A Suggested Bookkeeping Work Plan

Good bookkeeping is an on-going process and with numerous tasks that need completing it can be hard to know what do, when and how often to do it. So here is a suggested work plan for bookkeeping.

Daily Tasks

  1. Allocate payments against supplier invoices
  2. Allocate receipts against customer invoices
  3. Record new invoices raised to customers
  4. Record new invoices received from suppliers
  5. Record any cheques written
  6. Record petty cash expenses and other business expenses paid personally by directors and other staff members
  7. File all sales, purchase and expense invoices, correspondence and other paperwork in the appropriate folders

Weekly Tasks

  1. Check that all invoices that should have been raised have been raised and sent to customers.
  2. Review profit and loss for any unexpected entries try to resolve them
  3. Enter bank transactions on to bookkeeping system
  4. Reconcile bank and credit card accounts
  5. Replenish petty cash
  6. Chase any overdue invoices from customers
  7. Pay any supplier invoices that are now due
  8. Complete any tasks on the daily list that were not completed

Monthly Tasks

  1. Post depreciation
  2. Pay and reconcile the net wages and PAYE/NIC liability accounts
  3. Print monthly profit and loss account reports
  4. Review variances from budget
  5. Print monthly balance sheet reports
  6. Reconcile balance sheet items
  7. Set aside some cash for payment of VAT and corporation tax
  8. File VAT return if using monthly scheme and any other returns (as applicable)
  9. Complete any weekly tasks that were not completed

Quarterly Tasks

  1. Reconcile and pay quarterly VAT (if applicable)
  2. Review outstanding debtors for bad debts. Write off or make a provision as necessary.
  3. Complete any monthly tasks that were not completed.

The above list is to be used as a guide only and there may be tasks here which are not relevant to you and other tasks you need to do which are not listed here.

For assistance setting up a schedule of bookkeeping tasks relevant to your business please get in touch with us at Westbury.

Jonathan Cohen – Audit Team

Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936.Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.