Summary of Recommended Bookkeeping Tasks

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Daily

Open post, do whatever is required with each piece of paper (eg record the invoice) and file correctly.
Move all invoices/receipts that arrive by email into a folder marked “Invoices to be Processed” and process them all at a specified time every day.
Clear your pocket/purse/wallet of all till receipts. Process the receipts paid from the business bank account and file. Any paid by your personal funds should be filed in a clear plastic wallet labelled for the current month ready for an expense claim at the end of the month.
Invoice customers for work completed.

Weekly
Phone customers who haven’t paid your invoice by the specified date to find out when you will receive the money.
Pay all supplier invoices due during the following week.
Update your cash flow forecast and take any action required.
Process any petty cash receipts and check the balance against your records.

Monthly
Create an expense claim for any business expenses paid by your personal funds and any business mileage. Transfer the total amount from your business account to your personal account if possible.
Ensure any staff have given you their expense claims for the month, process them and transfer the amounts to the staff personal bank accounts.
Reconcile your bank accounts.
Review your current VAT liability.
Update your cash flow forecast with actual figures.
Make sure salaries and deductions have been calculated and submitted to the HMRC.
Transfer all salary amounts to employees and send out payslips.
Update bookkeeping records with payroll calculations and set up the PAYE payment to the HMRC for the 19th of the following month.
Evaluate your Profit and Loss and Balance Sheet reports.

Quarterly
Submit your VAT return and set up payment to the HMRC or make sure you have enough in your bank account for when the direct debit is due to be taken.

Yearly
Issue P60s to staff, pay any outstanding PAYE amounts to the HMRC.
Submit accounts prepared by your accountant to Companies House and the HMRC. Set up payment of, or make reminder notes of when to pay, Corporation Tax.
Submit your Self-Assessment Tax Return and set up payments for when they’re due.

Mar 19, 2014