Month End Checklist
So Monday morning is here and I hope you all had a fantastic weekend. I wanted to share some tips of what should happen every month to ensure you get the best information from your systems. This may be what your bookkeeper would do anyway, but it is worth knowing so you can ensure it happens!
Ensure all sales invoices have been done and sent to the customers
Apply all payments received from customers
Send out customer statements
Ensure all purchase bills have been raised
Apply all payments made to purchases
Reconcile your bank (with auto bank feeds this is easy to do!)
Once all transactions are reconciled – ensure the statement balance in Xero and the actual bank statement are the same, just in case something was missed off on the direct feeds
Reconcile the VAT (if you are VAT registered) – even if you are not submitting VAT this month, reconcile the VAT return back to your VAT control account
Run through the balance sheet control accounts and make sure that prepayments have been expensed and accruals reversed if applicable
Print your profit and loss reports and compare the results to prior months.
Discuss with your mentor / bookkeeper / accountant if you have any questions
If you have any questions please don’t hesitate to get in touch: email@example.com
by Kim Deere
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