{"id":5533,"date":"2015-10-26T07:00:55","date_gmt":"2015-10-26T11:00:55","guid":{"rendered":"https:\/\/www.sage.test\/en-ca\/blog\/?p=93"},"modified":"2025-08-05T09:34:32","modified_gmt":"2025-08-05T13:34:32","slug":"basic-bookkeeping-checklist","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ca\/blog\/basic-bookkeeping-checklist\/","title":{"rendered":"Checklist: How to do basic bookkeeping"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/category\/people-leadership\/paying-people\/\" class=\"entry-header__link\">Paying people<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tChecklist: How to do basic bookkeeping\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2015-10-26T07:00:55-04:00\">October 26, 2015<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Checklist: How to do basic bookkeeping\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-ca\/blog\/basic-bookkeeping-checklist\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-ca\/blog\/author\/owen\/\">\n\t\t\t\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.sage.com\/fr-ca\/blog\/wp-content\/uploads\/sites\/16\/2019\/04\/Owen_sage-advice-002.jpg\" class=\"entry-author__image\" height=\"40\" width=\"40\" fetchpriority=\"high\" \/>\t\t\t\t<span class=\"entry-author__name\">Owen Sweeney<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><mark class=\"highlight-and-share\">Keeping accurate financial records is not only a legal requirement but also a <a href=\"https:\/\/www.sage.com\/en-ca\/size\/small-business\/\">valuable small business management tool<\/a>. <\/mark>Financial records enable a business to monitor income and expenditure, track budgets, and take action if problems arise. The systems and methods used to record information may vary from business to business, but the principles are the same. You must record all monies coming into and going out of the business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This checklist will help you to identify the type of information you need to record and how to best accomplish the recording.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-identify-financial-transactions\">Identify financial transactions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Look at how the business operates and identify how financial transactions are processed. Check how customers are invoiced and how goods or services are purchased. Make a list of the different transactions that take place and the paperwork that supports them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Financial transactions identified<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-put-record-keeping-systems-in-place\"><strong>Put record keeping systems in place<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Set up and operate a bookkeeping system that includes the following books or journals:<\/li>\n\n\n\n<li>Sales: used to record all invoices relating to sales<\/li>\n\n\n\n<li>Purchases: used to record all invoices relating to purchases<\/li>\n\n\n\n<li>Cash Transactions: used to record all cash payments and receipts<\/li>\n\n\n\n<li>Returns: used to record all credit notes given to customers for goods returned<\/li>\n\n\n\n<li>General: used to record all other transactions (e.g. purchase of fixed assets)<\/li>\n\n\n\n<li>Record keeping system set up<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-identify-paid-and-unpaid-items\">Identify paid and unpaid items<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For each of the books or journals, set up two separate files. One file should be used to store the paid items and the other to store the unpaid items. Partially paid items should be processed as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Record the amount paid along with the date in the appropriate book or journal<\/li>\n\n\n\n<li>Keep a copy in the unpaid file<\/li>\n\n\n\n<li>Put a second copy with the amount and date clearly marked into the paid file<\/li>\n\n\n\n<li>When final payment is made, record the amount and date and mark the item paid in full<\/li>\n\n\n\n<li>At this point, remove the duplicate copy from the unpaid file<\/li>\n\n\n\n<li>Paid and unpaid items identified<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"# gate-f83d0c91-0a6f-44a6-bc16-55083b9084df\">Download your free Small Business Survival Toolkit guide<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-set-up-a-procedure-for-recording-entries\">Set up a procedure for recording entries<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Information should be recorded methodically and at set times. Ideally this should be daily; however, depending on the volume of transactions, you may adopt a weekly or monthly cycle. It is advisable to update your cashbook daily. If your business processes predominantly cash transactions, you should retain all supporting documentation, such as cash register rolls, and store them securely.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recording entry timing cycle established<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-set-up-an-internal-reference-system\">Set up an internal reference system<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Give all invoices, both incoming and outgoing, a reference number. Record both the transaction details and the reference number in the appropriate journal or book. When payment is made, the amount and date should also be recorded in the relevant journal or book.