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Bookkeeping Task List

Bookkeeping Task List

January 19, 2016 Posted by admin Uncategorized

Listed below are the most common bookkeeping task and duties broken down by week, month, quarter and year.

Weekly or every two weeks

  • Enter deposits and payments
  • Enter payable and receivables
  • Pay any bills due
  • Enter payroll /create payroll checks
  • Update employee benefit information if benefits are pro-rated against actual hours worked
  • Deposit Federal payroll taxes and withholding (if semi-monthly depositor)
  • Mail request for I-9’s and /or certificates of insurance to new subcontractors (note on bill to hold payment against return of paperwork)
  • Follow up on any past due accounts

 

Monthly

  • Deposit Federal payroll taxes and withholdings (if a monthly depositor)
  • Deposit State payroll withholdings (if a monthly depositor)
  • Enter principle and interest on any loan payments
  • Review vendors for expired certificates of insurance and request updated information
  • If collecting sales tax, review resale and nontax customers for any missing or expired ST-4 or ST-
  • 5 forms and request updated information
  • Report and pay any retirement benefits withheld from employee paychecks during the previous month
  • Review A/R and create customer statements or mail reminder invoices to be paid
  • Reconcile and pay sale and or meals tax (monthly filers only)
  • Reconcile all band and credit card accounts
  • Create / review monthly profit and loss and balance sheet statements
  • Create / review monthly inventory, sales, and other reports
  • (Nonprofits & some for-profits) Do monthly cost allocations
  • If you pay estimated taxes, set aside 20-30% of net monthly profit in a savings account for estimated or year-end taxes

 

Quarterly

  • Prepare all quarterly payroll reports, including 941’s, WR-1’s, SUTA, etc. and pay any balance due
  • If FUTA exceeds the threshold for annual filing, file and pay FUTA tax
  • Reconcile payroll liability accounts against quarterly reports
  • Deposit Federal and State payroll taxes and withholdings (if a quarterly depositor)
  • Reconcile and pay sales and / or meals tax (quarterly filers only)
  • Create /Review quarterly profit and loss and balance sheet statements
  • Create / Review quarterly inventory and sales reports
  • (Nonprofits & some for profits) Do quarterly cost allocations
  • If you pay estimated taxes, make your quarterly payment

 

Annually

  • Prepare all year-end payroll and vendor statements, including W-2’s, W-3’s, 1099’s, 1096’s, etc.
  • File and pay FUTA (form940)
  • File and pay sales or meals taxes (if annual filer)
  • Verify and update employee withholding and address information
  • Review employee benefits programs/update employee information
  • Review vendors and services (telephone or internet service providers, credit cards, etc.)
  • Update year-end inventory and capital assets in the books
  • (Nonprofit only) review the status of any restricted grants; prepare reports for funding sources as necessary
  • (Nonprofits only) Review overhead expense allocation (Management & General, Development, Program) and adjust as needed
  • Review company insurance coverage against inventory value, potential liabilities or increased revenue
  • (Massachusetts) Update form of list for your town’s personal property tax’
  • Prepare materials for workers’ comp insurance audit
  • Prepare materials for liability insurance audit
  • Review status of any owner loan accounts
  • Prepare material for accountant
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