The monthly accounting documents checklist

How fast and accurate your books are depends on the documents your accountant receives. With complete documents early in the month, the books close on time and you see your numbers sooner.

Sales

• Tax invoices, receipts and invoices issued to customers
• Credit and debit notes (if any)
• Proof of payment received, such as transfer slips

Purchases and expenses

• Purchase tax invoices and receipts from suppliers
• Water, electricity, rent and phone bills
• Withholding tax certificates (50 Tawi) received and issued

Bank and payroll

• Statements for every business account
• Salary and wage records and social security filings

How long to keep them

Supporting documents and tax reports must be kept for at least 5 years in case of a later audit. Searchable scans help a lot — exaccounting clients send bill photos through the PERPOS Books app as soon as they get them, and everything stays filed and searchable.

Tips for a smooth month

• Photograph bills as soon as you get them
• Keep business and personal bank accounts separate
• Set a fixed day to send documents, such as every Friday