A monthly bookkeeping close is a practical review of your business records. It helps you catch missing documents, identify unpaid bills and see whether your accounts match their statements. For small businesses in North Vancouver and across British Columbia, a consistent routine can also make tax preparation and cash-flow discussions easier.
This checklist is an organizing habit, not a government filing deadline. Your actual tax, payroll and sales-tax due dates depend on your accounts and circumstances.
Monthly bookkeeping checklist
1. Gather your source documents
Collect the month’s bank and credit-card statements, sales invoices, purchase receipts, payment-processor reports, payroll records, and loan or lease statements. Save the supporting document with the transaction it explains, and keep separate records for each business you operate.
The CRA says businesses must keep records that support their income and expense claims. Its business records guide lists examples such as invoices, receipts, bank statements and contracts.
2. Reconcile every account
Compare each bank, credit-card, loan and payment-processor account in your books with the statement for the same period. Follow up on unmatched deposits, duplicate entries, bank fees, transfers, returned payments and card-settlement differences. Record the reason for each adjustment so the next review is clear.
3. Match transactions to receipts and invoices
Check that expenses have a dated receipt or invoice that identifies the supplier, describes the purchase and shows the amount. For GST/HST, review supplier invoice details before claiming an input tax credit. The CRA explains what supporting records GST/HST registrants need to keep in its GST/HST records guide.
4. Review sales and unpaid customer invoices
Confirm that sales invoices and deposits are recorded for the right period. Compare processor summaries with the amount deposited after fees, and review overdue customer invoices and outstanding deposits. A loan, owner contribution or transfer between accounts should not be recorded as sales just because money entered the bank.
5. Review bills, financing and payroll
Check that supplier bills are recorded, payments are matched, and upcoming due dates are visible. Use lender statements to separate loan principal from interest. If you have employees, compare payroll reports with wage expense, deductions and remittances, and follow the filing schedule assigned to your account.
6. Reconcile GST/HST and BC PST separately
Review GST/HST and British Columbia PST as separate tax accounts. Compare tax collected and paid in your books with sales and purchase records, and make sure the reporting period in your calendar matches the account. Keep the documents that support each return and claim. The BC small business guide to PST explains the provincial program and its record-keeping rules.
7. Review your month-end reports
Look at your income statement, balance sheet and aged receivables and payables. Compare them with the previous month and investigate unusual changes, negative balances, uncategorized transactions or balances that do not make sense. A report is useful when you understand what sits behind the number.
8. List open questions and missing items
Before closing the month, note any missing receipts, unclear transactions, unpaid invoices or tax items that need follow-up. Share documents through a secure channel, and keep a short list of questions for your bookkeeper or accountant.
How long should you keep business records?
The CRA generally requires business records to be kept for at least six years from the end of the tax year they relate to. BC PST has its own record-keeping rules. Keep the relevant guidance for each account and check the official program rules before destroying records, because exceptions can apply.
Bookkeeping support for North Vancouver businesses
Gold Star Accounting provides bookkeeping support for small businesses in North Vancouver and across BC, including monthly transaction categorization, bank and credit-card reconciliation, catch-up work and reporting. See our bookkeeping services or contact us to discuss your records and reporting needs.
Official references
- CRA: Business records
- CRA: GST/HST records to keep
- Government of British Columbia: Small business guide to PST
This article is general educational information, not accounting, tax or legal advice for a specific business.