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Internal reference system set up<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-establish-procedures-for-recording-miscellaneous-transactions\">Establish procedures for recording miscellaneous transactions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Enter all personal expenses into the relevant journal or book. Also keep a separate personal copy. Identify any non-sales income and enter it into the cashbook. Examples of this type of income include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Money coming into the business as a loan or grant<\/li>\n\n\n\n<li>Money from the proceeds of a sale of a business asset other than stock (e.g. building and equipment)<\/li>\n\n\n\n<li>System for recording miscellaneous transactions defined<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-monitor-record-keeping-systems\">Monitor record keeping systems<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Set up and operate a check and balance system to monitor the recording of financial information. Check for the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An invoice is issued for every transaction<\/li>\n\n\n\n<li>A receipt is requested and obtained for every purchase<\/li>\n\n\n\n<li>A receipt for any cash purchases clearly shows what it was for. If it doesn\u2019t state the item on the receipt, write it on<\/li>\n\n\n\n<li>If no receipt is available for a transaction then the date, amount and the item must be recorded immediately<\/li>\n\n\n\n<li>Monitoring system set up for record keeping<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-carry-out-frequent-reconciliations\">Carry out frequent reconciliations<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once a month, reconcile the petty cash against the receipts and, if necessary, top up the balance to the fixed amount that you want on hand. Reconcile bank statements against your cashbook and paid invoices. This will enable you to check that all payments have reached your account. Remember to account for amounts that have been paid but not yet cleared. Check your bank statement to see if payments by standing order or direct debit have been processed. They should appear on your statement. When you have checked them, enter the amount and date into the cashbook so that your books balance.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reconciliation procedures defined<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To help you spend more time focusing on your business and not your accounting, keep the recording of financial transactions simple by using an <a href=\"https:\/\/www.sage.com\/en-ca\/accounting-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">accounting software<\/a> solution to manage your cash flow, cost containment, <a href=\"https:\/\/www.sage.com\/en-ca\/accounting-software\/invoicing\/\" target=\"_blank\" rel=\"noreferrer noopener\">invoicing and billing<\/a>.<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Small Business Survival Toolkit<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>A practical guide with easy to use templates to help your new business start, survive and thrive.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-f83d0c91-0a6f-44a6-bc16-55083b9084df\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Get your Small Business Survival Toolkit<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"single-cta__downloads\">\n\t\t\t\t\t\n\t\t\t\t\t7,066 readers have downloaded this guide\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1064\" height=\"810\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/01\/GettyImages-610436768_super-1064x810.jpg\" class=\"single-cta__image\" alt=\"People sitting at desks in a large office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/01\/GettyImages-610436768_super-1064x810.jpg 1064w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p class=\"cta-content__title\">Get a roundup of our best business advice in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-8949a954-88b2-43bb-8b8a-77c53eb34350\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/tag\/accounting-101\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tAccounting 101\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/tag\/bookkeeping\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tbookkeeping\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/tag\/making-financial-decisions\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tmaking financial decisions\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-ca\/blog\/tag\/payroll\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tpayroll\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-15044 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-ai tag-bookkeeping tag-business-continuity tag-business-finances tag-cash-flow tag-payment-processing tag-small-business business_type-small-business 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class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommended<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-09-16T05:44:56-04:00\">September 16, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">9 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-ca\/blog\/what-is-ap-automation\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tAP automation: How it works, key benefits, and why your business needs it\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tLearn how AI-powered automation works and how your invoices flow seamlessly from capture to payment, giving you real-time visibility and faster decision-making. \t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-15025 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-bookkeeping tag-business-continuity tag-business-finances tag-cash-flow tag-expenses tag-small-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-ca\/blog\/how-to-track-business-expenses\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-939019528-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-939019528-684x384.jpg 684w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-939019528-768x432.jpg 768w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-939019528-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-09-15T12:14:22-04:00\">September 15, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">14 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tHow to keep track of business expenses\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-15010 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-bookkeeping tag-business-continuity tag-business-finances tag-cash-flow tag-small-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-ca\/blog\/deposits-in-transit-bank-reconciliation\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2025\/10\/fund-accounting-for-nonprofits-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2025\/10\/fund-accounting-for-nonprofits-684x384.jpg 684w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2025\/10\/fund-accounting-for-nonprofits-768x512.jpg 768w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2025\/10\/fund-accounting-for-nonprofits.jpg 1200w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-09-15T06:42:38-04:00\">September 15, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">13 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tWhat are deposits in transit and why are they included in a bank reconciliation?