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What documents do I need to catch up my books?

Bank statements are the foundation of any catch-up project. If you have nothing else, start there. Every transaction that moved money in or out of your business accounts shows up on bank statements, which means a bookkeeper can reconstruct most of your activity from them alone.

Credit card statements come next. Any business credit card needs all statements for the period being reconciled. These show expenses that didn’t run through your checking account and help complete the picture of where money went.

Payment processor statements matter if you use Square, PayPal, Stripe, or similar services. The deposits in your bank account often show as lump sums. The processor statements break those down into individual transactions and show the fees that were taken out.

Invoices you sent to customers help if you’re tracking accounts receivable. Even if customers paid immediately, having the invoices lets your bookkeeper categorize revenue correctly and match it to deposits.

Bills and invoices from vendors help with categorization, especially for large purchases. A $3,000 charge is easier to classify correctly when you have the invoice showing exactly what it was for. For everyday expenses, bank statements are usually enough context.

Receipts are helpful but not always essential. Bank and credit card statements show who you paid. Receipts confirm what you bought. For equipment purchases, inventory, or anything that might get questioned on a tax return, receipts matter more.

Payroll records are critical if you have employees. Pay stubs, quarterly payroll tax filings, and any W-2s or 1099s you issued need to be part of the package. Payroll affects multiple accounts and has tax implications that need to be recorded correctly.

Previous tax returns show what was reported to the IRS and where things left off. This is especially important if you’re catching up multiple years. Loan documents matter too if you took on debt during the catch-up period, since the amortization schedule shows how to split payments between principal and interest.

Prior bookkeeper records can save time if you had one. Even incomplete or messy QuickBooks files give a starting point. A backup of the old file is better than starting from scratch.

Don’t let missing documents stop you from getting started. A catch-up bookkeeping project can work with whatever you have. Bank statements and credit card statements are usually enough to reconstruct accurate books. Everything else fills in details and makes the job go faster.

Gather what you can access online first. Most banks let you download statements going back several years. Pull everything from the period you need and organize it by month. That gives your QuickBooks bookkeeper in Santa Fe a solid foundation to work from, and you can fill in additional documents as they turn up.

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More Questions

When should I hire a bookkeeper?

When bookkeeping takes more time than it's worth, when you don't know your actual numbers, or when tax time becomes a scramble. Most business owners wait too long. Hiring before you're behind is cheaper than cleaning up the mess later.

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How do I handle payroll taxes in New Mexico?

Register with the IRS for an EIN and with New Mexico agencies for withholding and unemployment. You'll withhold federal and state income taxes plus FICA, then file and deposit on schedule.

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How do I connect my bank accounts to QuickBooks?

In QuickBooks Online, go to Banking and select Link Account to search for your bank. Enter your online banking credentials to authorize the connection. Once linked, transactions import automatically for you to review and categorize.

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Should artists hire a bookkeeper?

Artists with gallery sales, consignment inventory, and irregular income often reach a point where professional bookkeeping pays for itself in time saved and taxes handled correctly.

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How often should I update my books?

Weekly updates work best for most small businesses. This catches errors while transactions are fresh, keeps cash flow visible, and prevents the month-end scramble that leads to missed deductions and mistakes.

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Why does my contractor business show profit but have no cash?

Your profit and loss shows revenue minus expenses, but several things use cash without appearing as expenses. Accounts receivable, retainage, equipment purchases, loan payments, and owner draws all drain your bank account while your books still show profit.

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Focus Point Accounting provides bookkeeping and accounting services for small businesses across Santa Fe and Northern New Mexico. Led by Stephen Vigil, a Certified Internal Auditor with 20+ years of experience. We bring an auditor's precision to your financial records.

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