Monthly bookkeeping checklist for Australian small business

A monthly bookkeeping checklist helps you gather the records your bookkeeper needs and see what remains unresolved. Set a month-end date, work through the steps below and keep a short query list. The aim is to have balances you can explain and documents you can find.

This routine suits Australian small-business owners working in Xero, MYOB, QuickBooks or another accounting system. Use the steps that apply to your business. Payroll, super and other obligations may need attention during the month, before this review.

1. Gather the month’s records

• Statements for every business bank account, credit card and loan.
• Sales invoices, supplier bills, receipts and credit notes.
• Payment-provider reports showing sales, refunds, fees and settlements.
• Approved payroll information and payment records, if you employ staff.
• Details of asset purchases, financing and money paid in or taken out by the owner.

Include transactions outside your normal bank feed, such as a business expense paid personally. Explain what the transaction was for and attach the supporting document. Agree how to share records with your bookkeeper; the initial enquiry only needs a description of what you need.

2. Record sales, bills and expenses

Check that the accounting file includes the month’s invoices, bills and receipts. Look for missing dates, duplicate entries and expenses with no explanation. Use consistent categories and put uncertain items on the query list.

For a GST-registered business, check that the supporting document and GST treatment agree. Ask your registered BAS or tax agent about uncertain treatment instead of choosing a code to clear the transaction.

3. Reconcile each account to its statement

Match the closing statement balance to the accounting balance at the same date. Check bank accounts, credit cards, loans and payment services separately. Investigate differences such as duplicate imports, missing fees or transfers entered on only one side.

A bank feed is a useful input, but it is not the completed reconciliation. Keep a record of items still outstanding and why they have not cleared.

A payment-provider example

If a provider collects $1,000 from customers, deducts $30 in fees and deposits $970, the bank deposit is not the whole sales record. Match the settlement report to the sales, fees and deposit, allowing for refunds and settlement timing. Confirm any GST treatment separately.

Our bookkeeping and reconciliation service covers recording, matching and following up unclear transactions within your chosen plan.

4. Review money owed to you and by you

Run aged receivables and payables reports. Check overdue customer invoices against payments already received, disputed amounts and credits. Compare supplier statements with the bills in your file.

• Choose which customers need a reminder and who will contact them.
• Confirm upcoming supplier payments and avoid paying a duplicate bill.
• Flag old balances for review instead of deleting them without an explanation.

5. Check payroll and super records, if applicable

Compare approved pay runs with payroll reports and bank payments. Follow up changes to employee details, leave balances, allowances or pay rates. Check the relevant award or agreement when reviewing payroll settings.

From 1 July 2026, Payday Super applies each payday, with contributions generally required to reach employees’ funds within seven business days. Check for failed or returned payments as part of the pay-run routine; do not wait for month end. Read the Fair Work Ombudsman’s Payday Super guidance and the ATO’s current update.

See our payroll and superannuation service for the records and approvals involved. Payroll inclusions depend on your plan.

6. Review the reports after reconciling

Look at the profit and loss report, balance sheet and upcoming cash commitments. Confirm the reporting period and whether the figures use a cash or accrual basis. Compare with the previous month or budget, allowing for seasonal differences.

Ask about unexpected changes, negative balances and amounts that have not moved for several months. Profit and cash are different: an unpaid invoice can contribute to reported profit before the money reaches the bank.

7. Send one clear query list

For each open question, include the transaction date, amount, account and the information needed. Give each item an owner and a next step. A useful query is specific enough for someone to answer without searching the entire file.

Retain a list of unresolved items alongside the month’s reports. Agree any period-locking process with your bookkeeper or accountant before making later changes.

Your month-end handover checklist

Copy or print this list for each month. Mark an item complete only when you have checked it; record exceptions beside the relevant item.

• Statements and transaction records gathered.
• Sales, bills, expenses and credits recorded.
• Bank, card, loan and payment accounts reconciled.
• Unpaid customer invoices and supplier bills reviewed.
• Payroll and super payment outcomes checked, where applicable.
• Reports reviewed on a consistent basis.
• Missing documents and questions assigned to someone.

How Modeno’s plans fit this routine

Modeno provides online bookkeeping from Springvale, Melbourne. Starter covers the bookkeeping essentials for up to two business bank accounts. Growth adds payroll for up to five staff, up to three bank accounts and monthly profit and loss and cash flow reports. Premium includes unlimited bank accounts, payroll for up to ten staff, custom dashboards and budgeting and forecasting.

Monthly prices are $210, $400 and $650 respectively. Your chosen plan and billing period set the price; transaction volume and complexity do not change it. Listed plan inclusions still apply. Your first month is free, and no GST is charged.

Compare the full bookkeeping packages. If earlier months need attention, catch-up bookkeeping is scoped and quoted separately. For a wider review of the year so far, use the mid-year bookkeeping checklist.