Sales and Purchase Bookkeeping Checklist
Keep invoices, credit notes, vendor bills and tax records complete and period-correct.
Keep invoices, credit notes, vendor bills and tax records complete and period-correct. Use the sections below to understand the practical decisions, records and compliance points before taking action.
Capture every source document
Maintain a controlled flow for sales invoices, purchase bills, credit and debit notes, expense receipts, delivery evidence and approvals. Missing documents create gaps in revenue, costs and tax records.
Use correct parties and ledgers
Customer and vendor names, tax identifiers, place of supply, expense heads and payment terms should be consistently mapped. Duplicate masters make ageing and reconciliation unreliable.
Check the accounting period
Record income and expenses in the period to which they relate. At month-end, identify unbilled revenue, goods received without invoices, accrued expenses and prepaid costs.
Connect tax records
Reconcile taxable values and tax amounts with GST records and separately identify non-creditable or reverse-charge items where applicable. Return filing needs its own current-law review.
Reconcile balances and settlements
Match customer receipts, vendor payments, advances, refunds and credit notes against the correct documents. Investigate old or negative balances.
Close with exception reports
Review missing invoices, duplicate numbers, unusual margins, overdue balances and entries posted after cut-off before the month is locked.
Official References
Rules and portal requirements can change. Review the current official material relevant to the proposed company.
This article provides general information and is not a substitute for legal, tax or investment advice. Applicability should be reviewed for the proposed entity and current law.