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Posted 05/25/2022 in Tips

Top 5 Monthly Bookkeeping Tasks all Bookkeepers should know.


Top 5 Monthly Bookkeeping Tasks all Bookkeepers should know.

  1. Reconcile ALL balance sheet accounts.
    • This includes all asset and liability accounts.
  2. Accrue for bills/expenses not received for the month.
    • If there is a purchase order process, use the purchase orders to anticipate expenses. Review, notate and close any purchase orders that are no longer needed. Communication outside of the accounting department is usually necessary. (This will be needed for your monthly balance sheet reconciliations)
  3. Move prepaid portions of bills into prepaid accounts.
    • Some bills will be entered and paid in the current month, but they are actually related to another month or another SEVERAL months. This is when you will review all bills/expenses and move funds if needed. (This will be needed for your monthly balance sheet reconciliations)
  4. Make adjusting entries for Inventory (cost of goods sold and inventory on hand), Depreciation Expense, Bad Debt Expense and the Allowance for doubtful accounts.
  5. Review the income statement for abnormalities, expected expenses and missing expenses.
    • Compare your current income statement to the previous 3 to 6 months to identify spikes, notate the reason for the spikes and review with accounting or business management.