Monthly Bookkeeping Routine for a Small Online Business

Most small online businesses do not need a bookkeeper every week. They need a short routine they actually follow once a month, plus one extra step each quarter for the BAS. This guide is written for an online or SaaS business that sells through Stripe or a similar platform and has one or two business bank accounts.

In short

Pick a fixed day each month, such as the first business day.
Download last month’s bank statement as an OFX or CSV file, plus the PDF statement.
Check that the opening balance, plus the transactions, equals the closing balance.
Categorise every line, and turn anything that repeats into a rule.
Attach a receipt or tax invoice to every business purchase, especially anything over A$82.50 including GST.
Each quarter, review the GST figures and copy them into your BAS before the due date.

Step 1: Pick a day and protect it

Consistency matters more than speed. Put a recurring 30-minute block in your calendar. The first or second business day of the month works well, because banks have usually issued the previous month’s statement by then. If you miss a month, catch up straight away: six months at once is where errors creep in.

Step 2: Download the bank statement file

Log in to your internet banking and download the previous calendar month for each business account. Most Australian banks offer at least two formats:

OFX (sometimes labelled Money, Quicken or Open Financial Exchange). This is the most reliable option because each transaction carries a unique ID, which helps software avoid duplicates.
CSV. Universal, but every bank lays its columns out differently, so your software needs to know which column is the date, the amount and the description.

Download the PDF statement too. It is the bank’s official record of the opening and closing balance for the period, and it is worth keeping with your records.

Step 3: Check the closing balance matches

Before you categorise anything, check that the file is complete. The test is simple:

Opening balance + money in − money out = closing balance

Compare the result with the closing balance on the PDF statement, to the cent. Also check that this month’s opening balance equals last month’s closing balance. If either check fails, something is missing or doubled up. Common causes are a download that cut off a day early, a pending transaction that later changed, or the same file imported twice.

Fix it now, not at BAS time.

Worked example

Item	Amount
Opening balance, 1 September (from August’s closing balance)	A$12,480.15
Money in (Stripe payouts, interest)	A$9,312.40
Money out (software, contractors, fees, ATO)	A$6,207.88
Calculated closing balance	A$15,584.67
Closing balance on the PDF statement	A$15,584.67

The figures match, so the file is complete and you can move on.

Step 4: Categorise every line

Give each transaction a category, such as software, contractors, advertising, bank fees or transfers, and note whether GST applies. As a rough guide:

Purchases from Australian suppliers registered for GST usually include GST you may be able to claim.
Many overseas software subscriptions do not include Australian GST. Some overseas suppliers do charge GST, so check the invoice rather than assuming.
Transfers between your own accounts, loans, owner contributions and payments to the ATO are not sales or purchases and do not belong on the BAS.

If you sell through Stripe, the bank only shows the payout: sales minus fees and refunds. Treat the payout as a transfer, and record sales and fees from Stripe’s own data, otherwise your income and GST will be wrong.

Step 5: Turn repeats into rules

Most months look alike. The same hosting bill, the same domain renewals, the same bank fee. Each time you categorise something you know will come back, create a rule in your software, for example: “description contains AMAZON WEB SERVICES, money out, category Hosting”.

After two or three months, rules handle most of the statement and you only review the new or unusual lines. This is where the time saving comes from.

Review your rules once or twice a year, because suppliers change their billing names.

Step 6: Match receipts and invoices

The ATO expects you to keep records that explain your transactions. For GST, the key rule is on the ATO page When you can claim a GST credit: you must have a tax invoice to claim a GST credit for purchases that cost more than A$82.50 including GST. For smaller purchases, a receipt, cash register docket or invoice is enough.

Deal with receipts as they arrive, not at month end:

Forward emailed invoices to one place.
Photograph paper receipts on the day.
At month end, look for any business purchase without a receipt and chase the missing ones.

The ATO accepts digital copies of paper records as long as they are true and clear reproductions of the originals.

Step 7: The quarterly BAS step

Most small businesses registered for GST lodge quarterly. According to the ATO’s BAS due dates page, the usual quarterly due dates are:

Quarter	Due date
July to September	28 October
October to December	28 February
January to March	28 April
April to June	28 July

Lodging online or through a registered agent may give you extra time, so check the date shown on your own BAS.

Businesses with GST turnover under A$10 million generally use Simpler BAS, which needs only three GST figures: G1 total sales, 1A GST on sales and 1B GST on purchases.

If the three monthly routines in the quarter are done, the BAS step is short:

Confirm all three months are categorised and the bank balances match.
Look for purchases over A$82.50 claiming GST without a tax invoice.
Check that sales to overseas customers are not being charged Australian GST by mistake, and that local sales are.
Copy G1, 1A and 1B into the BAS on ATO Online services or send them to your BAS agent.
Record the amount paid to the ATO when it leaves your bank account.

If you also pay PAYG instalments, those appear on the same BAS. Check the current ATO guidance or ask your accountant if you are unsure which amount to use.

Your monthly checklist

Download last month’s OFX or CSV file and PDF statement for each account
Opening balance equals last month’s closing balance
Opening balance plus transactions equals the closing balance, to the cent
Every line has a category
New repeat transactions turned into rules
Stripe or payment platform sales and fees recorded, payouts treated as transfers
Receipts or tax invoices attached, especially for purchases over A$82.50
Anything unusual noted for your accountant
In the last month of the quarter: BAS figures reviewed and lodged by the due date

Questions

How long should a monthly bookkeeping session take?

It depends on volume, but once rules cover your regular transactions, you are mostly reviewing new or unusual lines. The first few months take longer.

Is a CSV file as good as an OFX file?

Both work. OFX is usually more reliable because each transaction has a unique ID. CSV layouts vary between banks, so check the mapping of columns the first time you import one.

Do I need receipts for small purchases?

For purchases of A$82.50 or less including GST, the ATO says a receipt, docket or invoice is enough to claim the GST credit. You still need records for your income tax deductions, so keep them.

What if my balances do not match?

Do not move on. Re-download the file for the exact statement dates, check for duplicates, and compare line by line with the PDF. Most gaps are a missing day or a doubled import.

How Foderis helps

Foderis imports your bank’s OFX or CSV file, checks the balance against your statement before anything goes in, and suggests a category for each line using AI that learns from your rules. Stripe is connected directly, so sales, fees and payouts land in the right place. Receipts can be forwarded by email or photographed and are read by AI, and your Simpler BAS figures are ready to copy each quarter. Foderis is hosted in Sydney and costs A$9 a month, with a 30-day free trial.

This is general information, not tax advice. Your situation may differ: check with your accountant or the ATO.