Bookkeeping Document Checklist: Collect and Organize Your Financial Documents

by bvs.w Bookkeeping and Accounting

Accurate record keeping can help you to remain organized, compliant and gain insight into the financial position of your business. It also provides your bookkeeper with all of the information they require to effectively manage your finances and tax. But collecting and organizing these documents can be a daunting task. We have compiled a checklist of information to share with you:

1. Income Documents

  • Sales invoices and customer receipts.
  • Records of payments received (cash, checks, electronic transfers).
  • Bank deposit slips or merchant account statements (e.g., PayPal, Stripe).
  • Income summaries or sales reports.
  • Refund/return records (if applicable).

2. Expense Documents

  • Vendor bills, receipts, and purchase orders.
  • Utility bills (electricity, water, internet, phone).
  • Rent/lease payments and mortgage statements.
  • Payroll records (salaries, wages, tax withholdings, benefits).
  • Travel, meal, and mileage expense receipts.
  • Office supplies, software licenses, and subscription receipts.
  • Tax-deductible expenses (charitable donations, professional fees).

3. Bank & Credit Card Statements

  • Monthly bank statements for all accounts.
  • Credit card statements (business/personal if used for business).
  • Loan or line of credit statements.
  • Reconciliation reports (to match records with bank statements).

4. Tax Documents

Filed tax returns (income tax, sales VAT, payroll tax, etc…).

  • Withholding tax paid in other countries / regions.
  • Sales VAT tax records (collected and paid).
  • Payroll tax filings (e.g., employer’s returns, individual income tax returns).
  • Correspondence with tax authorities (notices, audit letters).

5. Payroll Records

  • Employee details (full name, ID / passport copy, hire date, employment contract).
  • Timesheets, pay stubs, and overtime records.
  • Benefits documentation (health insurance, retirement contributions).
  • Contractor agreements and payment records.
  • Unemployment tax records (if applicable).

6. Assets & Liabilities

  • Asset purchase receipts (equipment, vehicles, property).
  • Depreciation and amortization schedules.
  • Loan agreements (terms, payment schedules).
  • Lease/rental contracts.
  • Capital contribution records (owner investments).

7. Legal & Compliance Documents

  • Business licenses and permits.
  • Articles of Incorporation/LLC Operating Agreements.
  • Insurance policies (liability, property, workers’ comp).
  • Contracts (vendors, clients, partnerships).

8. Financial Statements

  • Balance Sheets.
  • Profit & Loss (Income) Statements.
  • Cash Flow Statements.
  • Budget vs. actual reports.

9. Other Records

  • Petty cash logs.
  • Inventory lists and valuation reports.
  • Audit reports or internal review documents.
  • Digital backups of all records (cloud storage, encrypted drives).

Organization Tips

  • Categorize: Use folders (physical/digital) for each category (e.g., “2023 Taxes,” “Q3 Expenses”).
  • Label Clearly: Name files with dates and descriptions (e.g., “Invoice_AcmeCo_Oct2023.pdf”).
  • Go Digital: Scan paper documents and use tools like QuickBooks, Xero, or Excel.
  • Retention: Follow retention guidelines (e.g., 7 years for tax records, 3+ years for payroll).
  • Security: Encrypt sensitive files and restrict access.
  • Review Regularly: Update monthly and before tax deadlines.

By systematically collecting and organizing these documents, you’ll streamline bookkeeping, ensure compliance, and simplify tax preparation.