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9 Vital Bookkeeping Clean-Up Checklist Items Free Template

By October 1, 2021August 18th, 2023No Comments

bookkeeping clean up checklist

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do. Now that you have a record of last year’s business finances, it might be worth taking a hard look at your current year’s budget goals. Decide whether you want to ramp up or scale back your business activities.

bookkeeping clean up checklist

For revenue to be recognized, a business needs to fulfill all performance obligations of a sale. In layman’s terms, you earned a sale, the customer received something of value, and there is proof of exchange within a specified timeframe. Download this checklist from Acuity, and start optimizing your financials. Simplify your processes with the help of this guided checklist, including insightful data, helpful resources, and easy-to-use templates.

Bookkeeping Clean Up Checklist: A 5-Step Process

No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them. For example, suppose your balance sheet says you have a negative cash balance of, oh, $800,000.

bookkeeping clean up checklist

This free bookkeeping clean-up template will help you organize your workflow. If you work with multiple team members, having each person log each step in the process ensures you can monitor progress. One of the most important things that you need to have in your cleanup is a checklist.

Here are some of the most common signs of significant recordkeeping issues.

The more often you commit to doing bookkeeping, the easier it is to complete and the lesser chance you have of spinning a messy financial web. Our law firm bookkeeping is a step-by-step guide to turning your messy books into clean accounting records. This comprehensive checklist covers everything from getting set up on an accounting software to mapping out your business budget. As year end approaches, we need to give our bookkeeping records a really thorough review so that our records are clean and organized for taxes.

You will have all the resources necessary by the end of this manual to approach your bookkeeping clean-up with assurance and comfort. If you’re using an automated workflow system, this step may happen automatically. If you’re using a paper-based system or spreadsheet, you will need to manually create the following month’s checklist. By following the nine (plus a bonus) steps outlined below, you can clean up your clients’ books, and rest assured you’ve taken every step in the process.

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After locating the source of your problems, you’ll probably be tempted to jump right in and begin fixing them. It’s wiser, though, to take a breath at this point and ensure that your books suffer no further damage. The key to this step is making sure that all incoming documents are handled by a reliable accounting system under the eye of a reliable bookkeeper. This can be as much a personnel decision as an accounting one.

  • This can help you avoid a lot of the frustration of taking on a cleanup in bits and parts.
  • Our Bookkeeping Clean Up Checklist is a step-by-step guide to turning your messy books into clean accounting records.
  • From there, they’re on an ongoing bookkeeping cadence that best suits their needs.
  • You can evaluate your accounts receivable and payable, payroll, inventory, and tax filings, clean up your chart of accounts, and back up your data by following these procedures.