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-12866 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-bookkeeping tag-business-continuity tag-business-finances tag-cash-flow tag-cfo tag-how-to-grow-your-business tag-making-financial-decisions tag-midsized-business tag-staying-competitive business_type-small-business business_type-medium-business industry-healthcare\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-ca\/blog\/guide-to-healthcare-financial-management\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-740534235-768x432-1-684x384.jpg\" class=\"card-post__image\" alt=\"women in office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-740534235-768x432-1-684x384.jpg 684w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-740534235-768x432-1.jpg 768w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2023\/05\/GettyImages-740534235-768x432-1.jpg 768w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-09-14T06:06:18-04:00\">September 14, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">8 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tWhat is healthcare financial management and why is it important?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-14984 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 tag-business-continuity tag-business-finances tag-cash-flow tag-small-business business_type-small-business business_type-medium-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-ca\/blog\/is-accounts-receivable-an-asset\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1004712242-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1004712242-684x384.jpg 684w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1004712242-768x432.jpg 768w, https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2022\/04\/GettyImages-1004712242-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-09-14T03:31:17-04:00\">September 14, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">9 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tIs accounts receivable an asset or liability? Why does it matter?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Keeping accurate financial records is not only a legal requirement but also a valuable small business management tool. Financial records enable a business to monitor income and expenditure, track budgets, and take action if problems arise. The systems and methods used to record information may vary from business to business, but the principles are the [&hellip;]<\/p>\n","protected":false},"author":737,"featured_media":279,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_is_cornerstone":"","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_opengraph-image":"","_yoast_wpseo_opengraph-image-id":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","_yoast_wpseo_twitter-image":"","_yoast_wpseo_twitter-image-id":"","_yoast_wpseo_schema_page_type":"","_yoast_wpseo_schema_article_type":"","_sage_video":false,"_yoast_wpseo_focuskeywords":"","_yoast_wpseo_keywordsynonyms":"","_yoast_wpseo_primary_category":"21","sage_membership_post_content_type":"article","sage_membership_post_featured_video_id":"","sage_membership_post_video_type":"trailer","sage_membership_post_featured_video_duration":"","post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[21],"tags":[162,165,195,199],"business_type":[3],"lilypad":[],"context":[],"industry":[127,102],"persona":[82,73,83],"imagine_tag":[234,50,61,67],"coauthors":[310],"class_list":["post-5533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-paying-people","tag-accounting-101","tag-bookkeeping","tag-making-financial-decisions","tag-payroll","business_type-small-business","industry-financial-services","industry-professional-services"],"sage_meta":{"region":"en-ca","author_name":"Owen Sweeney","featured_image":"https:\/\/www.sage.com\/en-ca\/blog\/wp-content\/uploads\/sites\/12\/2019\/01\/GettyImages-685899594.jpg","imagine_tags":{"234":"HR","50":"HR and Payroll","61":"Payroll software","67":"Small business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Canada English","distributor_original_site_url":"https:\/\/www.sage.com\/en-ca\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/5533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/users\/737"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/comments?post=5533"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/posts\/5533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media\/279"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/media?parent=5533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/categories?post=5533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/tags?post=5533"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/business_type?post=5533"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/lilypad?post=5533"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/context?post=5533"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/industry?post=5533"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/persona?post=5533"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/imagine_tag?post=5533"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ca\/blog\/api\/wp\/v2\/coauthors?post=5533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}