Paper Trail

One last point: all these numbers that are going into your books need to be backed up by something that will give you a clue about them. You or someone else will at some point need to go back and recreate something you've entered, and you need a good clean system for keeping this information.

Keep a list of everything you've done. Have a list and update it monthly, of what makes up Accounts Payable - and the total of that list needs to equal the AP entry on your balance sheet. Have a list of customer deposits, accounts receivable and a list of your assets. You need to be able to say what's in each number on your balance sheet. You will also need to keep good supporting documentation for your income and expenses. It's not nearly as intimidating as it sounds, and it will save you hours of head scratching later, but if it all looks like too much... now you can appreciate your need for a professional bookkeeper even more!

Back to the start

Jump ahead, or backwards with these links:
Expenses Paid by Cheque : Expenses Paid By Cash : Accounts Payable : Cash Discounts on Purchases : Petty Cash : Payroll : Sales & Customer Deposits : Accounts Receivable : Inventory : Deposits : Sale of Assets : Depreciation : Suspense : Month End Adjustments : Paper Trails

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This page last modified: 11 Mar 2008