Bookkeeping Task List

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