Weekly or every two weeks:
1. Enter deposits and payments.
2. Enter payables and receivables.
3. Pay any bills due.
4. Enter payroll/create payroll checks Update employee benefit information if benefits are pro-rated against actual hours worked
5. Deposit Federal payroll taxes and withholdings (if a semi-monthly depositor) Mail requests for I9's -and/or certificates of insurance to new subcontractors (note on bill to hold payment against return of paperwork's).
6. Follow up on any past due accounts.
1. Deposit Federal payroll taxes and withholdings (if a monthly depositor).
2. Deposit State payroll withholdings (if a monthly depositor).
3. Enter principle and interest on any loan payments.
4. Review vendors for expired certificates of insurance and request updated information. If collecting sales tax, review resale and non-tax customers for any missing or expired ST-4 or ST-5 forms and request updated information.
5. Report and pay any retirement benefits withheld from employee pay-checks during the previous month Review A/R and create customer statements or mail reminder invoices as needed.
6. Review A/P statements against possible missing or past due invoices to be paid Reconcile and pay sales and/or meals tax (monthly filers only).
7. Reconcile all bank and credit card accounts.
8. Create/review monthly profit and loss and balance sheet statements.
9. Create/review monthly inventory, sales, and other reports.
10. (Nonprofits & some for-profits) Do monthly cost allocations.
11. If you pay estimated taxes, set aside 20-30% of net monthly profit in a savings account for estimated or year-end taxes.
1. Prepare all quarterly payroll reports, including 940's 941's, DE 9, DE9C, etc, and pay any balance due
2. If FUTA exceeds the threshold for annual filing, file and pay FUTA tax Reconcile payroll liability accounts against quarterly reports.
3. Deposit Federal and State payroll taxes and withholdings (if a quarterly depositor).
4. Reconcile and pay sales and/or meals tax (quarterly filers only).
5. Create/review quarterly profit and loss and balance sheet statements.
6. Create/review quarterly inventory and sales reports.
7. (Nonprofits & some for-profits) Do quarterly cost allocations.
8. If you pay estimated taxes, make your quarterly payment.
1. Prepare all year-end payroll and vendor statements, including W-2's, W-3's, 1099's, 1096's...etc.
2. File and pay FUTA (form 940)
3. File and pay sales or meals taxes (if an annual filer).
4. Verify and update employee withholding and address information.
5. Review employee benefits programs/update employee information Review vendors and services (telephone or internet service providers, credit cards, etc.). 6. Update year-end inventory and capital assets in the books.
7. (Nonprofits only) review the status of any restricted grants; prepare reports for funding sources as necessary.
8. (Nonprofits only) review overhead expense allocations (Management & General, Development, Program) and adjust as needed.
9. Review company insurance coverage against inventory value, potential liabilities or increased revenue.
10. Prepare materials for liability insurance audit.
11. Review status of any owner loan accounts Prepare materials for accountants.