Cyprus company monthly bookkeeping checklist

Monthly bookkeeping stops a small problem turning into a year of reconstruction. A strange card payment is easier to explain while you still remember the purchase. An unpaid invoice is easier to collect before six months of newer work buries it.

This is a routine we recommend for a Cyprus limited company. It doesn't mean every filing is monthly. Your VAT returns, VIES statements of sales to EU businesses, payroll and annual obligations each have their own periods and deadlines, covered in the tax calendar.

1. Collect documents and list what is missing

Gather the period's sales invoices, purchase invoices, receipts, credit notes and relevant contracts. Include subscriptions charged to cards and business expenses you paid personally.

Keep a list of missing documents with the supplier name, date, amount and the person responsible for getting each one. Don't wait until year-end to ask everyone what a merchant name means.

For the Sumly document workflow, see getting documents into your inbox. For evidence that has gone missing, follow the lost-receipt guide.

2. Review sales and money still owed

Check that every piece of work invoiced in the period is recorded once. Match customer payments to their invoices, including partial payments and overpayments.

Go through the unpaid list by customer and due date. Sort out duplicates, credit notes and disputed balances before you chase payment. A payment received in October for a September invoice should settle the amount the customer already owes. It shouldn't create another sale.

See creating and sending an invoice and Cyprus invoice requirements for the rest of the process.

3. Review purchases and supplier balances

Match supplier payments to bills, and check that no expense is recorded twice, once from the invoice and again from the bank. Pick out annual subscriptions and equipment so they get the right accounting treatment, instead of putting every payment into the month's general expenses.

Keep business and private spending apart. If a director paid a company bill personally, note what the company owes them back. If the company paid a private bill, flag it for review.

The supplier invoice walkthrough, deductible-expense guide and director-loan guide cover these cases in more detail.

4. Reconcile each bank and payment account

Compare each closing ledger balance with its statement on the same date. Include every currency balance, card account and payment processor holding company money.

Match transfers between company accounts on both sides. Pick out fees, refunds, currency differences and payments in transit. Write a dated explanation for any difference that remains. Don't force the balance to agree with an entry nobody can explain.

Use bank reconciliation, Revolut Business bookkeeping and Stripe settlements for the checks specific to each account.

5. Check payroll and amounts owed to authorities

If the company runs payroll, agree the payroll records to the bookkeeping entries, salary payments and outstanding contribution balances. Explain any difference in net pay or liabilities, rather than booking the bank payment as the whole payroll expense.

For VAT and other tax balances, keep three figures apart: the amount calculated, the amount filed and the amount paid. Keep the submission and payment confirmations with the period. Check the next due dates against your actual registrations and the current calendar.

Follow monthly payroll in Sumly, VAT filing and VIES submissions where they apply to you.

6. Review profit and the cash position

Run a profit-and-loss report for the month and the year to date. Compare it with the previous period and look into unusual changes. A month can look profitable only because invoices are missing.

Review cash separately. Work out the money you need for unpaid bills, payroll and tax balances. Cash in the bank can include customer deposits or owner funding, and neither is profit.

The Companies Law requires records that explain transactions and show the company's financial position with reasonable accuracy. A monthly review is a practical way to keep those records useful. Learn how to read the result in the profit-and-loss guide.

7. Save the close and assign the remaining work

Keep the reconciliations, reports, source records and a dated list of open items. Give each open question an owner and a next step. If an adjustment affects a period you've already filed, check how corrections work before you change it.

At year-end, extend this routine with the company year-end checklist. Keep records for as long as the separate retention requirements say.

Make the monthly review easier to start

Ask Sumly AI for your profit-and-loss report and you'll see income and operating expenses in seconds. That gives you a starting point. The missing documents and unexplained balances still need resolving.

Compare Sumly plans, visit the bookkeeping service page or get a free demo to see how Sumly handles the monthly workload.