Keeping the Simple Things Simple. Accounting Checklist to Ensure You Keep Adequate Books & Records
Keeping the Simple Things Simple. Accounting Checklist to Ensure You Keep Adequate Books & Records
Below is a checklist business owners can use to track their internal books and records and thereby having clean financials and bookkeeping. Checklists are great ways to ensure that you keep the standard things simple and to ensure that you keep for your files all important hard copies in addition to those electronically stored on your computer.
To complete your monthly financials, please forward:
- Your year to date Balance sheet, Profit & loss
- Year end Bank Statements and Bank reconciliations
- A schedule reconciling your bank deposits (recapping items that are not transfers) to the revenue as detailed on the Standard Profit and Loss for the month.
- Year to Date Payroll Records by Employee
- Notes Receivable and Payable Balances Reconciled
- Copies of new Notes
- Detailed general ledger and Journal Entries for the Month
Before you send your Year-End Financial please be sure that:
- The general ledger balance agrees to your checkbook and your bank reconciliation.
- You advise of any fixed assets that have been acquired or disposed of during the period.
- That ALL of the balance sheet and profit and loss accounts are correct.
- That you have only one retained earnings account.
- That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.
- That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.
Please be sure to keep by month a hard copy of in your office, under lock and key:
- A detailed general ledger for the month.
- A list of all journal entries posted for the month.
- A copy of all bank statements and reconciliations.
- The standard balance sheet and profit and loss for the month.
Please be sure each month that you are ensuring that the daily backups on all of the corporate data are being made and taken off site (to another physical location) daily.
This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success!
This is to confirm that I suggest that you formally tax plan at least twice annually.
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304. “Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.
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Related posts:
- Business Checklist to Ensure That Your Internal Books are Correct
- Gwinnett CPA Provides Monthly Financials Statement Checklist
- Dunwoody/Chamblee/Sandy Springs CPA….Keeping Your Financial Books and Records Current
- Duluth/Roswell/Atlanta CPA On Keeping Your Corporate Income Tax Simple
- Lawrenceville/Snellville/Norcross CPA on Keeping Your Tax Returns Simple