Transcript
Today, we are talking about developing daily habits. In particular, daily habits of working with your bookkeeping in QuickBooks Online. Here at the 5MinuteBookkeeping.com blog, we like to talk about five minutes and engaging with your bookkeeping in a minimum of five minutes a day. Because, the tendency tends to be that you’re just going to wait a whole year before you work on your bookkeeping, and you’ll spend many, many hours of painfully having to work through all of that when in fact, it’s so much easier if you just work in five-minute increments here and there throughout the day. Even just five minutes a day makes a huge difference.
So, I have put together for you a free resource. It’s called the Daily 5-in-5 Checklist that you can use. It will show you the most essential bookkeeping tasks that you should be doing every day. Let me go over those with you.
#1: You want to work on your bank feeds. These are the banking transactions that download from your bank and credit card account. So, number one, work on matching and adding the bank fees.
#2: Invoice customers or record your daily sales. One of the things that is so important when you invoice customers, don’t wait a week, don’t wait two weeks before you invoice a customer. Invoice them right away. Do it daily. You’ll see what a huge difference it makes in your cash flow.
#3: Enter customer payments and deposits into QuickBooks. So, if you’re invoicing daily, why not enter those customer payments into QuickBooks on a daily basis? The benefit of this is that you’ll be able to then look at your accounts receivable reports. Those are the reports of the customers who owe you money. Then you can take faster action on collecting on those unpaid invoices when you’re tracking your invoices and your customer payments on a daily basis.
#4: Enter any manual checks or vendor bills into your QuickBooks. The reason that we do this is again, we want to be able to track what’s going on with our money every day, or also tracking who do we owe money to? What vendors do you owe money to?
#5: Focus on record-keeping. Save receipts and copies of the deposits that you made at the bank. It’s very important to track receipts, and especially the images of the checks that you deposited at your bank. That’s because that’s the only way that you know who actually paid you. Now, some banks do retain images of deposits. And if they do that and they have an image of all the checks that you deposited, that’s great. But if your bank is not doing that, then make sure that you save that information. It is very valuable, not just for your bookkeeping, but also if you were to be audited by the IRS.
So, that’s the Daily 5-in-5 Checklist, the five bookkeeping tasks that you should be doing every day to keep up with your bookkeeping. I’m Veronica Wasek. If this content is helpful, then make sure that you subscribe to my channel and comment on this video, like this video, and visit my blog at 5MinuteBookkeeping.com to get lots more free resources.
