BOOKKEEPER
Chart of Accounts: A structured list of accounts (assets, liabilities, equity, revenue, expenses) used to categorize transactions.
Journals: Chronological records of transactions (e.g., sales, purchases, cash receipts, cash disbursements).
General Ledger: A master record that accumulates all transactions posted from journals into individual account balances.
Trial Balance: A summary that lists all ledger account balances to check that total debits equal total credits.
Financial Statements: Primary outputs include the Income Statement (Profit & Loss), Balance Sheet, and Cash Flow Statement.
Reconciliation: Regular matching of internal records to external statements (bank, credit cards, loan statements) to ensure accuracy.
Accounts Receivable (AR) & Accounts Payable (AP): Tracking amounts owed by customers and amounts the business owes to suppliers.
Payroll Records: Documentation of wages, taxes, benefits, and payroll-related liabilities and payments.
Supporting Documentation: Invoices, receipts, contracts, and other evidence that substantiate transactions.
Cash Basis: Revenue recorded when cash is received; expenses recorded when cash is paid.
Accrual Basis: Revenue recorded when earned; expenses recorded when incurred. Generally required for larger businesses and by accounting standards.
Updated general ledger and trial balance.
Monthly financial statements (Income Statement, Balance Sheet, Cash Flow Statement).
Bank and credit card reconciliations.
Aged accounts receivable and accounts payable reports.
Payroll records and payroll tax filings (if managed).
Sales tax reports and filing support.
Supporting documentation organized and accessible.
Accurate bookkeeping forms the foundation for sound financial management. Consistent processes, timely reconciliation, and trained personnel (or a trusted service provider) will improve decision-making, reduce risk, and support compliance.
BOOKKEEPER
Chart of Accounts: A structured list of accounts (assets, liabilities, equity, revenue, expenses) used to categorize transactions.
Journals: Chronological records of transactions (e.g., sales, purchases, cash receipts, cash disbursements).
General Ledger: A master record that accumulates all transactions posted from journals into individual account balances.
Trial Balance: A summary that lists all ledger account balances to check that total debits equal total credits.
Financial Statements: Primary outputs include the Income Statement (Profit & Loss), Balance Sheet, and Cash Flow Statement.
Reconciliation: Regular matching of internal records to external statements (bank, credit cards, loan statements) to ensure accuracy.
Accounts Receivable (AR) & Accounts Payable (AP): Tracking amounts owed by customers and amounts the business owes to suppliers.
Payroll Records: Documentation of wages, taxes, benefits, and payroll-related liabilities and payments.
Supporting Documentation: Invoices, receipts, contracts, and other evidence that substantiate transactions.
Cash Basis: Revenue recorded when cash is received; expenses recorded when cash is paid.
Accrual Basis: Revenue recorded when earned; expenses recorded when incurred. Generally required for larger businesses and by accounting standards.
Updated general ledger and trial balance.
Monthly financial statements (Income Statement, Balance Sheet, Cash Flow Statement).
Bank and credit card reconciliations.
Aged accounts receivable and accounts payable reports.
Payroll records and payroll tax filings (if managed).
Sales tax reports and filing support.
Supporting documentation organized and accessible.
Accurate bookkeeping forms the foundation for sound financial management. Consistent processes, timely reconciliation, and trained personnel (or a trusted service provider) will improve decision-making, reduce risk, and support compliance.
