Archive for September, 2011

Prepare for tax season… its never too late… or too early :-)

September 8, 2011

Utilize simple recordkeeping software – quicken or MS money come preloaded on new computers

Categorize major expenses –

Home: mortgage, utilities, auto, contributions, taxes

Small business: office supplies, phone, advertising/marketing, dues…

Utilize the “Reconcile” feature and actually balance your checkbook on a monthly basis – catch errors when they happen rather than 6 months later…

Run “canned” reports on spending & actually look at them to see WHERE your money is going, looking for anything out of place, odd or unusual

Use a filing system – expandable folders, hanging folders, manila folders: Use Labels…


Tax related documents – 1099s, W-2, real estate taxes, auto taxes, sales tax on major purchases, contribution receipts, purchase agreements

Capital expenses – home improvements, major appliance purchases

Other personal receipts that you need to keep – in order to return items or get service done

Shred – To be shredded – wait at least 90 days before you shred just in case you need it later

Small Business

– AR Invoices sent –

  • Numerical copy kept in monthly folder or 3 ring binder
  • Copy kept with job/project information

–  AR Checks received – copies attached to deposit slips

–  AP Invoices received – folder by due date

–  AP Invoices paid – alphabetically by vendor

–  Capital equipment purchases – copies of AP invoices for depreciation purposes

–  Bank reconciliations – folder for each account

–  Credit card statement reconciliations – folder for each CC

–  Advanced Accounting Issues:

  • Payroll records – whole system of PR / HR issues
  • AR aging reports – past due reports
  • AP aging reports – unpaid liability reports
  • Inventory  – monthly counts / reconciliations
  • Depreciation spreadsheets
  • Prepaid expenses
  • Accrued expenses