A practical monthly review of your business records

Organise bank transactions, invoices, receipts and questions each month so your business records are easier to review and explain.

Review one defined month at a time. Use this checklist to prepare the records for us:

1. Compare each bank and credit-card statement with the accounting ledger. Investigate missing or duplicate feed transactions.
2. Match payments to invoices and receipts. Identify transfers, owner drawings and mixed private use.
3. Review unpaid customer invoices and supplier bills. Explain old or disputed balances.
4. Keep payroll reports and equipment purchases separate for review.
5. List unresolved transactions with their date, amount and the record still needed.

A record should explain the transaction and the basis of calculations, including the business portion of a mixed-use cost. The ATO generally requires most business tax records for five years, with exceptions requiring longer retention. Company and employment records can have separate requirements; do not delete them just because five years has passed.

Upload the review pack through your authorised portal account. This checklist organises the work; it does not lodge a BAS or pay a liability.

Official sources

• ATO: business record-keeping rules

Checked 13 October 2026. General information; the rules for your circumstances and reporting period still apply.