s and fines.

4. Print one copy of the Trial Balance

  • Set this aside with your permanent financial records.  This report enables you to answer any questions the IRS may have about the activities in your accounts.

5. Print two copies of the monthly Cash Flow Statement, the Profit & Loss Statement, and the Balance Sheet.

  • Give one copy to the business owner or manager.  Put the other copy with the permanent financial records.

6. If you haven’t already done so during the month, back up the file containing your accounting software to a flash drive, zip disk or other backup system.

  • You can reuse the same backup every month – right over the top of the old one from the month before!

Do These Tasks Yearly:

1. Do all the usual end-of-month chores for the last month of the year.  See 1-6 above.

2. Prepare and file any end-of-year payroll tax returns – 1099/1096, W-2/W-3, 4th Qtr. Payroll, . . .

3.  Print two copies of the annual Cash-Flow Statement, the Annual Profit & Loss Statement, and the Year-End Balance Sheet.

  • Give one copy to the business’s owner or manager.  Put the other copy with the permanent financial records.

4. Print a copy of the Year-End Trial Balance.

  • This report helps whoever prepares the corporate tax return.

5. Back up the file containing your accounting software accounts to a disk or flash drive or other backup system.

  • Store this record as a permanent archive copy.

6. Prepare and distribute any of the informational returns that people want:  W-2’s, 1099’s, and so on.

Do not view this list as all-inclusive.

If you think of other bookkeeping tasks, do those too.

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I don’t know about you, but I do know that by doing these bookkeeping tasks regularly,

I can spend my time







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