Review new expenses every week and complete a deeper review at month-end. The right frequency depends on transaction volume, but unresolved receipts and unclear purchases should not wait until year-end.

A weekly review keeps evidence close

Set aside a short, repeatable session to:

1. import receipts and emailed invoices;

2. search for existing records before creating new ones;

3. confirm supplier, date, total, currency and payment source;

4. add a plain-language business purpose;

5. verify the correct Business; and

6. flag missing or uncertain evidence.

Weekly review works because the purchase is still familiar and replacement documents are easier to obtain.

A monthly review checks completeness

At month-end, compare records with bank and card activity. Look for unmatched transactions, duplicates, refunds, owner-paid purchases and records posted to the wrong Business. Confirm that corrections retain an explanation.

A month should not be marked complete merely because every row has a category. Evidence, payment status and open questions matter too.

SilaTrail’s monthly review keeps incomplete items visible and supports a later accountant-ready package.

Add event-driven reviews

Some events should trigger an extra check:

• a large or unusual purchase;
• a new supplier or payment account;
• a refund or reversed charge;
• a change in bookkeeper or software;
• a damaged or missing source document; or
• preparation for GST/HST, payroll, financing or year-end work.

Resolve these while the supporting people and records are available.

Use clear ownership

Assign each open item to someone and record the next action. “Waiting for supplier receipt” is more useful than an unexplained warning. If an accountant needs to decide classification, preserve the facts and state the specific question.

Frequently asked questions

Is daily review necessary?

High-volume businesses may benefit from daily capture, but many small businesses can use immediate capture plus a weekly review. The key is preventing an accumulating backlog.

Can bank reconciliation replace expense review?

No. Reconciliation confirms statement activity; it may not establish the business purpose, source document or correct treatment.

When should a period be reopened?

Reopen or re-review when new evidence or a material correction changes the completed record set. Preserve the history of the earlier review.

Official guidance

The CRA advises keeping day-to-day income and expense records and retaining the supporting documents. See accounting for your earnings and why complete records matter.

Review frequency is an operating control, not a determination of tax treatment.