The end of a month is a useful bookmark. It gives you a moment to look back at what happened and forward at what needs attention, without rereading the whole year.
You do not need a perfectly quiet afternoon to start. Work through one section at a time. If someone helps with your books, agree which checks you do and which they handle so nothing falls between the two.
Gather the documents for the period
Choose the month you are reviewing and collect the relevant invoices, receipts, supplier bills, statements and credit notes. Check portals and email accounts for documents that do not arrive automatically. Keep files readable and connected to their references.
If a document is missing, make a note with the date, supplier and amount. Requesting it now is easier than trying to recognise a transaction several months later.
Review money coming in and going out
Look for completed work that is ready to invoice, invoices awaiting payment and bills due soon. Check partial payments, refunds and credits. Review possible duplicates before recording anything again.
Match bank transactions to supporting records. A transfer between your own accounts should not become a second sale or expense. For foreign-currency payments, keep the original currency, conversion details and fees alongside the bank receipt.
Read the reports as a connected picture
Run reports for the same date range, currency basis and accounting basis. A cash-basis view generally follows payments, while an accrual view follows when income is earned and expenses incurred. They answer different questions, so compare like with like.
A bank balance and a profit figure need not match. Unpaid invoices, bills, loans, owner transactions and tax can sit between them. If a number looks unfamiliar, trace it back to the underlying documents rather than adjusting it to match an expectation.
Make a useful handover
Save the reports or exports you reviewed and give unresolved items a clear question. Include the date, amount, currency and supporting file so your bookkeeper can investigate without first asking you to find everything again.
If you are registered for GST, prepare the records needed for your applicable BAS period and check the actual lodgment and payment dates. Month-end housekeeping does not itself complete a BAS, payroll task or tax return. Your registered tax agent can help check the treatment and obligations.
Finish with one small improvement
Choose one thing that would make next month easier: collecting a receipt sooner, updating a supplier reference or scheduling a weekly review. You do not need to redesign the whole system every time.
The checklist below works in this browser session. Download a text copy if you want to save a record with the month’s documents. Nothing you tick here updates your Lufu account or submits anything to the ATO.
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A little context: this is general information for Australian businesses, not advice for your individual tax or legal position. Tax details were checked against the linked official guidance on 1 November 2026. For decisions about your circumstances, a registered tax agent or qualified adviser can help.