What Documents Does a Bookkeeper Need Each Month?
The statements, receipts and reports a small business should send its bookkeeper every month, and why each one matters.
The short answer: each month, send your bookkeeper complete bank and credit card statements, sales records, bills and receipts, payroll reports, loan statements, and a short note explaining anything unusual. With those, the books can be fully reconciled.
Who this applies to
Small businesses and self-employed professionals who use a bookkeeper, or are thinking about it. The list is the same whether you are a sole proprietor or incorporated, although corporations usually have a few extra items such as shareholder transactions.
The monthly checklist
Statements
- Every business bank account statement, for the full month
- Every business credit card statement
- Loan and line-of-credit statements, showing interest and principal
- Payment processor reports (for example card terminals or online checkout), which show fees deducted before deposits
Sales
- Invoices issued, or sales reports from your point-of-sale or invoicing system
- A list of customers who still owe you money
Expenses
- Receipts and supplier bills, paper or digital
- Bills received but not yet paid
- Details of any large purchase, such as equipment or a vehicle
Payroll
- Payroll registers or summaries for each pay period
- Remittance confirmations for source deductions
A short note
- Personal money put into, or taken out of, the business
- Transfers between accounts
- Anything one-off: a refund, a grant, a deposit you do not recognize
Why each one matters
Statements are what the books are reconciled against, so a missing statement means a month that cannot be closed. Receipts support every expense claimed. Processor reports explain why deposits are smaller than sales. The short note is what turns "unknown transaction" into a correct entry instead of a guess.
How long to keep records
The CRA generally requires businesses to keep records and supporting documents for six years from the end of the last tax year they relate to. Digital copies are acceptable if they meet the CRA's requirements. See where to keep your records and for how long.
Make it routine
Pick one day a month, such as the fifth, to send everything for the month before. Most problems in small-business books come from gaps that sat unnoticed for a year. A monthly rhythm catches them while they are still easy to fix, and makes year end far simpler.
Official sources
- Keeping records (Canada Revenue Agency)
- GST/HST for businesses (Canada Revenue Agency)
- Payroll (Canada Revenue Agency)
This guide is general information for Canadian taxpayers and small businesses. It is not tax, legal or financial advice for your situation, and rules change. Check the official sources linked above or book a consultation before acting on it. See the full disclaimer.
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