Records for Bookkeeping – 10 Helpful Tips on Keeping Your Records Straight

Below are 10 helpful tips on how you can keep your records straight.

  1. Have a separate business bank account/PayPal account etc.
  2. File all invoices and receipts in separate monthly folders.
  3. Keep “paid” and “unpaid” invoices separate.
  4. Set aside an hour every week to keep your purchase ledger and sales ledger up to date.
  5. Enter petty cash receipts either weekly or monthly and ensure they are fully reconciled each time.
  6. Reconcile your bank/PayPal accounts every month.
  7. If you paid for something personally, note it on the receipt and whether it is a loan or an investment.
  8. Mark invoices as PAID and put on them how they have been paid – cheque, cash, bank, etc.
  9. Store the paperwork for each financial year separately so you can access it easily if needed.
  10. And FINALLY…and probably the most important is to just keep on top of your paperwork.

If you would like more information on how we can help you with your record keeping, please contact us via the Contact Us Page, our Facebook Page, or on Twitter.