Bookkeeping problems often begin with small gaps: a receipt that never reaches the books, a payment recorded twice, or an old balance no one has questioned. A useful review looks for the cause of the gap, rather than simply making a report appear tidy.
1. Recording the same activity twice
A bank feed and an invoice record can describe different parts of the same transaction. Before adding an entry, check whether the invoice, bill, or payment already exists. Compare references and supporting records, not just the amount.
2. Treating a bank description as the whole story
A statement tells you that money moved; a short merchant description may not explain what was purchased or why. Keep the invoice or receipt with a brief business-purpose note. If the evidence is missing, put the item on a query list with an owner and follow-up date.
Do not guess a category simply to clear a queue. Ask the person who made the purchase, and involve your accountant where the treatment is uncertain.
3. Ignoring balances that look unusual
Review unpaid invoices, supplier balances, and unreconciled items regularly. A negative balance or an old outstanding amount deserves an explanation. It might reflect a credit note, a partial payment, an allocation error, or genuinely unpaid activity.
4. Fixing a difference without a record
Keep a short trail of what changed, the supporting evidence, who approved it, and which period is affected. If an earlier period has already been reviewed or reported, discuss the correction with the responsible accountant before changing it.
A query log can be simple: date, account, amount, question, owner, and status. For example: “12 October · supplier bill · 480 · possible duplicate · reviewer · awaiting evidence.”
A practical bookkeeping review checklist
Tick items as you review them. Progress stays on this page until you leave or reload; it is not submitted to EMB.
A useful next step
Start with one account or one period. If the same issue keeps returning, adjust the input or review process rather than repeating the correction each month.
Further reading: Xero’s guide to reconciling bank transactions explains matching existing records to statement activity. The examples above are illustrative and platform-neutral.
General business information. Examples are illustrative, not client case studies. Accounting treatment and jurisdiction-specific requirements should be reviewed with the appropriate professional.
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