Full Charge Bookkeeping

Bookkeeping
Full charge bookkeepers generally handle the full cycle of accounting duties or supervise others in the basic tasks, such as accounts payable. They code and enter vendor and expense invoices, run checks, bill customers and clients, and prepare bank deposits, ensuring that the correct general ledger accounts are debited or credited accordingly. They process employee timesheets, run payroll checks and prepare monthly and quarterly tax returns. A full charge bookkeeper typically handles all of a company’s banking needs, including reconciling monthly bank statements and monitoring cash flow.

General Ledger
A full charge bookkeeper delves much deeper into the general ledger than a regular bookkeeper. Journal entries are prepared and entered by the full charge bookkeeper for accounts such as fixed assets and depreciation. At the end of each month, a trial balance is run to verify that general ledger accounts are in balance. The full charge bookkeeper analyzes the trial balance and makes any necessary adjusting journal entries to correct discrepancies.

Management Reports
The balance sheet and income statement are financial statements or management reports typically prepared by a full charge bookkeeper at the end of the month. They are run after the books are closed and are submitted to the owners or management to apprise them of the financial health of the company. The bookkeeper may also run a cash-flow statement and a statement of owner’s equity, depending on the needs and structure of the company. Owners or management may request periodic reports from the full charge bookkeeper, such as job-cost reports or sales reports.

In summary, a full charge bookkeeper handles all of the accounting needs of a company, including the preparation of financial statements. The role is most often found in small to midsize companies that don’t need an accountant or controller. A full charge bookkeeper reports directly to the owner of the company or the highest level of management and often works with an outside CPA firm (one can be recommended if there isn’t one in place)to prepare financial statements and tax returns at the end of the year.