Cyprus company monthly bookkeeping checklist
Close your Cyprus company's books each month with a practical checklist for documents, invoices, bank accounts, payroll, VAT balances and reports.
In this guide8 sections
Monthly bookkeeping keeps a small problem from becoming a year of reconstruction. An unfamiliar card payment is easier to explain while you remember the purchase. An unpaid invoice is easier to collect before it has disappeared under six months of newer work.
This is a recommended working routine for a Cyprus limited company. It is not a statement that every filing is monthly. Your VAT, VIES, payroll and annual obligations have their own periods and deadlines, covered in the tax calendar.
1. Collect documents and list what is missing
Gather sales invoices, purchase invoices, receipts, credit notes and relevant contracts for the period. Include subscriptions charged to cards and business expenses paid personally.
Keep a list of missing documents with a supplier name, date, amount and person responsible for obtaining them. Do not wait until year-end to ask everyone what a merchant name means.
For the Sumly document workflow, use 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 work invoiced during the period has been recorded once. Match customer receipts to the corresponding invoices, including partial payments and overpayments.
Review the unpaid list by customer and due date. Resolve duplicates, credit notes and disputed balances before chasing payment. A payment received in October for a September invoice should settle the existing receivable, not create another sale.
See creating and sending an invoice and Cyprus invoice requirements for the surrounding process.
3. Review purchases and supplier balances
Match supplier payments to bills and check that expenses have not been recorded once from the invoice and again from the bank. Identify annual subscriptions and equipment for the appropriate accounting treatment instead of putting every payment into the month's general expenses.
Keep business and private spending distinct. If a director paid a company bill personally, identify the reimbursement balance. If the company paid a private bill, make that visible for review.
The supplier invoice walkthrough, deductible-expense guide and director-loan guide cover those situations in more detail.
4. Reconcile each bank and payment account
Compare each closing ledger balance to the corresponding statement on the same date. Include every currency balance, card account and processor holding company funds.
Match transfers between company accounts on both sides. Identify fees, refunds, currency differences and payments in transit. Keep a dated explanation for remaining differences rather than forcing the balance to agree with an unexplained entry.
Use bank reconciliation, Revolut Business bookkeeping and Stripe settlements for the account-specific checks.
5. Check payroll and amounts owed to authorities
Where the company has payroll, agree the payroll records to the bookkeeping entries, salary payments and outstanding contribution balances. Explain any net-pay or liability difference rather than recording the bank payment as the entire payroll expense.
For VAT and other tax balances, distinguish the amount calculated, the amount filed and the amount paid. Keep submission and payment confirmations with the period. Review the next due dates from the actual registrations and current calendar.
Follow monthly payroll in Sumly, VAT filing and VIES submissions where those workflows apply.
6. Review profit and the cash position
Run a profit-and-loss report for the month and year to date. Compare it to the previous period and investigate unusual changes. Missing invoices can make a profitable-looking month misleading.
Review cash separately. Identify the money needed for unpaid bills, payroll and tax balances. Cash in the bank can include customer deposits or owner funding that is not profit.
The Companies Law requires records that explain transactions and allow the company's financial position to be determined with reasonable accuracy. A monthly review is a practical way to keep those records useful. Learn how to interpret 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 unresolved items. Assign each open question to a person and a next action. If an adjustment affects a filed period, review the correction process before changing it.
| Final check | Evidence to keep |
|---|---|
| Bank and processor balances explained | Statements and reconciliations |
| Customer and supplier balances reviewed | Outstanding invoice lists |
| Payroll and tax balances checked | Reports, submissions and payment confirmations |
| Owner transactions explained | Documents and balance breakdowns |
| Reports reviewed | Period report and notes on unusual movements |
| Missing documents assigned | Open-item list with named owners |
At year-end, extend this routine with the company year-end checklist. Keep records according to the separate retention requirements.
Make the monthly review easier to start
Ask Sumly AI for your profit-and-loss report and see income and operating expenses in seconds. The report gives you a starting point for the review, while the missing documents and unexplained balances still need resolving.
Compare Sumly plans, visit the bookkeeping service page or book a free demo to discuss your company's monthly workload.
Frequently asked
Is this monthly checklist a filing deadline?
No. It is a recommended bookkeeping routine. Each registered obligation has its own filing period and deadline.
Should I review accounts with no transactions?
Yes. Confirm the balance and check whether fees, interest or other movements occurred. An account with little activity can still contain a missed transaction.
What if I cannot resolve every item before month-end?
Keep unresolved items visible with the amount, evidence needed and responsible person. Do not hide them in a general expense or unexplained balancing entry.
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