Key Bookkeeping Tasks

Question 1

Dividing up many bookkeeping tasks into ___, ____, _____, ____, _____, checklists and being consistent about completing each tasks makes bookkeeping simple and rewarding

Answer 1

daily, weekly, monthly, quarterly, and yearly

Question 2

What are things to do in bookkeeping daily tasks?

Answer 2

1) Review Available Cash
2) Monitor incoming and outgoing payments

Question 3

What are things to bookkeep in Weekly tasks?

Answer 3

1) Record and reconcile transactions
2) File and upload receipts
3) Enter unpaid bills from vendors
4) Pay vendors
5) Prepare and send invoice
6) Review projected cash flows

Question 4

The first thing that should be don everyday

Answer 4

Review available cash/ Check how much cash is available

Question 5

this is to ask employees and partners every morning for any expenses coming up that day to prepare for the incoming and outgoing payments for that day

Answer 5

Monitor incoming and outgoing payments

Question 6

this is fundamental to proper bookkeeping on a weekly bases, this is where most if not all of the transactions will be recorded, and categorized it correctly and reconcile it immediately

Answer 6

Record and reconcile transactions

Question 7

It is a bookkeeping software that uploads the bank feed

Answer 7

Quickbooks online

Question 8

This is where you keep copies of all invoices, receipts and payments as well as the files of all the vendors, payroll and bank statements.

Answer 8

File and upload receipts

Question 9

Keep track of each vendors’ information, like billing dates, amounts due and payment due dates. if vendors offer discounts for early payment, check to see if cash is available and try to take advantage of that.

Answer 9

Enter unpaid bills from vendors

Question 10

Once the bills are entered into the accounting software, tracking payment due will be very simple. Make sure to have funds set aside for the bills and process payment well before the due date. whether making payments online, by mail or in person, upload copies of the invoices sent and recieved unto the accounting software and document storage account, like google drive

Answer 10

Pay Vendors

Question 11

Stay on top of sending invoices and try to send them the same exact day the client expected to receive it. Simplify and save time by using the accounting software to complete this task. Create your invoices and choose when you want them sent. save the templeate if it is a recurring invoice

Answer 11

Prepare and send invoices

Question 12

Staying on top of your cash flow, in and out of practice, is incredibly important. Forecast how much cash you will need in the coming weeks/month to pay your bills, employee, and suppliers. Knowing your projected cash flow is also critical to making informed business decisions.

Answer 12

Review projected cash flow