Edmonton Business · Edmonton
The monthly bookkeeping checklist for Alberta small businesses.
An hour or two at the end of each month saves days of panic in April. Here's the month-end routine we follow for clients, written so you can do it yourself.
By the Plum team- Updated Oct 2026
- 7 min read
- Set a fixed day each month, like the 5th, for your month-end routine.
- Categorize, reconcile, then review: in that order.
- Move GST and tax money out of your operating account every month.
- Use the 12-step checklist below and tick it off as you go.
Most bookkeeping problems aren't complicated. They're just late. A simple monthly bookkeeping checklist is the single best habit an Alberta small business can build, because it turns a dreaded annual project into a short monthly routine.
Below is the month-end checklist we use with clients across Edmonton, St. Albert, Leduc and Sherwood Park, written so you can follow it yourself in QuickBooks Online, Xero or whatever you use. Work through it in order. Each step makes the next one easier.
1Pick your month-end day
Choose a fixed day in the first week of each month, after your bank and card statements for the previous month are available. The 5th works well for most people. Put it in your calendar as a recurring appointment and treat it like a client booking.
If you have a lot of transactions, say a busy salon on Whyte Ave or a shop in Summerside, a quick 15-minute weekly pass to categorize transactions makes month end much faster.
2Your monthly bookkeeping checklist Alberta owners can follow
Tap each step once it's done. It's built for a typical small business; skip anything that doesn't apply to you.
3What each step really means
Categorize first
Every transaction gets coded to the right account: sales, supplies, software, advertising, owner draws and so on. Be consistent. If phone bills are "Telephone" in March, they shouldn't be "Utilities" in April. Personal purchases on a business card go to owner draws, never to an expense account.
Payment apps need special care
Square and Stripe pay you a net amount after fees, refunds and tips. Record the gross sales, the GST and the fees separately rather than booking the deposit as income. Our guide on why Square deposits don't match sales shows exactly how.
Reconcile everything
Reconciling means your books match your statements to the penny, for every bank account, credit card, line of credit and loan. It's the step that catches duplicate entries, missed transactions and bank errors. If you skip one step on this list, don't let it be this one.
Chase what you're owed
Run your accounts receivable report and follow up on anything overdue. A friendly reminder at 30 days is far easier than an awkward one at 90. Then check your bills so nothing important, like insurance, WCB or a supplier, goes unpaid.
Payroll and remittances
If you have employees, confirm that payroll ran correctly and that source deductions (income tax, CPP and EI) were remitted to CRA. Most small employers remit by the 15th of the following month. Check that Alberta WCB premiums are up to date too.
Set the money aside
GST you collect isn't yours, so move it into a separate savings account each month. Do the same with a percentage of profit for income tax and, if you're self-employed, CPP. If you pay quarterly instalments, this is where the money comes from. Our tax instalments guide explains the dates.
Actually read the reports
Spend ten minutes with your profit and loss and balance sheet. Is revenue up or down compared to last month? Is any expense creeping up? Do your bank balances on the balance sheet match reality? This is the step that turns bookkeeping from a chore into information you can use.
Tidy up the loose ends
Before you close the month, scan for anything sitting in "uncategorized," "ask my accountant" or a suspense account. Clear it now while you still remember what it was. Note any big one-off items, like a new laptop, a loan advance or a large client prepayment, so your accountant knows about them at year end.
4Set your books up so the checklist is fast
A month-end routine is only as quick as the setup underneath it. A few one-time changes make every month easier:
- One business bank account and one business card. Personal spending on business accounts is the number one reason month end drags.
- Connected bank feeds in QuickBooks Online or Xero, so transactions arrive on their own instead of being typed in.
- Bank rules for recurring transactions like software, phone and rent, so they categorize themselves.
- A simple chart of accounts. Twenty clear categories beat eighty confusing ones.
- A digital home for receipts, attached to transactions in your software or saved in one folder by month.
With that in place, most small businesses can get through the checklist in an hour or two. Busier businesses with payroll, inventory or several payment apps will take longer, which is usually the point where handing it off starts to make sense.
5Add these each quarter and year
| When | Task |
|---|---|
| Quarterly | File GST if you're a quarterly filer, and check how your income tax instalments are tracking |
| Quarterly | Review your pricing and your biggest expenses |
| Mar, Jun, Sep, Dec 15 | Personal income tax instalments, if required |
| End of February | T4 and T4A slips, where they apply (contractors filing T5018 slips have their own deadline) |
| Year end | Count inventory, list new equipment, and send clean books to your accountant |
| April 30 / June 15 | Sole proprietors pay any balance by April 30 and file by June 15 |
6Common month-end mistakes
- Mixing personal and business spending on the same account or card.
- Leaving "uncategorized" transactions to sort out later. Later becomes April.
- Spending the GST. It feels like revenue until the return is due.
- Reconciling only the bank and forgetting the credit card and loans.
- Never looking at the reports, which means doing the work and getting none of the benefit.
If you've read this far and thought "I'm three months behind on step one," that's normal. Plum runs this checklist every month for businesses across Edmonton and the capital region, on a flat monthly fee. Book a call and we'll take it off your plate.
7Questions people ask
What should I do for bookkeeping every month?
Categorize all transactions, reconcile every bank and credit card account, review unpaid invoices and bills, set aside GST and income tax, handle payroll remittances, and review your profit and loss. Those steps cover most small businesses.
How often should a small business do bookkeeping?
At least monthly. Busy businesses with lots of transactions often benefit from a quick weekly pass, then a full reconciliation at month end.
What does reconciling a bank account mean?
It means checking that every transaction in your bookkeeping software matches your bank statement, and that the ending balances agree to the penny. It catches duplicates, missing entries and errors.
How much should I set aside for taxes each month in Alberta?
If you're GST registered, set aside all the GST you collect minus GST you can claim back. For income tax, many self-employed people set aside 20 to 30% of profit, but your accountant can suggest a better number for your situation.
When are payroll remittances due in Alberta?
For most small employers, source deductions are due to CRA by the 15th of the month after you pay employees. Larger employers can have more frequent due dates, so check what CRA has assigned to you.
Want this off your plate?
Flat-fee bookkeeping for Edmonton small businesses. Month to month, no surprises.
Book a free 15-min callThis article is general information for Alberta businesses and isn't tax or legal advice. Rules and thresholds change, so confirm your situation with your accountant or CRA.