Sample supplier invoice

Sample bank statement (above)

Do you check your bank account regularly enough?

Quarterly, monthly, weekly, daily, hourly? The right frequency really depends on the volume of transactions going through at any one time. I would recommend at least once a week and perhaps daily if there are more than say five transactions per day.

What you should look for:

RECEIPTS
From Customers

  • Have all your customers paid?
  • Did they pay the correct amount?
  • Did they pay later invoices rather than earlier ones and why?

Investment Income & Other items

  • Do you know what all the receipts are for and where they have come from?
  • Have you received the correct amount of dividends for your holding?
  • Did the supplier give you the correct refund for your item?

PAYMENTS
Suppliers

  • Did the payments set up for the supplier go through accurately and reach the correct supplier bank account?
  • Have all the cheques cleared the bank account?

Other

  • Are all the direct debits and standing orders still valid? Are they all still required or can any be cancelled?

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