Questions answered by tax and business professionals.

A bank feed imports transaction information into bookkeeping software. Imported entries still need correct categorization, matching, and reconciliation.

Use a consistent process for bills, card charges, and payments. Match payments to existing bills, reconcile accounts, and review duplicate vendor and amount alerts.

Maintain an accounts receivable aging report with invoice dates, due dates, payments, and follow-up notes. Investigate disputed or overdue balances promptly.

Reconcile bank and card accounts, review uncategorized entries, match invoices and bills, assess payroll and sales tax balances, and review financial statements.

Retention depends on the record and applicable federal, state, and contractual rules. Keep records supporting returns and asset basis for the required periods; ask a professional before discarding them.

Keep invoices, receipts, proof of payment, and notes describing the business purpose when needed. Special rules may apply to payroll, assets, vehicles, and other expenses.