What Should You Give Your Bookkeeper Each Month? A Small-Business Records Checklist

Short answer

Each month, give your bookkeeper complete bank and credit card statements, your sales invoices and platform payout reports, purchase receipts and bills, loan and lease statements, payroll reports if you have staff, and short notes explaining unusual transactions. A consistent monthly handover makes reconciliations faster and helps you meet CRA record-keeping rules.

Why a monthly handover helps

The CRA says your records must give enough detail to determine your tax obligations and entitlements. (Source: CRA – RC188 Keeping Records) You remain responsible for adequate records even when a bookkeeper or accountant keeps them for you. (Source: CRA – RC188 Keeping Records) Handing records over every month keeps that responsibility manageable.

Missing receipts and unexplained transfers are much easier to sort out a few weeks after they happen than a year later. Monthly records also give you up-to-date numbers for GST/HST returns and payroll remittances, which may be due monthly or quarterly. (Source: CRA – When to remit payroll deductions; CRA – RC4022 General Information for GST/HST Registrants) Our post on common bookkeeping mistakes shows what tends to go wrong when records fall behind.

The core monthly records package

1. Bank and credit card statements

Provide the full statement for every account and card the business uses, covering the whole month. Bank feeds in accounting software are useful, but the statement is what your bookkeeper reconciles against, so opening and closing balances must match.

2. Sales records

• Invoices issued during the month, including any that are unpaid
• Payout reports from payment processors, apps or online platforms, showing gross sales and fees
• Records of cash sales
• Credit notes or refunds given to customers

The CRA’s business records guidance says income records should show the date, amount and source of each amount received. (Source: CRA – Business records)

3. Purchase receipts and supplier bills

Send a receipt or invoice for each business purchase. The CRA says expense receipts should show the date, the seller’s name and address, the buyer’s name and address, and a full description of what was bought. (Source: CRA – Business records)

For GST/HST input tax credit claims, CRA documentary requirements may require the supplier’s GST/HST registration number and other information, depending on the purchase amount. See the GST/HST input tax credit records guide.

4. Loan, lease and financing statements

Monthly or periodic statements for business loans, lines of credit, equipment leases and vehicle financing. These let your bookkeeper split each payment between principal and interest, or record lease costs correctly.

Extra records if they apply to you

If you are registered for GST/HST

Make sure purchase documents carry the information needed to claim input tax credits. That information depends on the purchase amount. Our guide to GST/HST input tax credit records sets it out.

If you have employees

• Payroll registers or summaries for each pay run
• Confirmation of each source-deduction remittance to the CRA
• Notice of any employee who left or had an interruption of earnings. Service Canada sets short deadlines for issuing a Record of Employment. (Source: Service Canada – Record of Employment guide)

For remittance schedules and year-end slips, see our payroll guide.

If you bought or sold equipment

Send the full invoice or bill of sale. The CRA says property records should show the seller, the cost and date of purchase, and, on a sale, the date and amount received. (Source: CRA – Business records) Capital purchases are treated differently from everyday expenses, so your bookkeeper needs these documents specifically.

The notes your bookkeeper cannot guess

Some transactions look the same on a statement but mean different things. A short note each month saves back-and-forth:

• Transfers between your personal and business accounts, and which direction they went
• Business purchases paid with a personal card, with the receipt attached
• Personal purchases paid with a business card, so they are not recorded as expenses
• New loans, new vehicles, new locations or new employees
• Large or one-off receipts, such as a customer deposit or a government payment
• Any CRA letters or notices received during the month

Storing records the CRA way

• How long: generally six years from the end of the last tax year the records relate to. (Source: CRA – Where to keep your records and for how long)
• Where: at your place of business or residence in Canada, unless the CRA gives you permission otherwise. (Source: CRA – Where to keep your records and for how long)
• Electronic records: keep them in an electronically readable format, even if you print copies. (Source: CRA – Acceptable formats and imaging paper documents)
• Scanning paper receipts: the CRA has conditions for imaging paper documents and destroying the originals. Review them before throwing paper away. (Source: CRA – Acceptable formats and imaging paper documents)

When sending records: Do not email banking credentials or passwords. For SINs, employee tax information, and full tax slips, contact us first for instructions on the safest way to send documents.

Software and access

Many small businesses keep their books in accounting software, and a monthly handover is easier when your bookkeeper can work in the same file. At Toronto Tax & Accounting Solutions Inc., QuickBooks is common, but the software depends on each client’s needs. Clients pay for their own software subscription and give us accountant access. Your banking login stays with you.

Monthly bookkeeping checklist

• Full statements for every business bank account
• Full statements for every business credit card
• Sales invoices issued, including unpaid invoices
• Payment processor, app or platform payout reports
• Cash sales records, refunds and credit notes
• Purchase receipts and supplier bills, with descriptions
• Supplier GST/HST details needed for input tax credit claims, if you are a registrant
• Loan, line of credit, lease and financing statements
• Payroll summaries and remittance confirmations, if you have employees
• Notice of any employee departures or interruptions of earnings
• Invoices or bills of sale for equipment or vehicles bought or sold
• A short note on transfers, personal-card purchases and unusual items
• Copies of any CRA correspondence received

Incorporated? The Corporate T2 Year-End Records Tracker (XLSX) is a spreadsheet for tracking which year-end records your corporation has gathered before its T2 is prepared. No email address required. This template helps organize records. It does not determine eligibility, deductions, tax owing, or filing requirements.

Frequently asked questions

My bank feeds into my accounting software. Do I still need to send statements?

Yes. Feeds can miss or duplicate transactions. The statement is the independent record your bookkeeper reconciles against.

Are bank statements enough without receipts?

Usually not. The CRA says expense receipts should describe the goods or services, and statements rarely do. (Source: CRA – Business records)

Can I send photos of receipts instead of the paper?

Photos help with monthly processing. If you plan to destroy paper originals, first check the CRA’s conditions for imaging records. (Source: CRA – Acceptable formats and imaging paper documents)

How long should I keep the records after my bookkeeper is done with them?

Generally six years from the end of the last tax year they relate to. Some records, such as those for property, may need to be kept longer. (Source: CRA – Where to keep your records and for how long)

If my bookkeeper keeps my records, am I still responsible for them?

Yes. The CRA says you are responsible for making sure adequate records are kept, even when someone else keeps them for you. (Source: CRA – RC188 Keeping Records)

Official sources

• Canada Revenue Agency, Keeping records: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records.html
• Canada Revenue Agency, RC188 Keeping Records: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc188/keeping-records.html
• Canada Revenue Agency, Business records: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-records.html
• Canada Revenue Agency, Where to keep your records, for how long and how to request permission to destroy them early: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/where-keep-your-records-long-request-permission-destroy-them-early.html
• Canada Revenue Agency, Acceptable format, imaging paper documents and backing up electronic files: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html
• Canada Revenue Agency, Input tax credits: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/calculate-prepare-report/input-tax-credit.html
• Canada Revenue Agency, When to remit (pay) payroll deductions: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/remitting-source-deductions/how-when-remit-due-dates.html
• Employment and Social Development Canada (Service Canada), How to complete the record of employment (ROE) form: https://www.canada.ca/en/employment-social-development/programs/ei/ei-list/reports/roe-guide.html