Monthly Bookkeeping Checklist

Your monthly bookkeeping checklist should help you tell whether last month is finished and what still needs your attention. A useful question to start with is: “Which month is complete, and what do you still need from me?” You can ask that today without spending the afternoon learning accounting.

At Perlinger Consulting, our monthly bookkeeping services help small business owners keep their books current and their reports useful. These four small habits can make that work easier for you and the person looking after your books.

1. Give a mystery purchase a one-line explanation

The vendor’s name on a bank transaction may tell only half the story. The same website can sell you a printer, shipping boxes and coffee. Your bank knows where the payment went, but it wasn’t standing next to you at checkout.

Your bookkeeper needs enough information to record the purchase correctly. A receipt helps, and a short note about its purpose can save another email asking what it was for.

Try this on your next receipt: “Shipping boxes for customer orders, paid with the business card.” If the purchase belongs to a particular job or project, add that too.

That little bit of context is much easier to provide now, while you still remember the purchase. Six months from now, “I’m sure it was something for the business” won’t be quite as helpful.

2. Ask which statements have been checked

Part of finishing the month is checking your bank and credit card records against the actual statements. That process is called reconciliation, and it helps your bookkeeper find missing transactions, duplicates or other differences that need a closer look.

Intuit recommends doing this monthly after the bank statement arrives. Once it’s done, you should be able to find out how current each account is.

Here’s a question you can copy: “What is the last reconciled statement date for each business bank and credit card account?”

Statement dates can vary between accounts. Knowing the date for each one gives you a much clearer picture of the work completed than hearing that the books are “pretty much caught up.”

Remember to include the card you hardly ever use. An occasional purchase can still need attention.

3. Get one unanswered question out of your inbox

Your bookkeeper asks what a payment was for while you’re in the middle of another job. You plan to reply later, and by the time you reopen the message, the payment is less familiar too. That’s how a small question gets a much longer life than it deserves.

Some details can come only from you. Your bookkeeper may be able to see the amount and the person paid, while you’re the one who knows which project it belonged to or why the payment was made.

Do this today: Search your inbox for your bookkeeper’s name, open the latest unanswered request and deal with one item.

If you can’t find the paperwork, say so and ask what other information would help. That gives you a next step. Leaving the message unanswered gives you the same message again later, now with more birthdays.

4. Read three lines before you put the report away

Open your latest report and check the date range first. A report covering January through September answers a different question from one covering September alone. It’s an easy detail to miss when you’re in a hurry.

On the report that shows your income and expenses, start with total income, total expenses and net profit or loss. Your bookkeeper can point these out if you’re unsure where to find them.

Compare those figures with the previous month using the same report settings. Start with the number that surprises you most.

Ask: “What’s behind this change, and is anything still missing from this month’s reports?”

An expense increase might have a perfectly ordinary explanation. Asking about it helps you understand the business before you decide what, if anything, needs to change. One useful question is a good start.

Put a date on “finished”

Agree with your bookkeeper on when you’ll provide statements and other paperwork, when questions need answers and when you can expect the reviewed reports.

That shared schedule helps keep the work moving. If something is late, ask what it affects and whether the reporting date needs to change. Everyone should know what remains open and who is handling it.

A completed month can still include unpaid customer invoices, unpaid bills or legitimate payments that haven’t cleared the bank. Those balances need to be recorded correctly and reviewed, with a clear picture of what is still owed.

Get help bringing your month to a close

If you’re answering the same questions repeatedly or regularly waiting on usable reports, it may be time for consistent monthly bookkeeping support.

Perlinger Consulting, Inc. brings over 23 years of experience to small business bookkeeping, accurate accounting, bank and credit card reconciliations, and QuickBooks Online support. We serve Littleton, Centennial, the Denver Metro and small businesses nationwide online.

We’ll talk through where your books stand and what a workable monthly routine could look like for your business. The goal is to finish the month with numbers you understand and fewer loose ends following you into the next one.

Book a free 14-minute consultation with Glenn.

Perlinger Consulting, Inc. | 720-290-4389

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This article provides general information and is not a substitute for accounting, tax, or legal advice specific to your business.

Perlinger Consulting, Inc. is not affiliated with, sponsored by or endorsed by Intuit Inc. QuickBooks is a registered trademark of Intuit Inc.

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