End-of-Month Bookkeeping Checklist

End-of-Month Bookkeeping Checklist

End-of-month bookkeeping refers to the process of reviewing, reconciling, and finalizing a business’s financial records at the end of each month. This routine practice ensures that all financial transactions for the month are accurately recorded, accounts are balanced, and financial reports are prepared. Completing these tasks regularly helps maintain accurate records, provides insights into the financial health of the business, and prepares the business for tax reporting and other financial obligations.

Step 1: Reconcile Bank and Credit Card Statements

• Compare your bank and credit card statements with your recorded transactions to ensure they match.

Step 2: Review Outstanding Invoices

• Check for any unpaid invoices and send reminders to clients if necessary. Record any bad debts if you’re sure they won’t be collected.

Step 3: Update Inventory

• Adjust your inventory records to reflect any purchases, sales, or adjustments made during the month.

Step 4: Review Accounts Payable

• Verify that all bills received have been recorded and are scheduled for payment.

Step 5: Calculate Payroll

• Ensure that all payroll expenses have been recorded, including taxes, benefits, and withholdings.

Step 6: Prepare Financial Statements

• Generate your profit and loss statement, balance sheet, and cash flow statement for the month. Review these for any irregularities

Silicon Harbor Business Services is based in Mount Pleasant, SC.  We provide solid, practical advice to small business owners and select individuals.  We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise.

For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy.  Call 1-877-972-9284  We’d love to hear from you!