{"id":59,"date":"2016-01-19T15:47:27","date_gmt":"2016-01-19T15:47:27","guid":{"rendered":"http:\/\/hb-themes.com\/themes\/highend\/church\/?p=59"},"modified":"2017-11-10T23:39:44","modified_gmt":"2017-11-10T23:39:44","slug":"bookkeeping-task-list","status":"publish","type":"post","link":"https:\/\/aepossibilities.com\/bookkeeping-task-list\/","title":{"rendered":"Bookkeeping Task List"},"content":{"rendered":"<p>Listed below are the most common bookkeeping task and duties broken down by week, month, quarter and year.<\/p>\n<p><em><strong>Weekly or every two weeks<\/strong><\/em><\/p>\n<ul>\n<li>Enter deposits and payments<\/li>\n<li>Enter payable and receivables<\/li>\n<li>Pay any bills due<\/li>\n<li>Enter payroll \/create payroll checks<\/li>\n<li>Update employee benefit information if benefits are pro-rated against actual hours worked<\/li>\n<li>Deposit Federal payroll taxes and withholding (if semi-monthly depositor)<\/li>\n<li>Mail request for I-9\u2019s and \/or certificates of insurance to new subcontractors (note on bill to hold payment against return of paperwork)<\/li>\n<li>Follow up on any past due accounts<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Monthly<\/strong><\/p>\n<ul>\n<li>Deposit Federal payroll taxes and withholdings (if a monthly depositor)<\/li>\n<li>Deposit State payroll withholdings (if a monthly depositor)<\/li>\n<li>Enter principle and interest on any loan payments<\/li>\n<li>Review vendors for expired certificates of insurance and request updated information<\/li>\n<li>If collecting sales tax, review resale and nontax customers for any missing or expired ST-4 or ST-<\/li>\n<li>5 forms and request updated information<\/li>\n<li>Report and pay any retirement benefits withheld from employee paychecks during the previous month<\/li>\n<li>Review A\/R and create customer statements or mail reminder invoices to be paid<\/li>\n<li>Reconcile and pay sale and or meals tax (monthly filers only)<\/li>\n<li>Reconcile all band and credit card accounts<\/li>\n<li>Create \/ review monthly profit and loss and balance sheet statements<\/li>\n<li>Create \/ review monthly inventory, sales, and other reports<\/li>\n<li>(Nonprofits &amp; some for-profits) Do monthly cost allocations<\/li>\n<li>If you pay estimated taxes, set aside 20-30% of net monthly profit in a savings account for estimated or year-end taxes<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Quarterly<\/strong><\/p>\n<ul>\n<li>Prepare all quarterly payroll reports, including 941\u2019s, WR-1\u2019s, SUTA, etc. and pay any balance due<\/li>\n<li>If FUTA exceeds the threshold for annual filing, file and pay FUTA tax<\/li>\n<li>Reconcile payroll liability accounts against quarterly reports<\/li>\n<li>Deposit Federal and State payroll taxes and withholdings (if a quarterly depositor)<\/li>\n<li>Reconcile and pay sales and \/ or meals tax (quarterly filers only)<\/li>\n<li>Create \/Review quarterly profit and loss and balance sheet statements<\/li>\n<li>Create \/ Review quarterly inventory and sales reports<\/li>\n<li>(Nonprofits &amp; some for profits) Do quarterly cost allocations<\/li>\n<li>If you pay estimated taxes, make your quarterly payment<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Annually<\/strong><\/p>\n<ul>\n<li>Prepare all year-end payroll and vendor statements, including W-2\u2019s, W-3\u2019s, 1099\u2019s, 1096\u2019s, etc.<\/li>\n<li>File and pay FUTA (form940)<\/li>\n<li>File and pay sales or meals taxes (if annual filer)<\/li>\n<li>Verify and update employee withholding and address information<\/li>\n<li>Review employee benefits programs\/update employee information<\/li>\n<li>Review vendors and services (telephone or internet service providers, credit cards, etc.)<\/li>\n<li>Update year-end inventory and capital assets in the books<\/li>\n<li>(Nonprofit only) review the status of any restricted grants; prepare reports for funding sources as necessary<\/li>\n<li>(Nonprofits only) Review overhead expense allocation (Management &amp; General, Development, Program) and adjust as needed<\/li>\n<li>Review company insurance coverage against inventory value, potential liabilities or increased revenue<\/li>\n<li>(Massachusetts) Update form of list for your town\u2019s personal property tax\u2019<\/li>\n<li>Prepare materials for workers\u2019 comp insurance audit<\/li>\n<li>Prepare materials for liability insurance audit<\/li>\n<li>Review status of any owner loan accounts<\/li>\n<li>Prepare material for accountant<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Listed below are the most common bookkeeping task and duties broken down by week, month, quarter and year. Weekly or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bookkeeping Task List - AE Possibilities<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aepossibilities.com\/bookkeeping-task-list\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bookkeeping Task List - AE Possibilities\" \/>\n<meta property=\"og:description\" content=\"Listed below are the most common bookkeeping task and duties broken down by week, month, quarter and year. 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