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