Your monthly bookkeeping routine
Recommendations for your monthly bookkeeping routine
Good bookkeeping is simply keeping Xero up to date throughout the month. The key tasks take around 30 minutes a week once you are in a routine.
Weekly habits
- Review new bank transactions in Xero and reconcile them to invoices and bills
- Attach receipts to any purchases - use your phone to snap receipts, or forward them to your Xero email
- Chase any outstanding customer invoices shown as overdue
Monthly habits
- Confirm all income for the month is invoiced and approved in Xero
- Enter all supplier bills received during the month
- Run a Profit and Loss report to check the month looks as expected
The more current your records, the more accurate your VAT return and management information will be.
💡 Good to know: The biggest bookkeeping mistake is leaving everything until the VAT quarter-end. Records built-up over three months take far longer to sort out than records maintained weekly.
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