Payments, cash flow and bookkeeping
Monthly Bookkeeping Checklist for Small Businesses in India
A practical monthly bookkeeping checklist: sales, purchases, payments, bank reconciliation, GST and TDS, and reports. Print it or copy it into your tracker.
Quick answer
This monthly bookkeeping checklist covers six areas: record all sales and purchase documents, match payments received and made, reconcile every bank account, complete GST and TDS tasks, review receivables and payables, and look at your profit and cash. Most small businesses can finish it in a few hours if it is done every month.
1. Sales
- All invoices for the month issued and recorded.
- Credit and debit notes recorded.
- Invoice numbering checked for gaps; see invoice numbering in India.
- Advances received recorded (with receipt vouchers if you supply services and are GST-registered).
2. Purchases and expenses
- All supplier bills recorded with the right categories.
- Expense receipts collected from the team.
- Capital purchases recorded as assets; see how to categorise business expenses.
- Supplier GSTINs and invoice details checked.
3. Payments
- Customer payments allocated to the correct invoices.
- Part payments recorded with their balances.
- Supplier payments recorded.
- Owner's drawings recorded separately.
4. Bank and cash
- Each bank account reconciled; see bank reconciliation.
- Bank charges and interest recorded.
- Cash in hand counted and matched, if you keep cash.
5. Tax tasks
- GSTR-1 filed: by the 11th for monthly filers, or IFF and the quarterly return under QRMP. See GSTR-1 explained.
- Purchases matched with GSTR-2B.
- GSTR-3B reviewed, tax paid and filed: by the 20th for monthly filers. See GSTR-3B explained.
- TDS deducted on payments where it applies, and deposited by the 7th of the following month (30 April for March).
- Advance tax planned, if an instalment falls this month (15 June, 15 September, 15 December, 15 March).
6. Review
- Receivables ageing reviewed and reminders sent; see how to track outstanding customer payments.
- Payables due next month listed.
- Profit and loss for the month reviewed.
- Cash forecast for the next 8 weeks updated.
Suggested timetable
| When | What |
|---|---|
| 1st to 5th | Finish recording the previous month's documents |
| By the 7th | Deposit TDS |
| By the 10th | Bank reconciliation and GSTR-1 preparation |
| 11th | GSTR-1 (monthly filers) |
| By the 18th | Reconcile purchases with GSTR-2B |
| 20th | GSTR-3B (monthly filers) |
| Last week | Review reports and plan next month's cash |
Common mistakes
- Saving everything for March.
- Not reconciling bank accounts.
- Missing small recurring charges.
- Filing GSTR-1 before every invoice is recorded.
Frequently asked questions
How long does monthly bookkeeping take?
For a small service business with up to 50 transactions a month, typically 2 to 4 hours once the routine is set up.
Should I do this myself or hire a bookkeeper?
Many owners record day to day and have a CA or bookkeeper review monthly. Choose based on your volume and your time.
What if I am not GST-registered?
Skip the GST tasks, but keep the rest. Recording, reconciling and reviewing matter just as much.
Do due dates ever change?
Yes. GST due dates are sometimes extended by notification, so check the GST portal each month.
Next step
Copy this checklist into your calendar for the first week of next month. PikZiy Books keeps your sales, purchases and payments recorded as you go, so the monthly checklist becomes a review rather than a catch-up.
Last reviewed: 22 October 2026. This article is general information, not tax, legal or accounting advice. Rules change, so confirm your situation with a qualified chartered accountant.
