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Periodic Tasks to Financial Records
Question asked at “Learn QuickBooks® in A Day!” workshop
- “I would have found it useful… as if the situation were happening that day. “ So and so just sent a check in today’s mail, what do we do with it? Etc. It’s Friday, time to make deposits.” By Maryellen Vettori, Hunt Auto Body
Frequency of the tasks depends on transactions on a daily basis.
- Make a backup copy of QuickBooks Company
- Pay Payroll Taxes
- Customer Collections
- Print Collections Reports
DAILY TASKS:
- Customers
- Create Invoices
- Receive Payments (When you receive the check from the customer)
- Make copy of check and attach with the invoice or with the deposit slip
- Issue Credits
- Make Deposits in QuickBooks when a Bank Deposit is made (Deposits in QuickBooks should equal to the total on the Bank Deposit Slip)
- Vendors
- Enter Bills (after receiving the bill and match and attach with the packing slip)
- Enter Credit Card Charges (after incurring the expense)
- Enter Credits (when credits are received – always keep a hard copy for future reference)
WEEKLY TASKS:
- Create Paychecks
- Pay Payroll Liabilities – determined on the amount of tax withheld (Make copy of check)
- Print Unpaid Bills Detail
- Pay Bills (attach the check stub with the invoices and credits paid)
- Print all the unprinted invoices, credit memos, statements, and checks. Mail them too!
BI-WEEKLY TASKS:
- Create Paychecks
- Pay Payroll Liabilities – determined on the amount of tax withheld (Make copy of check)
QUARTERLY TASK:
- Pay Sales Tax
- File Quarterly Tax Returns, Federal, State and Local
- Pay Payroll Liabilities – determined on the amount of tax withheld (Make copy of check)
- Print and review Transactions Detail Report
- Print and review Profit and Loss Statement and Balance Sheet.
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