An accounting question

[roren]

Hello everybody

I am new to the accounting field and have recently had my accounts audited and realised that there are some flaws in my filing.  Can anyone offer me any tips on how to file my accounts or direct me to a website that offers tips etc.

Thank you.

Roren

[nickless]

If you're in the UK, try:

www.companieshouse.gov.uk
www.inlandrevenue.gov.uk


Annegret

[roren]

Sorry I did not explain myself probably.  I want ideas on how to file assets, invoices etc.  Thanks

[Jackie G]

Hi Roren

first of all, welcome, hope you find answers to your questions.

I'm still unclear though - perhaps if you can tell us a little about how you currently file the things you're asking about, so that we can understand better what you mean by how to file them?

Jackie
www.secretarialsummit.com
Peer Moderator

[roren]

Thank You!  

Let me try and make things a bit clearer.  Currently I file all my invoices pertaining to assets on project files i.e.  if we are designing a Disaster Recovery Solution I would file all the equipment for that project on that file. However my Auditor came in and I had to hunt down all my invoices that were scattered on different project files so now I am thinking of putting all the invoices (assets) in a ring binder so when the Auditor comes back next year I can just grab that binder.  Does that make sense?  I am not sure if this is correct so I need all the help that I can get.

Thanks

[Jackie G]

Thanks Roren, that makes things a little clearer to me, but I should say from the outset that I don't do a lot of financial stuff.

However, filing all the invoices for projects, however diverse, seems sensible to be kept together so you don't have to hunt for them in the individual files.

But . . . if you need to have them project by project too, you could do one of two things as far as I see it:

1.  either copy the invoices and keep them in the project files

or

2.  sub divide your invoice file into the various projects, and file the invoices by project, but all in the one file

Hope this begins to help - there will be others with far more experience who can offer so much more than me on this one!

Jackie
www.iqps.org
Peer Moderator

[gee4]

I have always filed invoices in an Invoice folder separate from other paperwork so that you can find them immediately anyone asks for it.  Best to file in date order according to month also.

Hope this helps!

[mlm668]

Your accounting/job costing system should be able to tell you what invoices were paid on any given project.  If you run a report that sorts by project number, then you know exactly what was paid, when, etc.

As for filing your invoices I'd keep them in a central location.  File by company name if you pay more than three in a fiscal year or misc. letter file if you pay a vendor only once in a blue moon.  This way when the auditor wants to see all invoices paid to XYZ Company in fiscal year 2003, you can go pull one file and they are all there.  If you code and enter them properly, you will know which projects they were used on.  Keep one fiscal year at a time in a cabinet and keep at least two prior years readily available if you need to pull invoices on a specific project.  

Hope this helps.  Its what we do in my office and when the accountant gives us our list at audit time, it takes no time at all to pull what he wants.

Michelle

[roren]

Hi everybody

Fanstatic!  Thanks for the help.  I know what I am going to do now.