When you pay a bill, write the cheque or transaction number, amount paid, and the date you paid it on the bill Monthly 8 Reconcile your bank statements
When your bank statements come in, put them in your in-box folder. Make a date when all your statements are in (it’ll depend on when you receive them) to: » Review your statements to make sure there are no mistakes. » Reconcile your spending register; clearly mark the cheques that have been returned to you and highlight the ones in your spending register that haven’t yet cleared the bank. A cheque that is taking a long time clearing the bank can lull you into thinking you have more money than you do. Go back at least a month to make sure all previous cheques have cleared. » Talk about anything unusual. Quarterly 9 File
Once a quarter, file all your paperwork to keep your system current. 10 Talk Have dinner with your business partner and talk about the bumps, your goals and how you’re doing. Annually 11 Re-vamp your budget
eview your budget using last year’s credit card statements and bank statements R to see what you actually spent. If you spent more on a particular category, make sure you know why, or look for ways to cut back. 12 Clean up Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing/budgeting purposes. jul 5 - aug 2, 2014 new Condo Guide 067