My monthly bookkeeping system in 5 steps

https://www.youtube .com/watch?v=oZU1HccMPLE

Here is a video from by Bookkeeping DIY Blueprint where I show you my system for doing your own bookkeeping in 5 monthly steps. ___________________________ Remember to subscribe so you get my latest videos as soon as they come out. Check out the links below for more info and helpful free resources. Follow me on Instagram @vmwasek for Shopify bookkeeping tips, inspiration, and some behind-the-scenes looks at what we’re up to: https://www.instagram.com/vmwasek/ Get the free Bookkeeping DIY Blueprint: My small business owner’s guide to confident bookkeeping: https://courses.5mbacademy.com/courses/bookkeeping-diy-blueprint Do you have a question about QuickBooks Online? Join my community of like-minded business owners and bookkeepers where you can get all your questions answered – join my FaceBook group at:ย http://bit.ly/2Am1lLQ Check out my blog at 5MinuteBookkeeping.com for the best free QuickBooks Online training, tutorials, tips & tricks to help you streamline your bookkeeping and maximize profits:ย  http://bit.ly/2A4dCBe Follow me on Instagram @5minutebookkeeping for bookkeeping tips, inspiration, and some behind-the-scenes looks at what we’re up to. https://www.instagram.com/5minutebookkeeping/ **Special discount: Get 50% off the monthly price of QuickBooks Online for the first 3 months with this link: https://quickbooks.grsm.io/VeronicaWasek Recommended playlists: Bookkeeping DIY: https://bit.ly/2SfGuin e-commerce accounting: http://bit.ly/36SDaRV QBO Training: https://bit.ly/3ocCnV7 **Affiliate link

37 thoughts on “My monthly bookkeeping system in 5 steps”

  1. Do you have this as a written procedure or checklist? I would love to make this part of my daily practices. But I need a list to go by I can’t remember everything. Thanks so much this is so helpful! Exactly what I know will help get me on track and caught up. Otherwise I feel like it’s just a confusing Merry-Go-Round of accounts and transactions

  2. Fantastic stuff. I have many questions still. We break our daily sales further into individual products like beer; Liq; wine; food ,and retail. An example would be breaking sales into categories like pub beer or Beer store beer. I know itโ€™s a bit overkill but I like to be able to see at each area to be able see our food,liq costs

    1. @5 Minute Bookkeeping thank you for the reply. Much appreciated. Yes I have done that. My biggest challenge has been my opening inventory. I have been the GM of a pub and Beer store for 21 years. The pub was sold and the new owners have leased the business back to me. Total time the pub was not open was the 5 days during the closing and the date of possession for us aug 4th. There was a $46,722 inventory balance. We paid half up front from some of our opening equity. The other half is due with a bit of interest on sept 30th. What is the best way to record this? Thank you ๐Ÿ™๐Ÿป

  3. This is wonderful advice. Specifically, rolling the closing date up after reconciling to ensure that changes to the past entries are not made. Whenever I open someone’s books and I see a closing date months in the past (usually end of the previous fiscal year), I always encounter issues with previously reconciled accounts suddenly having out-of-whack balances simply because an entry was made to a prior closed period. Easy to fix, yes, but time consuming (expensive).

    1. I’m not sure I understand your question. If you want to attach receipts to transactions in QBO, you could use an app called Dext to do that. Aside from that, you would not want to spend time at the end of the year matching receipts to transactions – that would be very time consuming. I hope I understood your question, if not, please let me know.

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