Monthly bookkeeping is more than preparation for year-end. It lets you review transactions while they are recent, track sales taxes and see the business’s position more clearly.
For a small business, a short and consistent routine is often more effective than a large catch-up project just before a deadline.
Five monthly checks
- Collect supporting records.Sales and purchase invoices, receipts, bank statements and credit-card statements.
- Classify income and expenses.Assign each transaction to the correct period and category.
- Reconcile accounts.Compare book balances with statements to find duplicates, omissions and differences.
- Review GST and QST.Check taxes charged and the ITCs and ITRs supported by compliant records.
- Review amounts receivable and payable.Track overdue customers, supplier bills and cash needs for the coming weeks.
GST/QST: filing frequency determines the deadline
Revenu Québec provides monthly, quarterly and annual filing frequencies. Monthly or quarterly returns are generally due one month after the end of the period. For annual filers, the general rule is three months, with differences depending on the registrant’s circumstances.
Since January 1, 2024, electronic filing has been mandatory for most GST and QST registrants, subject to limited exceptions.
Keep records readable and easy to retrieve
Books and supporting documents substantiate income, expenses and sales tax credits. As a general rule, the CRA and Revenu Québec require records to be kept for six years. Electronic records need to remain readable and accessible.
A consistent method—by month, account and document type—avoids searching through several inboxes when a return or review is due.
What monthly follow-up gives you
Current books make GST/QST filing easier, reduce year-end catch-up work and give you a better view of revenue, expenses and cash. AU Comptable can onboard up to 10 new business files per month.
Frequently asked questions
Does bookkeeping have to be done every week?
Not necessarily. The right frequency depends on transaction volume, but a monthly close generally prevents discrepancies and missing documents from piling up.
Must a GST/QST return be filed when no amount is due?
Yes. Revenu Québec states that a registrant must file even when no refund is claimed and no amount is payable.
How long should supporting records be kept?
As a general rule, books and supporting documents must be kept for six years. Some situations may require a different period.