Here is a description of what you should to be doing monthly with your accounting records as well, as why you need to do it. Each item includes an explanation of the debits and credits used in your accounting records, although if you are using an accounting software application, the debits and credits are usually automatically handled for you.
You may also want to take a look at Accounting Software to help you choose a good computerized accounting system and Professional Help to help you assess whether you need a professional to help you with your accounting and how to find one if you do.
While implementing a monthly system is time consuming, every month, you will find the process easier to follow and less time consuming, and you will understand the inner workings of your business in a way that will make you much more confident in your decision making.
