Prepared by DJB Accounting ·
Use this as a starting point for your own business. The records and frequency of review will depend on how you trade, your reporting obligations and the services agreed with your accountant.
1. Gather the records from every source
- Keep sales invoices, credit notes, till reports and records of cash transactions.
- Keep supplier invoices and receipts with enough information to explain the business purpose.
- Obtain statements for business bank accounts, credit cards, loans and payment platforms.
- Keep detailed card processor and platform reports alongside bank settlements so charges, refunds and timing differences can be explained.
2. Reconcile the balances
- Check that the bookkeeping includes every statement transaction and that closing balances agree.
- Identify transfers between accounts so the same movement is not recorded as income or spending twice.
- Match customer receipts and supplier payments to the relevant invoices.
- Keep a clear list of unpaid invoices, credits and unexplained differences.
3. Review the supporting information
- Make sure invoices and credit notes can be found when a transaction needs checking.
- Flag unclear VAT treatment, missing evidence and transactions involving new products or services.
- Keep payroll, pension and CIS reports where they apply, and reconcile the related payments.
- Separate personal transactions and payments made personally for the business.
4. List the matters needing a decision
Highlight missing records, duplicate transactions, new finance, equipment purchases, grants and unusual payments. Add a short explanation and the period involved. This gives the review a clear starting point.
5. Plan the next period
Review expected receipts and upcoming supplier, payroll, finance and tax commitments. If you need a fuller picture, management accounts and cash flow forecasts can be agreed alongside the bookkeeping work.
How DJB can help
We can discuss regular bookkeeping, reconciliation and VAT support, or a defined piece of work to bring records up to date. We explain the information required, responsibilities and fees before starting.
VAT and bookkeeping services · Year-end records checklist · How we agree fees
Official record keeping guidance
- HMRC: VAT records and supporting documents.
- HMRC: records for self-employed businesses.
- Companies and accounting records.
This is general guidance. We will agree the records required for your circumstances and a suitable way to share them. Please keep financial records, identity documents and tax reference numbers out of the public enquiry form.
Card payments and sales
A bank payout may include fees, refunds and transactions from a different period. See how to reconcile card payments to sales.