Bookkeeping Tips
by Pauline McLaren
Are you finding you are in a stack of papers and do not know where to start the book work. Alot of businesses that have started, find themselves overwelmed with all the papers. But with a few simple piles, your books will give you the organization you need. If you are doing your books yourself or getting them ready to take to the bookkeepers. Here are a few bookkeeping tips below that can SAVE you MONEY and TIME. Take a look!!!
BANK STATEMENT & CREDIT CARD STATEMENTS
Review all statements and canceled cheques immediately for unauthorized cheques/errors BE CONSISTENT is the key.
BUSINESS CHEQUES
Nothing more than a record of all your invoices and cheques in numeric order The thing to remember is never skip numbersrecord VOIDS in numeric order with other items, only denote as "voided" assures no gaps in your numerical sequence and leaves a proper trail KEEP GOOD RECORDS
CASH RECEIPTS
Keep your cash receipts togetherbundle them up daily,label each of them if needed,it is nothing like trying to guess later what it is and finding out that could not be claimed it because simply you did not write down what it was for. Store in an envelope for that month too!
Better yet if you know how to use excel write down cash receipts in there by headings such as: date, decription, paid by, gst, meals, office, equipment, etc...then attach every month or each quarter your receipts to the excel print off.
PETTY CASH
Get a metal cash box to hold your cashany money used is replaced by the RECEIPT for that purchase cash plus receipts should remain at a constant dollar amount continue using the petty cash box until you run out of cash replenish the box by writing a cheque for "CASH" and these are all the receipts that go to EXPENSES then start back with the same amount again SAVE YOU TIME
DEPOSIT BOOK
Make a CLEAR description of what is being depositedAccountants need paper TRAILS as it does make it easier and SAVES TIME and MONEY Record your daily deposit in a deposit book Write in the Deposit book the EXACT TITLES as your billing out invoices
YOUR INVOICES
If use many
invoices each month, you may want to have
invoices preprinted it will look more PROFESSIONAL and you will
probably get paid faster PAID ON TIMEBOOKKEEPINGBookkeeping is the GLUE
that keeps your business together A healthy business is monitored
through its records on a regular basis you can find problems and
correct them before it's too late MAINTAIN DAILY RECORDS
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